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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Persistent selling mars the indicies 
(Tue, 29 Apr Closing) 
 
The Indian equity markets had a rather volatile trading session today. The indices began the day's proceedings on a firm note but quickly pared all their gains and moved into the red on account of profit booking. There was no respite in the final trading hour either as the indices closed well below the dotted line. While the BSE-Sensex today closed lower by 165 points, the NSE-Nifty closed lower by 46 points. The BSE Mid Cap and BSE Small Cap too closed in red and were down by 0.44% and 0.02% each. Losses were largely seen in metal and banking stocks.

As regards global markets, majority of Asian stock markets closed in green, while European markets opened on a firm note. The rupee was trading at Rs 60.44 to the dollar at the time of writing.

Stocks of pharmaceutical companies ended the day on a firm note led by Wockhardt Ltd and Torrent Pharma. As per financial daily, Aurobindo Pharma has been sued by US based company Hospira Ltd and Japan based Kowa Ltd. These companies have dragged Aurobindo Pharma to court as the latter filed an ANDA with a PARA IV for a patented drug Precedex. The said drug is generically known as dexmedetomidine hydrochloride injection. The patent in issue was patent ''867 which is set to expire in Oct 2019. Currently the litigation is ongoing in the district court of Delaware in the US. And the launch of the product by Aurobindo will depend on the outcome of the litigation. Aurobindo closed weak today, down by about 2.7%.

NBFC stocks closed the day on a mixed note with SREI Infra Finance and Indiabulls Financial Services leading the gains. However, Sundaram Finance and Shriram Transport Finance Ltd closed the day in the red. Infrastructure financing major, IDFC has stated that its balance sheet shall remain more or less flat in FY15 as business environment continues to remain muted. Considering the slowdown in the infrastructure sector, it plans to go slow on lending so as to maintain its asset quality. It fears that excessive lending to power and road projects which are facing slowdown may deteriorate its asset quality and increase NPA risk. Apart from being conscious in lending, IDFC is also focusing on the recovery process. The restructured loan book of the company was Rs 26-27 bn at the end of FY14. However, it has renewed its focus over such loans in the last two quarters. Apart from this, IDFC also plans to start its banking operations by October 2015.

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