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Indian share markets recover
Thu, 6 Jun 01:30 pm

Indian share markets recovered lost ground in the post-noon trading session, but continued to trade slightly below the dotted line. Majority of the sectoral indices are trading in the red with pharma, metal and oil & gas stocks being the biggest losers. Capital goods, realty and banking stocks are among the few stocks trading positive.

BSE-Sensex is down 15 points and NSE-Nifty is trading 2 points down. Both BSE Mid Cap and BSE Small Cap indices are trading marginally up. The rupee is trading at 56.8 to the US dollar.

Domestic pharma stocks Indian Pharma - Live Stock Quotes and Analysis Update from Equitymaster.com are trading mixed with, Elder pharma and Cipla Ltd leading among gainers while Glenmark Pharma and Ranbaxy Laboratories are the major losers. As per a leading financial daily, the South African drug regulator body has said that the drugs supplied by Ranbaxy in the country are safe and efficacious. Mandisa Hela who is registrar of South African Medicines Control Council (MCC) gave this statement. Reportedly, Hela also mentioned that regulators from other countries such as from Australia, UK have also visited the facility and were satisfied with the standards. The South African subsidiary of Ranbaxy has also issued similar statement, assuring that even the drugs which are manufactured locally were safe.

As per a leading financial daily, the government has raised the customs duty on gold by 2% to 8%. This is the second increase in six months to curb rising gold imports and thereby put a check on the widening current account deficit. While the import duty on gold bars, coins and platinum has been increased from 6% to 8%, the custom duty on gold ores and concentrates that are used in the manufacture of gold has been raised to 6%. This move is expected to raise the raw material costs for jewellery manufacturers. Gold imports surged by 138% to $ 7.5 bn in April 2013. As per the World Gold Council, gold consumption is expected to rise to 865-960 tons in 2013 from 864 tons in 2012.

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