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Indian markets continue to trade weak
Wed, 3 Jul 01:30 pm

Backed by persistent selling activity Indian equity markets continued to slide during the post noon trading session. Barring stocks FMCG sector, all the sectoral indices are trading in red. Stocks from realty and metal sector are witnessing maximum selling pressures.

BSE-Sensex is down by 290 points and NSE-Nifty is trading down by 90 points. While BSE Mid Cap is trading down by 1.53%, BSE Small Cap index is trading down by 1.20%. The rupee is trading at 60.24 to the US dollar.

Majority of the Automobiles stocks are trading in the red with Tube investments and Escorts being the major losers. As per a leading financial daily, Maruti Suzuki has today announced that it will be launching limited edition of its premium compact car, Swift. This model will be Rs 24,500 more costlier than its existing version. This limited launch model viz 'Swift RS' will be having new styling and graphics and will be available Vxi and Vdi variants. Reportedly, the ex-showroom price in Delhi of both the current Swift models is Rs 4.99 lakhs and 5.99 lakhs respectively. The company's new version launch has come after, it has been witnessing decline in the sales volume of its cars. The company's sales in the compact segment (comprising the Estilo, Swift and Ritz models) fell 7.2% at 20,996 units during June 2013, against 22,624 units during June 2012. The stock is trading down by 0.87%.

Most of the Indian pharma stocks are trading in red with Panacea Biotech and Orchid chemicals are witnessing maximum selling pressures. As per the financial daily, the Indian pharmaceutical alliance (IPA) has rolled back the ban on manufacture and sale of pioglitazone drug. Last month, this ban was put by union health ministry. However, IPA said that the ban put by union health ministry was done without following due process and scientific enquiry and thus has taken back the ban. Reportedly, the IPA said that the sudden ban will impact approx 30 lakh patients who were consuming pioglitazone for diabetes. This treatment was costing Rs4 to 8 per day. The sudden ban had pushed the cost towards costlier medication. Various Indian pharma companies viz; Cadila, Dr Reddys etc were selling this drug.

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