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Indian share markets remain weak
Mon, 28 Jan 01:30 pm

As index heavyweights continued to witness selling pressure, Indian share markets continued to trade in the negative territory in the post noon trading session. Sectoral indices are trading mixed with realty, auto and banking stocks being the biggest gainers. Oil & gas, consumer durable and power stocks are trading in red.

BSE-Sensex is down 16 points and NSE-Nifty is trading down by 5 points. While BSE Mid Cap is marginally up, BSE Small Cap index is up by 0.4%. The rupee is trading at 53.8 to the US dollar.

FMCG stocks are trading mixed with Archies and Lakshmi Energy being the biggest gainers and Emami and Colgate being the biggest losers. The chairman of FMCG behemoth Hindustan Unilever (HUL) Harish Manwani, has further lent support to the company's decision to hike royalty payout to its parent company, Unilever, from 1.4% to 3.5% of sales in a phased manner until FY18. As per the chairman, the turnaround in the performance of HUL has been on account of the innovation and functional expertise of Unilever together with local insight and expertise of HUL. The chairman said that HUL's supply chain management, innovation and functional support had become more global and defended the higher royalty payments to continue deriving benefit of Unilever's scale. It may be noted that the stock has lost 13% of its market value from its peak price on concerns of margins contraction from higher royalty payouts. HUL stock is currently trading down 0.9%.

Most of the pharma Stocksare trading in green with Panacea Biotech and Biocon being among the top gainers. Glenmark Ltd has announced the approval of "Mupirocin calcium cream 2%" from USFDA. The total market size of Mupirocin Calcium cream is US$ 57 m. Glenmark is the only generic company to get the approval for this version. Though there are other companies who hold approval for Mupirocin based products, they are non-calcium based ointments. The company will be shipping the drug immediately for the US market. Mupirocin Calcium Cream is indicated for the treatment of secondarily infected traumatic skin lesions. This approval is in line with Glenmark's strategy to build expertise in the therapeutic areas across all the operating regions viz; Dermatology, Respiratory and Oncology. In the US, Glenmark has 46 ANDAs pending for approval from the USFDA. The company already holds approvals for 83 drugs. The stock was trading down by 0.8%.

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