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Indian markets nosedive
Wed, 3 Jun 01:30 pm

After opening the day in red, the Indian share markets marched further south in the afternoon. Except software, all sectoral indices are trading in red. FMCG and consumer durables sectors are bearing the maximum brunt.

The BSE-Sensex is down 277 points (1.02%) and the NSE-Nifty is trading 80 points down (0.96%). The S&P BSE Midcap index is trading lower by 1.7% and the S&P BSE Smallcap index is trading down by 2.5%. Gold prices, per 10 grams, are trading at Rs 26,890 levels. Silver price, per kilogram, is trading at Rs 38,370 levels. Crude oil is trading at Rs 3,892 per barrel. The rupee is trading at 63.93 to the US dollar.

Majority of stocks in the pharma sector are trading in red today with Orchid Chemicals and Dishman Pharma leading the losses. As per a leading financial daily, Sun Pharma has entered into an agreement with AstraZeneca Pharma. The agreement is for distributing the latter's Axcer brand which is used for the treatment of acute coronary syndrome. This will strengthen Sun Pharmaceutical's cardiology portfolio with the addition of a new patented therapy. The company stated that such collaborations are a part of company's policy of becoming the partner of choice for promotion and distribution of innovative pharmaceutical products. Stock of Sun Pharma is currently trading down by 1.6%.

Food and Tobacco stocks are also trading on a negative note. Stock of Nestle is witnessing selling pressure and plunged by over 9% as the Delhi government confirmed the results of lab test of Maggi noodles and stated that the samples of Maggi noodles failed to meet food safety norms and are unsafe. The samples tested were found to be carrying lead more than the permissible limit. The Delhi government is likely to impose a heavy fine against Nestle for selling unsafe products. Currently shares of nestle are trading down nearly 9.5%.

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