The Indian markets continued the streak of profit booking in the post noon trading session. All the sectoral indices were trading in the red. Stocks from metal and capital goods sector witnessed maximum selling pressure. The BSE-Sensex is down 287 points and NSE-Nifty is trading 79 points down. BSE Mid Cap and BSE Small Cap indices are also trading in the red (down 0.7% each) . The rupee is trading at 61.73 to the US dollar.
Barring Sanofi India, all the MNC pharma stocks are trading in the red. According to a leading financial daily, US pharmaceutical giant Pfizer is expected to get three manufacturing facilities from Hospira in the country. This is a part of Pfizer's US$17 bn acquisition of Hospira. Hospira has two facilities in Chennai and is on the verge of setting up another facility in Vishakapatnam at a cost of around US$400 m. Meanwhile, Pfizer has only one facility in India and relies on third party manufacturers for local supplies. Pfizer is currently trading down by 0.2% on the BSE.
Software stocks are trading positive with Datamatics global and Rolta India leading the gains. However, Sasken Communication and Finacial Tech were facing selling pressure. As per a leading financial daily, Mindtree has stated that it is working with the Kellogg Company, a leading cereal company and second largest producer of cookies, crackers and savory snacks, to manage its global digital marketing platform. Mindtree will manage and support the marketing IT infrastructure to execute Kellogg's brand efforts and digital marketing innovation across 400+ digital properties. Reportedly, Mindtree will support Kellogg's industry leading digital initiatives with more than 100 monthly production deployments. Mindtree will partner 10 creative and digital agencies and special attention will be focused on quick turnarounds and increasing speed to market.