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Indian Markets Extend Losses
Mon, 9 Mar 01:30 pm

BSE-Sensex and NSE-Nifty extended losses as Sensex fell over 350 points and Nifty fell over a 100 points. S&P BSE Midcap and S&P BSE Smallcap are also trading in the red. Midcap stocks fell around 0.6% while the smallcap stocks fell 0.3%. Crude oil prices per barrel fell down about 0.45% and is currently trading at Rs 3,125. Gold prices per 10 grams is trading higher by Rs 60 at Rs 26,072 while Silver prices per kilogram increased marginally by Rs 26 and is trading at Rs 35,998. The Indian Rupee is trading with gains of 0.70% at Rs 62.58 against the U.S. Dollar.

Majority of the Asian markets finished trading in the red on investor concerns over economic growth, Greece crisis and U.S. increasing interest rates earlier than expected.

Only pharmaceutical stocks are trading marginally in the green despite the markets extending losses. Natco Pharma, Lupin and Sun Pharma are the top gainers within the sector. Natco Pharma gained more than 3% after it launched the first version of sofosbuvir under HEPCINAT brand in Nepal. A bottle of this medicine, which has 28 tablets, is sold for Rs 19,900. Sofosbuvir is used to medicate the hepatitis C infection. On the international platform, this medicine is sold by Gilead Sciences. The company hopes to sell these in the Indian markets, subject to approval from Drugs Controller General of India (DCGI).

The second phase of coal auction gained a lot of traction as a large number of bids were witnessed in this round of auction. Jindal Steel stood the biggest beneficiary of the coal block auction as it bagged Tara coal block of the Chhattisgarh region at an attractive price of Rs 126 per tonne. The shares of Jindal Steel spiked more than 8% today on such development. The Tara coal block has a reserve of about 167 million tonnes of coal. Apart from Jindal Steel; Ambuja Cements and Hindalco also won coal blocks, but with relatively expensive bids.

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