Weak market sentiments from poor Infosys results were further compounded by a marginal 0.6% rise in the Index of Industrial Production for February 2013. Thus, Indian share markets remained in a free-fall in the post-noon trading session. Majority of the sectoral indices are trading negative with IT, realtyand capital goods stocks being the major losers. FMCG, oil and gas and banking are among the few stocks trading in the green.
Steel stocks are trading mixed with Adhunik Metaliks and JSW Steel being the biggest gainers and Tayo Rolls and Maharashtra Seamless leading in losses. The World Steel Association (WSA) has projected steel demand in India to gain momentum in 2013 and grow by 5.9% to 75.8 m tonnes. The pick-up will be aided by increased investments from easing monetary policies. In 2012, steel demand had increased by 2.5%. WSA expects growth in domestic steel demand to further accelerate to 7% in 2014 on the back of reform measures to improve fiscal deficit and foreign direct investments. The global steel body has projected the world steel demand to grow at a relatively muted pace of 2.9% and 3.2% in 2013 and 2014, respectively.
Indian pharma stocks Indian Pharma - Live Stock Quotes and Analysis Update from Equitymaster.com are trading mixed with Elder Pharma and Aurobindo Pharma being the leading gainers while Wockhardt Ltd and Strides Acrolab are top losers. As per a financial daily, Dr Reddy's Labs (DRL) has initiated recall of tizanidine tablets from the US market. This drug is used as muscle relaxant. Reportedly, the recall has been voluntarily, initiated by the company. Approx 117,000 bottles (150 tablets per bottle) are being recalled. The said recall was done as some labelling information was missing and thus was categorized under a Class-III recall as per USFDA (United States Food and Drugs Administration) norms. As per the USFDA, a Class-III recall is done in a situation in which "use of or exposure to a violative product is not likely to cause adverse health consequences". The stock of Dr Reddy's was trading up by 0.3%.