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Indian markets collapse
Tue, 2 Jun 01:30 pm

After opening the day in red, the Indian share markets extended their losses in the post-noon trading session. Most sectoral indices are trading in red with FMCG and Auto sectors bearing the maximum burnt.

The BSE-Sensex is down 421 points (1.5%) and NSE-Nifty is trading 134 points down (1.6%). The S&P BSE Midcap and S&P BSE Smallcap indices are both trading on a negative note by 1.3%. Gold prices, per 10 grams, are trading at Rs 26,766 levels. Silver price, per kilogram, is trading at Rs 38,261 levels. Crude oil is trading at Rs 3,882 per barrel. The rupee is trading at 63.79 to the US dollar.

Reserve Bank Governor Raghuram Rajan has announced the second bi-monthly monetary policy statement. The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points (bps) to 7.25%. This takes the total reduction in interest rate to 75 bps in the current year after the previous cuts in January and March. This move was widely anticipated given the RBI's comfort with consumer price inflation and the marked slowdown in industrial growth. However, both CRR (cash reserve ratio) and SLR (statutory liquidity ratio) rates have been left unchanged. It should also be noted that according to the RBI Credit Policy, the inflation is expected to rise to 6% by January 2016.

Stocks in the Pharma sector are trading mixed today with Orchid Chemicals and Cipla leading the losses. As per a leading financial daily, Aurobindo Pharma Ltd has received final approvals from the US Food & Drug Administration (US FDA) to manufacture and market Metronidazole tablets. These Metronidazole tablets of 250 mg and 500 mg dosages are used to treat different types of infections which are due to particular types of bacteria and some other infectious organisms. As the company stated, it will commence shipping of the product shortly. The market size of the product is estimated at US$58 million for the twelve months ending March 2015 according to the IMS (Intercontinental Marketing Services) data. Currently the stock of Aurobindo Pharma is trading up by 0.5%.

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