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Indian share markets slip further
Fri, 31 May 01:30 pm

As selling intensified across index heavy-weights, Indian share markets slipped deeper in the red in the post-noon trading session. Barring IT and pharma, all the sectoral indices are trading in the red with realty, oil and gas and FMCG stocks being the biggest losers.

BSE-Sensex is down 290 points and NSE-Nifty is trading 92 points down. BSE Mid Cap is trading 0.8% down and BSE Small Cap index is trading down by 0.7%. The rupee is trading at 56.6 to the US dollar.

As per the Central Statistical Organization (CSO), India's Gross Domestic Product (GDP) grew by 4.8% in March 2013 quarter. This was marginally better than a growth of 4.7% recorded in December 2012 quarter. Barring mining, that saw its output contract by 3.1%, all the other sectors posted growth in the March 2013 quarter. The manufacturing sector grew by 2.6%, agriculture, forestry & fishing sector grew by 1.4% whereas financing, insurance, real estate and business services sector increased by a steep 9.1% during the quarter. For the full year FY13, GDP grew by 5% on the back of strong growth of over 6% recorded by each of the trade, hotels, transport & communication and finance, insurance, real estate & business services industries. Manufacturing and agriculture reported a tepid growth of 1% and 1.9% respectively while mining output was down by 0.6% in FY13.

Domestic pharma stocks are trading mixed with Torrent Pharma and Wockhardt Ltd leading among the pack of gainers while Orchid Ltd and Aurobindo Pharma are the leading losers. Cadila Healthcare declared its March 2013 quarter results. Total sales grew by 16% YoY led by growth in exports and domestic segment. Cadila's subsidiary Zydus Wellness witnessed healthy growth of 26% YoY for the quarter. On the exports front, emerging markets registered healthy growth of 86% for the quarter. The operating margins declined by 2.5% due to increase in the operating expenditure, which grew by 19% YoY for the quarter. PAT grew by 54% YoY on back of MAT (Minimum alternative tax) credit availed during the quarter. This resulted in an improvement in net margin by 4.1% for the quarter. Cadila stock was trading up by 1.34%.

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