Backed by heavy selling activity across the indices, the Indian stock markets have remained have remained below the dotted line during the morning trading session. Barring stocks from FMCG and healthcare sectors, all the sectoral indices are witnessing selling pressures. Stocks from IT and Metal sectors are the leading losers.
The BSE-Sensex is trading down 106 points. The NSE-Nifty is trading down 33 points. The BSE Mid Cap index is trading down 0.62% and the BSE Small Cap index is trading down 1.05%. The rupee is trading at 60.02 to the US dollar.
Modi government seems to be facing tough time day by day. As per the financial daily, India's Human Development Index (HDI) has remained in the doldrums for yet another year. The United Nations Development Program (UNDP) has released its 2014 HDI report. India's rank has remained static at 135 compared to last year. Other BRICS nations rank above India. The report has reiterated just how badly India has fared on its development goals even as it has increased per capita incomes four times since the 1980s in PPP terms. During the same time India's HDI ranking has improved only 1.6 times. This reflects the growing disparity between the well off and the poor in India. Even in terms of pace of improvement, India ranks lower than many developing nations.
Indian pharma stocks are trading mixed today. Wockhardt Ltd and Glenmark pharma are among the stock leading the gainers while Biocon Ltd and Aurobindo are among the stocks leading the losers. Glenmark pharma has declared its June quarter financial year 2015 results (1QFY15). The company reported topline growth of 20% YoY for 1QFY15. The company also received licensing income of Rs 300 m during the quarter. Excluding this income, the sales growth was approx 17.6% YoY. The top line growth was largely led by growth in India, Europe and RoW markets. The US geography witnessed modest growth of 9% YoY, during the quarter. EBITDA increased by 38.16% YoY and the net profits were up by 43.65% YoY. Glenmark is trading up by 5%.