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Pharma & banking major losers
Fri, 10 Apr 01:30 pm

Indian markets extended their losses as investors await reports on India's Industrial production. Indian markets remained volatile. BSE Sensex fell over 50 points while NSE-Nifty fell about 18 points. BSE Mid Cap and BSE Small Cap stocks have outperformed the markets with gains of 0.7% and 0.8%, respectively. Healthcare sector has been the biggest loser among all the sectoral indices. Consumer Durable stocks gained the maximum with gains of over 0.7%.

Commodities are trading with moderate gains. Gold prices gained 0.13% or Rs 35 while silver prices gained 0.5% or Rs 171. While gold price, per 10 grams, is trading near Rs 26,550 level; silver price, per kilogram, is trading near Rs 36,450 level. Crude oil price fell about 1% viz Rs 34 and per barrel is available at Rs 3,181. Dollar gained about 0.2% and is available at Rs 62.38 against the Indian Rupee.

The pharmaceutical sector has been trading weak. Sun Pharma has seen profit booking since a couple of days. Glenmark Pharmaceuticals said that the US health regulator has allowed Glenmark's US arm - Glenmark Generics for issuance of oral contraceptive medicine named Levonorgestrel/ Ethinyl Estradiol tablets of 0.09 mg/0.02 mg. According to a leading financial source, this is the 11th medicine that is authorized by the US FDA for distribution. The stock of Glenmark Pharma is trading up by 0.5%.

Banking stocks are trading in the red. Indusind Bank has said that that it will be taking over Royal Bank of Scotland's (RBS) diamond and jewellery financing business. RBS had acquired ABN AMRO in 200.7 According to a leading financial source, diamond and jewellary business of Royal Bank of Scotland is estimated to be nearly Rs 45 bn. The stock is trading down 0.4%.

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