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IT stocks lead the downfall
Thu, 29 Mar 11:30 am

Indian stock market indices traded weak over the last two hours of trade. IT and Capital Goods stocks witnessed maximum selling pressure, while Consumer Durable and Pharma stocks witnessed maximum buying interest.

The BSE-Sensex is down by 100 points, while the NSE-Nifty is down by 47 points. BSE Mid Cap index is down by 0.22% while the BSE Small Cap index is up by 0.33% respectively. The rupee is trading at 51.12 to the US dollar.

Pharma stocks are trading in the green. Wockhardt and Ranbaxy are the biggest gainers, while Cipla and Cadila Healthcare are the biggest losers. According to a leading financial daily, Sun Pharmaceuticals is recalling 0.15 m bottles of an eye solution from the US after impurities were discovered in the medicine. The eye solution was to provide relief for conjunctivitis. Sun's recall falls under the US Food and Drug Agency (FDA) class III category, which means the use of the drug is not likely to have any adverse effects on the health of the patients. Such recalls are common in the US and does not necessarily mean that there is a problem with the quality of the drug. The eye drops were manufactured at Sun's Halol plant in Gujarat.

Energy stocks are trading weak led by Oil India and GAIL India. According to a leading financial daily, Gujarat State Petronet Limited (GSPL) is planning to expand its presence in the natural gas business and is exploring investment opportunities in LNG projects and city gas distribution business. The move is aimed at building on its proposed 4,000 km long cross country natural gas transmission pipeline projects to be commissioned in partnership with oil marketing companies IndianOil Corporation Ltd (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL). The company has already commissioned 1,915 km of pipeline in Gujarat transmitting 35 mmscmd (million metric standard cubic metre per day) of natural gas, and has expanded to other states as well.

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