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Indian stock markets slip into the red
Fri, 27 Apr 01:30 pm

Indian stock markets have shed early gains in the last two hours of the trade and are currently trading in the red. Barring technology stocks and consumer durables, all sectoral indices are trading in the red led by realty stocks.

The BSE-Sensex is trading lower by 63 points and NSE-Nifty is trading down by 14.1 points. BSE Mid cap and BSE Small cap indices are down by 0.5% and 0.6% respectively. The rupee is trading at 52.67 to the US dollar.

Energy stocks are trading mixed with Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL) leading the gainers and Castrol and Gujarat State Petronet Ltd. trading the weakest. As per a leading financial daily, natural gas production from Reliance Industries Limited (RIL) KG-D6 block fell below 34 million standard cubic meters a day (mmsmcd) during the week ended April 1. Reportedly, the output from KG-D6 has been falling after it reached a peak value of 61.5 mmscmd in March 2010.The ingress of sand and water coupled with drop in pressure had compelled RIL to shut wells which led to the declining output. While RIL owns the majority stake of 60% in KG-D6 gas fields, UK's BP and Canada based Nico Resources hold 30% and 10% stakes, respectively.

Stocks in Indian pharmaceuticals companies are trading weak with Orchid Chemicals, Ranbaxy, and Sun Pharma leading the pack of losers. Biocon is however trading firm as the company reported its results for the quarter ended March 2012 recently. The company's revenues grew by 26% YoY during the quarter, while its profits declined by a marginal 3% YoY. The company saw a spurt in revenues on the back of an expected licensing income. It is further reported that the company has been scouting for a new marketing partner in key markets such as the United States after Pfizer Inc scrapped a deal in March to sell insulin products of the company. The company's Board has recommended a final dividend Rs. 5.00 per share implying a dividend yield of about 2.1%.

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