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Indian markets remain buoyant
Fri, 6 Jun 11:30 am

After opening in the green the Indian indices are trading well above the dotted line in the morning session. Amongst sectoral indices buying interest is seen in banking and energy stocks while selling pressure is evident in the software stocks.

The BSE-Sensex is trading up 160 points and the NSE-Nifty is trading up 40 points. The BSE Mid Cap index is trading up 1.1%, while the BSE Small Cap index is trading up 1.2% today. The rupee is trading at 59.2 to the US dollar.

Indian Pharmaceutical stocks are trading mixed today. Strides Arcolab and Natco Pharma are leading the gainers; while Dishman Pharma and Orchid Chemicals are leading the losers. According to a leading business daily; Wockhardt has recalled over 8,000 bottles of anti-hypertension drug- Metoprolol Succinate extended-release tablets in the US market following failure of a dissolution test. According to USFDA Wockhardt USA Inc which is a subsidiary of Wockhardt distributed this 100 mg tablets in 100-count bottles in the US market. The subsidiary is now voluntarily recalling the drug due to the "failure of dissolution test observed at three month time point" as per the US FDA. The stock is trading up 0.4% today.

Most software stocks are trading lower today. Infosys and Tata Consultancy Services (TCS) are leading the losers. According to a leading business daily; India's fifth largest software firm Tech Mahindra, has entered into a strategic alliance with a US based Informatica Corporation. The alliance will focus on expanding and enhancing data management services around the world. The services that the alliance will aim to provide are data archiving, data anonymization, master data management (MDM), reference data management, test data management, data governance, data migration, big data, data integration and data quality. Both the companies will make joint investments to develop the software solutions at Tech Mahindra's research centers in Pune, Bangalore and Hyderabad. Tech Mahindra is trading down 1% today.

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