Indian markets tanked by over 1.5% as profit booking increased as the day progressed. Foreign investors seeking clarification over taxation issues also gained investors' scepticism. All the sectoral indices faced a sell-off. FMCG and IT stocks were the top losers with over 2% losses. S&P BSE Midcap and S&P BSE Smallcap companies lost over 2%.
Commodities continue to trade with modest gains as investors shun equities and turn towards the safe haven. Gold prices increase by 0.5% or Rs 143 while silver prices rose by 0.6% or Rs 200. Gold prices, per 10 grams, increased to Rs 26,955 while silver prices, per kilogram, increased to Rs 36,656. The value of the Indian Rupee against the US Dollar increased about 0.80% or 0.50 at Rs 62.86.
The oil & gas sector fell as much as 2% amidst today's sell-off. Shares of Videocon gained as much as 5% in the early morning trade but, lost its gains as the day progressed. Share price of the company had gained positive momentum after it announced that it found more oil reserves in Brazil, South America. The test which was conducted by Petrobas, operated by BM-SEAL-11, completed the test for the discovery. As per the results, the test conducted found evidences of presence of light oil with good productivity. Oil & gas bellwether, Reliance Industries, fell over 4% in today's trade.
Although the pharmaceutical sector too has not been spared in the sell-off, a couple of pharma companies have seen gains of over 2%. Shares of Lupin gained by a modest 0.8% on news that it has recently launched a new drug named Zaxine in Canada. This medicine has been introduced in Canada with the help of its partner, Salix Pharmaceuticals.