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Indian markets trade in the red
Mon, 27 Jul 01:30 pm

the post-noon trading session. Sectoral indices are trading on a negative note today with auto and aluminum stocks bearing the maximum burnt.

BSE-Sensex is down 409 points (1.5%) and NSE-Nifty is trading 117 points down (1.4 %). BSE Mid Cap and BSE Small Cap are also trading in the red, both down by 0.9%. Gold prices, per 10 grams, are trading at Rs 24,990 levels. Silver price, per kilogram, is trading at Rs 33,951 levels. Crude oil is trading at Rs 3,097 per barrel. The rupee is trading at 64.07 to the US dollar.

Stocks in the pharma sector are trading on a mixed note with Abbott India and Novartis leading the gains. As per financial daily, drug maker Pfizer has reported its results for the first quarter ended June 2015. For the quarter, the company has posted a 43.4% rise in its net profit on a YoY basis. Net sales witnessed a rise of 11.2% YoY. Further, the company has stated that there had been a temporary impact on production at the Goa plant due to conciliation issues between the workers union and the management. For this, the company has opted for alternative manufacturing activities, a report has stated. Presently the stock of Pfizer is trading up by 1%.

Energy stocks are trading on a discouraging note with ONGC and Chennai Petroleum witnessing maximum burnt. As per financial times, Oil and Natural Gas Corporation (ONGC), the state-owned company, is planning to invest over USD 8.8 bn to bring to production the KG-basin oil and gas discoveries by 2018-19. The company is planning to develop the 11 oil and gas finds in the Northern Discovery Area (NDA) together with one gas find in G-4 block. The investment is for drilling 45 development wells, an array of sub-sea pipelines and a pipeline to carry gas to an offshore terminal. Stock of the company is currently trading down by 2.7%.

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