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Realty stocks feel the heat
Wed, 30 Apr Closing

After slipping into negative territory during the post noon trading session, the Indian stock markets ended the day on a weak note. The BSE-Sensex closed lower by about 48 points or 0.2%. The NSE-Nifty closed lower by about 19 points or 0.3 %. Barring stocks from the FMCG, Auto and oil and gas spaces, losses were seen across the board with Realty stocks being battered the most. Even the BSE Mid Cap and BSE Small Cap indices ended the day on a negative note, with both the indices closing lower by about 1.1% and 1.7% respectively.

However, stock markets in other parts of Asia ended the day on a positive note. The rupee was trading at Rs 60.31 to the dollar at the time of writing.

Mining stocks closed the day on a weak note. MMTC Ltd and Ashapura Minechem were the leading losers. Coal India fell short of its 462.5 (MTPA) production target in FY14. However, in FY15, it has been assigned a higher production target of 507 MTPA. Many believe that it is challenging to achieve the same given the company fell short of its FY14 target by 4% odd. It may be noted that being a PSU it is assigned production targets by the government. But it is getting harder for the company to meet the same in light of increased difficulty in getting mining clearances. Thus, it would be interesting to see if FY15 targets are achieved or whether the company will fall short of it as was the case in FY14.

Major stocks from Indian pharmaceutical sector have closed in the red. The leading losers were JB chemicals and Wockhardt Ltd. Glenmark pharmaceuticals, declared some progress in its R&D program. As per the press release, the company's novel monoclonal antibody GBR 900 is entering the human trials for treatment of chronic pain. The company has filed Ph I clinical trials application with Medicines and healthcare products regulatory agency (MHRA) UK. GBR 900 targets TrkA, a receptor for nerve growth factor (NGF) involved in chronic pain signalling. In 2010, Glenmark gained an exclusive worldwide license from Lay Line Genomics S.p.A. (Italy) for anti-TrkA antibodies and their entire intellectual property portfolio in the TrkA field. GBR 900 is the optimized anti-TrkA antibody emerging from this exclusive worldwide license. As per the management, this development is very exciting and has the compound which has lots of out licensing potential. Glenmark closed up by 4.6% today.

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