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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Equity markets remain in red 
(Fri, 26 Apr 11:30 am) 
 
Indian equity markets have witnessed selling pressures during the previous two hours of trade. realty and consumer durables are leading the pack of winners while banking and IT have faced the maximum selling pressures.

The BSE-Sensex is down by 93 points and NSE-Nifty is down by 37 points. BSE Mid Cap index is trading down by 0.01% while BSE Small Cap index is trading up by 0.07%. The rupee is trading at 54.24 to the US dollar.

Energy shares are trading on a mixed note with Castrol and Gas Authority Of India Ltd. (GAIL) leading the gains while Reliance Industries and Chennai Petroleum are facing the maximum selling pressures. According to a leading financial news medium, state-owned Hindustan Petroleum (HPCL) has received its board approval for incorporation of a joint venture (JV) company to set up a Rs 373 bn oil refinery and petrochemical complex in Rajasthan. It is planning to hold a 74% stake in the 9 million tonne a year refinery with Government of Rajasthan taking the balance 26%. The unit is planned to go on stream in four years. The refinery will run on crude oil from neighbouring oilfields of Cairn India. A part of the crude oil requirement at the proposed refinery will come from the Barmer oilfields of Cairn and the rest will be imported. Other than taking 26% stake, the state government has given in-principle approval for providing an interest free loan of Rs 37.3 bn per annum for 15 years from the date of commercial production. HPCL's share is trading up by 1.1%.

Pharma shares are trading on a mixed note with Elder Pharma and Natco Pharma leading the gains while Wockhardt Ltd and Biocon Ltd are facing the maximum selling pressures. Biocon has announced its 4QFY13 results. Revenue has grown by 7% YoY during the quarter and the below average growth in sales is largely due to poor growth in the Biopharmaceutical segment. However the domestic formulations and contract manufacturing segments has witnessed robust growth of above 30%. Operating margins has declined by 4.1% largely due to increase in staff costs. Margins have also been impacted due to higher licensing income in 4QFY13. On the other hand R&D expenses have been lower by 18%. Net profit has increased by 156% YoY during 4QFY13 due to an exceptional gain of Rs 2 bn during the quarter.

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