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Indian stock markets slip further
Wed, 16 Jan 01:30 pm

Indian stock markets widened losses in the post noon trading session. Selling activity is being witnessed in most of the sectors, with those from banking, auto and IT spaces leading the pack of losers. Stocks from the oil and gas, healthcare and FMCG sectors are, however, trading in the green.

BSE-Sensex is down by 80 points and NSE-Nifty is trading down by 31 points. While BSE Mid Cap is trading down by 0.63%, BSE Small Cap index is trading up by 0.43%. The rupee is trading at 54.73 to the US dollar.

Most of the pharma stocks are trading mixed with Strides Arcolab and Dr Reddy's being among the top gainers and Aurobindo and Dishman Pharma among the losers. Ranbaxy and its parent company Daiichi Sankyo, announced that both the companies intend to integrate their business operations in Thailand. Ranbaxy and Daiichi Sankyo already have operations individually in Thailand. Both generate revenues of US$ 14 m each from this geography, which is less than 1% of their respective sales. In order to maximize and leverage synergies, both the companies intend to adopt a hybrid model and are expected to commence the business from April 2013. This integration will offer innovative and affordable, high quality generic medicines. The Thailand pharmaceutical market is the 2nd largest market in the ASEAN (Association of South East Asian Nations) countries. Ranbaxy was trading up by 0.86%.

Automobile stocks are trading mixed with Bajaj Auto being the biggest gainer and Tata Motors being the biggest loser. As per a leading financial daily, Hero MotoCorp is stepping up its rural promotional campaign in the wake of falling sales from increased competition faced from former collaboration partner Honda Motor Co. During the period April-December 2012, Honda reported a 37% spurt in two-wheeler sales as compared to a 2% decline registered by Hero MotoCorp. Reportedly, Hero MotoCorp derives more than 45% of its sales from non-urban regions. The company has been organizing free vehicle servicing and medical camps in over one lakh villages across the country to strengthen its presence and attract new customers. The company continues to remain optimistic about future rural demand based on factors such as rising rural income, better farm output and government's social spending programs. Hero MotoCorp is currently down 0.5%.

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