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Markets recover from day's lows
Fri, 8 Jul 01:30 pm

Indian stock market indices have recovered from the day's lows but are still trading in the red. Metals and Oil and Gas stocks are losing the most while those from Realty and Auto space are trading firm.

The BSE-Sensex is down by 21 points while NSE-Nifty is trading 10 points below yesterday's closing. BSE Midcap is up by 0.2% and BSE Small cap index is trading flat. The rupee is trading at 44.30 to the US dollar.

Auto stocks have been trading in the green led by Hero Honda and Tube Investments. As per a leading financial daily, Ashok Leyland plans to hike prices by 1%-2% very soon. The auto major is concerned over falling sales volumes for commercial vehicles. In the month of June, the commercial vehicles sales declined 4.63% YoY. The management has blamed this on rise in retail interest rates that have adversely impacted the demand of heavy vehicles. However, the management expects July sales volumes to be better on a month on month basis. The company plans to sell 1.07 lakh lakh units by FY-12 wherein domestic sales would stand at 95,000 units. It is in the process of launching commercial vehicles in new export markets to counter the shrinking margins in inflation-ridden domestic landscape. The management is optimistic about maintaining its FY12 margin guidance of 10-11% on expectations of increase in market share. The stock was trading in the green.

Pharma stocks have been trading weak in the last two hours of the trade. As per a leading financial daily, Wockhardt has bagged a tentative permission from USFDA for selling 20mg, 30mg and 60mg delayed release capsules of Duloxetine Hydrochloride, a medication utilized for treating depressive disorder. The overall U.S market for this tablet stands at US$ 3.3 bn. The exclusive rights covering this product are under lawsuit in US courts and it will roll out the medicine once they get resolved. The company plans to sustain its growth in the U.S market through a series of such first-to-market launches. The stock was trading in the red.

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