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FMCG stocks weigh on the markets
Fri, 10 Jun 01:30 pm

The Indian stock market indices continued to trade in the red over the last two hours of trade on the back of selling witnessed in index heavyweights. FMCG, oil and gas, banking and realty stocks are leading the pack of losers while stocks from the software space are trading firm.

The BSE-Sensex is down by 112 points while NSE-Nifty is trading 36 points below yesterday's closing. BSE Midcap and BSE Small cap indices are trading down 0.2% and 0.1% respectively. The rupee is trading at 44.74 to the US dollar.

Software stocks are trading mixed with TCS, NIIT and Infosys leading the pack of gainers. However, HCL Infosys and HCL Technologies are trading in the red. As per a leading financial daily,Infosys is mulling over its options for multi-billion outsourcing projects from UK government. In the past, the company has not shown interest for the government projects. On the other hand, big rivals like TCS and Wipro had won several deals from UK government through their subsidiaries. As per BG Srinivas, Senior Vice-President of Infosys, the management of the company is studying the UK market. But he ruled out establishing subsidiary for UK government projects.

As per a report by advisory firm Ovum, combined IT services market from UK and Ireland is estimated to grow to over GBP 32 bn by 2013. One third of this estimated value will come from public sector. However, business from public sector will not be easy as the UK government has announced greater spending cuts to tackle budget deficit.

Pharma stocks are trading mixed as well with Fresenius Kabi Oncology, J B Chemicals and Torrent Pharma leading the pack of gainers. However, Aurobindo Pharma and Orchid Chemicals are trading weak. As per a leading financial daily, Glenmark, global pharmaceutical company and parent of Glenmark Pharmaceuticals, has got final approval for its generic Mupirocin ointment from US health regulator, United States Food and Drug Administration (USFDA). The ointment is used for treatment of impetigo, a bacterial skin infection. As per IMS Health, a pharmaceutical intelligence, for the 12-month period ending March 2011, Mupirocin ointment garnered annual sales of $ 55 m, a 9% year-on-year growth. The stock of Glenmark Pharmaceuticals was trading in the green.

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