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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Realty & banking, major losers 
(Mon, 27 Jan 01:30 pm) 
 
Indian share markets continued to languish deep in the red in the post-noon trading session. All the sectoral indices are trading in the red with realty, banking and metal stocks being the biggest losers.

BSE-Sensex is down 310 points and NSE-Nifty is trading 96 points down. BSE Mid Cap is trading 1.9% down and BSE Small Cap index is trading down by 1.8%. The rupee is trading at 62.7 to the US dollar.

Barring Tube Investments, all the auto stocks are trading in the red with Tata Motors and Maruti Suzuki being among major losers. As per a leading financial daily, Hero MotoCorp's fourth plant at Neemrana in Rajasthan is expected to go onstream over the next few weeks. Reportedly, the Neemrana plant with an initial capacity of 7.5 lakh units will mostly manufacture scooters and certain models of motorcycles. Currently, the scooter segment is the fastest growing segment in the Indian two wheelers market and Hero MotoCorp's scooter portfolio comprising of Maestro and Pleasure is reportedly growing faster than the industry. The company is also likely to commence work on its fifth plant at Halol in Gujarat. Its total installed capacity is expected to reach 10 m units by FY18. Hero MotoCorp stock is currently trading down by 0.5%.

Majority of the Indian pharma stocks are trading in the red with Dishman Pharma and Ranbaxy Laboratories leading the pack of losers. Glenmark Pharma and Torrent Pharma are among the few stocks trading in the green. As per a leading business daily, Biocon is planning to introduce its recently launched breast cancer drug CANMAb in other emerging markets. CANMAb has been jointly developed along with US drug company, Mylan and Biocon wants to launch the drug in Latin America, West Asia and North Africa that are witnessing rising incidence of breast cancer cases. Reportedly, Biocon's optimism stems from the fact that despite being 25% cheaper, CANMAb is as effective as Roche's breast cancer drug. For the quarter ended December 2013, Biocon's topline grew by 10% YoY largely led by the strong performance of the contract research business. Its operating margins improved by 1.6% due to a significant fall in R&D costs (as percentage of sales) from 6.8% in 3QFY13 to 2.9% in 3QFY14. The reason for this was attributed to the fact that there has been a clamp down on clinical trials in India. Biocon stock is currently trading down 1%.

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