The BSE-Sensex is trading down by 70 points (0.25%) and the NSE-Nifty is trading down by 26 points (0.30%). The S&P BSE Midcap index is trading up by 27 points (0.24%), while the S&P BSE Smallcap index is trading up by 52 points (0.45%). The rupee is trading at 63.52 to the US dollar. Gold and Silver are trading at Rs 26,008 per 10 grams & Rs 35,406 per kilogram respectively.
Stocks in Banking sector are trading on a mixed note with UCO Bank leading the winners and Dhanlaxmi Bank leading the losers. Yes Bank has asked market regulator Securities and Exchange Board of India (SEBI) to probe into the intentions of analysts of brokerage firm UBS. The brokerage firm downgraded the script to 'sell' from 'buy' on 08 July, 2015. The stock tanked 7.46% the very same day. One of the major concerns that the brokerage points out is the private lender's increased exposure to financially stressed companies, which is up 300% in three years. The brokerage is worried that these loans could be at risk given a gradual economic recovery and continued stress in sectors such as steel, power and construction. The bank alleged that UBS' analysts did not make "full and fair disclosure" of their "interests" before publishing the report. Yes Bank has urged SEBI to undertake detailed investigations, adding that "it needs to be probed whether the research analysts involved in the preparation of the 'questionable report' and/or any other employees or relatives/associates of UBS were actively aiding or abetting (directly or indirectly) short sell before publishing the questionable report". Stock of Yes Bank is trading up by 0.41%.
Stocks in Pharmaceutical sector are trading on a mixed note with Elder Pharma leading the winners and Novartis leading the losers. Dr Reddy's has launched a generic tablet named 'Memantine Hydrochloride' which is used for the treatment of dementia of the Alzheimer's type. The generic drug has been introduced in the U.S markets. The company has launched the tablets in the strength of 5mg and 10mg after getting the approval from the United States Food and Drug Administration (USFDA). Stock of DrReddy's is trading up by 0.94%.