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Mid cap & small caps buck trend
Thu, 28 Mar 01:30 pm

Indian equity markets recovered partially but continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading positive with metal, consumer durable and pharma stocks being the biggest gainers. Auto , realty and banking are among the few stocks trading in the red.

BSE-Sensex is down 41 points and NSE-Nifty is trading down 12 points. While BSE Mid Cap is up 0.3%, BSE Small Cap index is trading up by 0.4%. The rupee is trading at 54.3 to the US dollar.

Large software stocks are trading mixed, with Tech Mahindra and HCL Technologies being the biggest gainers whereas Mphasis and HCL Infosys are the major losers. As per a leading financial daily, HCL Technologies has won a contract from US-based automobile company Ford Motors for providing it infrastructure management services (IMS). The contract is for a period of five years and is estimated to be around US$ 100 m. Reportedly, HCL Technologies has a strong presence in the rapidly growing IMS vertical. This vertical accounts for 28% of the company's overall revenues.

Domestic pharma stocks are trading mixed with Aurobindo Pharma and JB Chemicals being among the top gainers and Indoco Remedies and Panacea Biotech leading among losers. Aurobindo Pharma announced that USFDA has lifted the import alert from the manufacturing of non sterile products from Unit VI. This facility manufactured cephalosporin drugs. The import alert was imposed in Feb 2011. The re-approval of this unit paves way for the company to restart exports of the 9 products which were sold in the US market. Prior to the import alert, the unit was generating sales of US$ 33 m per annum from the said products. The stock of Aurobindo is trading up by 8.5%.

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