The Indian markets continued to trade on a weak note during the previous two hours of trade. Currently, selling activity is being witnessed across sectors led by stocks from the banking, power, telecom and metals. Stocks from the realty and software sectors are leading the pack of gainers. Select stocks from the auto sector are able to garner investors' interest.
The BSE-Sensex is trading lower by 50 points while the NSE-Nifty is trading lower by 18 points. However, stocks from the midcap and small cap spaces are trading in the green. The BSE-Midcap and BSE-Smallcap indices are trading higher by 0.4% and 0.9% respectively. The rupee is trading at 44.61 to the US dollar.
Sun Pharma has won USFDA approval to sell a generic version of GlaxoSmithKline Plc's Wellbutrin SR used to treat depressive disorder. The generic Bupropion Hydrochloride tablets include three strengths of 100 milligram (m gm), 150 m gm and 200 m gm. These strengths have combined annual sales of US$ 300 m in the US. This is a positive for the company and will bolster sales from the highly competitive US generics market. It must be noted that in recent times Sun Pharma's US business has been under pressure since its 76% subsidiary Caraco was not compliant with quality manufacturing standards of the US FDA. The stock of Sun Pharma is trading lower currently.
As per a leading business daily, auto major Mahindra & Mahindra has hiked prices of its utility vehicles. The prices have been revised upwards due to Bharat Stage-IV emission norms and partly on account of increase in cost of commodities and fuel prices. M&M has increased the price of its flagship sports utility vehicle Scorpio between Rs 10,300 and Rs 17,500. It has also hiked utility vehicle Bolero's price by Rs 26,100. The company's latest offering Xylo will now be expensive by Rs 15,300 to 15,900.
Auto majors have had to pass on the increase in cost of upgrading cars with newer technology. Apart from M&M, price revision has been undertaken by many other auto majors. The list includes Maruti Suzuki India, Hyundai, General Motors and Toyota. Stocks from the auto sector are trading mixed currently.