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Indian markets fall nearly 2%
Mon, 9 Mar 03:30 pm

Indian markets fell about 2% as investors' concern grew amidst speculation that US might increase its interest rates earlier than expected. Losses of BSE-Sensex and NSE-Nifty deepened to 1.8% each. While BSE Sensex has lost over 500 points, NSE Nifty has lost over 160 points. Banks, Capital Goods and Information Technology were today's biggest losers. S&P BSE Midcap and S&P BSE Smallcap have lost over 1% and 0.8% each, though lesser than broader indices.

Crude oil price has fallen marginally by Rs 3 and is currently trading at Rs 3,135 per barrel. Gold prices per 10 grams have increased 0.33% or Rs 100 to Rs 26,100, while the Silver prices have increased 0.43% or Rs 157 to Rs 36,129 per kilogram. The value of Indian Rupee has gained 0.6% and is trading at Rs 62.55 against the U.S. Dollar.

European markets remained cautious over the fate of end of the Greece crisis as the finance ministers of the Eurozone meet today at Brussels to evaluate and discuss the proposed economic reforms put forward by Greece's lawmakers. DAX and FTSE are trading in the red with 0.3% and 0.5% losses, respectively.

Pharmaceutical stocks have buoyed the losses for most part of today's trading session. Apart from companies like Natco Pharma and Lupin, Suven Life Sciences has also gained over 1% as it received one patent each from Eurasia and Israel for medicines that are used to treat diseases like Alzheimer's disease, Parkinson's disease and Schizophrenia. The validity of these patents will expire in 2029 and 2030, respectively.

Container Corporation gained more than 8% as the Reserve Bank of India permitted the Foreign Institutional Investors (FIIs) to invest up to 34% of the paid up capital of the company. The company's primary operations include transport related service business. The RBI also said that the limit of foreign holding has gone below the approved limit, hence, any restrictions that were placed on purchase of shares were withdrawn with immediate effect.

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