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Global signals lead to sell-off
Mon, 9 Jul Closing

Indices in the equity market in India came off the day's lows during the closing stages but could not avoid a negative ending to the session. Consequently, BSE-Sensex edged lower by around 130 points (down 0.74%) whereas NSE-Nifty closed with a decline of around 40 points. BSE Mid Cap and BSE Small Cap indices fared even worse, losing more than 1% each. Only three stocks on the Sensex ended in the green with rest closing marginally to meaningfully lower.

Most Asian indices ended in the red today with Europe too trading in the negative currently. The rupee was trading at Rs 55.9 to the dollar at the time of writing.

With the leaders once again falling behind on finding meaningful solution to the Euro crisis, investors were understandably jittery and hence, decided to take some money off the table today. The fact that markets had been in a buoyant mood past few trading sessions also gave them an opportunity to indulge in some profit booking. With no clear policy direction in sight, volatility is likely to remain the buzzword the next few trading sessions as well.

Power major National Thermal Power Corporation (NTPC) is hopeful of getting back three out of its five de-allocated mines from the Government this month. It should be noted that last year, the Ministry of Coal had de-allocated five mines of the firm in the aftermath of the failure of the firm to develop them within the stipulated time frame. The coal ministry has now given its in-principle approval to give the mines back to NTPC. The other two mines however were recently allocated to Coal India Ltd with the firm being asked to appoint mine developers so that production could be started. NTPC closed marginally lower on the bourses today.

As per reports, pharma major Dr Reddy's Laboratories has decided to introduce its biosimilars in developed markets. Worth adding that biosimilars are generic versions of innovator biotech drugs at a price that is significantly lower than the latter. With healthcare costs increasing, developed markets such as Europe for instance have begun to announce laws to introduce biosimilars in those markets. During FY12, the company's bio similar business grew 25% YoY albeit on a lower base. The company also entered into an alliance recently with Merck Serono to co-develop bio similar products. Dr Reddy's closed marginally higher on the bourses today.

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