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Indian markets extend losses
Wed, 18 Mar 03:30 pm

Indian markets extended losses as selling pressure persisted among few sectoral indices. While BSE-Sensex fell over 100 points, NSE-Nifty fell over 30 points. Stocks from the capital goods and auto sectors lost the maximum during today's trading session, while other sectors traded with modest profits. S&P BSE Midcap and S&P BSE Smallcap stocks outperformed the market, gained 0.3% and 0.4%, respectively.

Commodities extended their weakness over the second session. Gold prices, per 10 grams, fell 0.3% or Rs 63 at Rs 25,500 levels while Silver prices, per kilogram, fell 0.4% or Rs 120 and is trading at Rs 35,200 levels. Crude oil prices continued to freefall. Per barrel, crude oil price fell over 3%. The value of Indian Rupee against the US Dollar stood at Rs 62.71 as investors await clarity or a decision on increasing the interest rates.

European stocks continued to trade mixed as German stock exchange, DAX lost about 0.3%, while the French Stock exchange, CAC and FTSE continued to trade with modest gains of 0.6% and 0.2%, respectively.

Auto companies continued to trade with over 0.7% losses led by Tata Motors. Shares of Tata Motors fell over 2% after the company reported dismal sales for JLR in the month of February. Sales of JLR fell 1% YoY. In terms of units, Tata Motors sold 38,541 units of JLR. Another two brands under Tata Motors also provided disappointing sales figures. Sales of Jaguar dropped 3% to 6,448 units while sales of Land Rover came down 1% to 32,093 units. Overall sales volume of Tata Motors remained below expectations. Sales volume of Tata Motors fell 6% YoY to 28,689 units. On the positive side, volumes in North America, Europe and the United Kingdom increased 11%, 2% and 14%, respectively.

Pharma stocks have been trading with moderate gains, however, shares of Wockhardt fell over 2% as it failed to receive a patent for a drug that is used to cure osteoarthritis. According to a leading financial source, the patent office rejected the drug on the basis that it did not offer any extra incentive step. The company had filed that drug for a patent claiming that the drug helps in softening stool by 25% compared to the one offered by 50 mg Diacerein which is sold under the name of Art 50.

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