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Energy stocks weigh down markets
Thu, 24 Jul 11:30 am

After opening weak, the Indian stock markets have remained below the dotted line in morning session. Among the sectoral indices, maximum buying activity is witnessed in Metal and Banking stocks, while Energy and Pharma stocks are at the receiving end.

The BSE-Sensex is trading down 16 points. The NSE-Nifty is trading down 5 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 60.02 to the US dollar.

Software stocks are trading mixed today. While HCL technologies is leading the gainers; Tata Consultancy Services (TCS) is leading the losers. India's fifth largest software firm Tech Mahindra, has announced a big expansion plan in Korea. Tech Mahindra had entered the Korean market in May 2002 and has already acquired significant experience across services lines and industries in the country. The company plans to establish partnerships with local universities, business schools and trade bodies over the next three years while creating local employment opportunities. The company aims to grow in various verticals like Manufacturing, Automobile, Aerospace, Defense, Telecom, Oil & Gas, BFSI and Healthcare. It will operate as a local Korean company in partnership with a Korean conglomerate. The Mahindra Group is already among the largest foreign investors in Korea after the purchase of Ssangyong motors by Mahindra & Mahindra. Tech Mahindra is trading up 1.5% today.

Indian pharma stocks are trading mixed today. Panacea Biotech and Dishman Pharma are among the stock leading the gainers while Ipca labs and Natco Pharma are among the stocks leading the losers. As per a financial daily, Ipca has received six 483s from United State Food and Drug Agency (USFDA) on its Ratlam API facility. As of now the company has voluntarily discontinued the shipments of the APIs in the US markets and looking forward to resolve the issue in next 4-6 months. The company's sales and profit might get impacted. USFDA issued the 483s to the firm's management at the conclusion of an inspection when an investigator had observed conditions that in their judgment might constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts in the US. Ipca Labs is trading down by 5.8% today.

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