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Markets close the week 1% lower
Fri, 13 Mar Closing

With the selling pressure intensifying during the closing stages, indices in the Indian equity markets went further down and closed the day deep in the red. Thus, the BSE-Sensex ended lower by around 427 points (down 1.5%). Similarly, NSE-Nifty succumbed to all round selling and was quoting lower by 128 points at closing, or 1.55 %. S&P BSE Midcap and S&P BSE Smallcap indices were hurt relatively lesser but still closed 1.3% and 1.6% lower respectively. Prominent losers that dragged down the key indices were FMCG, banking and capital goods sector.

As regards to global markets, Asian indices had a mixed outing today. European indices opened the day in negative. The rupee was trading at Rs 62.67 to the dollar at the time of writing.

Cairn India and MRPL were the leading losers among the energy stocks. According to a leading financial daily, Cairn India, a subsidiary of Vedanta Resources Plc, has been issued a demand order of Rs 204.9 bn by the income-tax department, barely two days after Cairn Energy Plc was slapped with a draft assessment order by Indian authorities. The order from the income-tax department was for an alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings Ltd. Cairn India denies the charges. The company is latest to join a slew of multinational firms, including Vodafone Group Plc and Royal Dutch Shell Plc, to face tax demand owing to retrospective taxation.

According to a leading business daily, Glenmark Pharmaceuticals has received approval for generic Salmecort MDI inhaler used for management of asthma and pulmonary disease from Russia's Ministry of Health. Reportedly, the total inhaler market in Russia is estimated to be around US$ 283 m, out of which the total MDI market is valued at around US$ 107 m. The Glenmark scrip closed at Rs 841.6, up 0.48 %, on the BSE.

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