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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets remain weak 
(Thu, 9 Jan 01:30 pm) 
 
Indian share markets remained in the red in the post-noon trading session. Majority of the sectoral indices are trading in the green with oil & gas, metal and IT stocks being the biggest gainers. Realty, capital goods and banking are among the few stocks trading in the red.

BSE-Sensex is down 21 points and NSE-Nifty is trading 10 points down. BSE Mid Cap is trading down 0.8% and BSE Small Cap index is trading down 0.7%. The rupee is trading at 62.1 to the US dollar.

Majority of the Indian pharma stocks are trading in the red with Dishman Pharma and Aurobindo Pharma being among the major losers whereas Ipca Labs and Dr. Reddy's Labs are among the few stocks trading in the green. As per a leading financial daily, Glenmark Pharmaceuticals has challenged the domination of multinational companies in anti-diabetes market with its drug offerings Zitamed and Zita. These drugs which are generic versions of Sitagliptin have been priced 30% cheaper than rival drugs. As per All India Organizations of Chemists and Association (AIOCD), the two drugs raked in Rs 160 m within eight months of launch. Glenmark is embroiled in a legal battle with Merck Sharp and Dohme's (MSD) over patent infringement of the latter's drugs Januvia and Janumet that were launched in 2008 and have a patent protection of 20 years. MSD is the market leader in gliptin market and its sales have dropped sharply by 18% in FY13, as a result. Other companies having significant presence in this market are Novartis, USV Pharma and Sun Pharma. Glenmarck is currently trading marginally up.

Most of the FMCG stocks are trading in the red with Gillette and Marico being among major losers. Jyothy Consumer and Pidilite are among the few stocks trading in the green. As per a financial daily, Hindustan Unilever's entry into the premium hair oil market through Dove Elixir has made a slow start. Reportedly, Dove Elixir has been able to acquire only 0.2% of the light hair oil market so far. As per Nilsen figures, the Rs 13.5 bn light hair oil market has grown by 13% (up till Nov'13). In the light hair oil market, Bajaj Corp's Almond Drops hair oil is the market leader with over 50% market share. The Dove Elixir brand is priced much higher than existing premium hair oil brands. While brands such as Dabur Vatika, Almond Drops hair oil and Parachute Advanced Hot hair oil are priced at Rs 50, Rs 55 and Rs 45 respectively for a 100 ml bottle, Dove Elixir sells at Rs 185 for a 90 ml bottle. However, Elixir is a part of premiumization drive of HUL that has not met roaring success due to slowdown in discretionary spends on personal care products. In the light of Unilever's focus on a few but globally uniform brands, local innovations in hair oils may not be receive its share of attention. HUL stock is currently trading down by 0.6%.

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