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Indian equity markets continue to slide
Fri, 2 Aug 01:30 pm

Backed by persistent selling activity, Indian equity markets continued to trade weak during the post noon trading session. Barring stocks from Consumer durables and IT sector all the sectoral indicies are trading in red. Stocks from metal and PSU sectors are witnessing maximum selling pressures.

BSE-Sensex is down by 117 points and NSE-Nifty is trading down by 38 points. While BSE Mid Cap is trading down by 0.47%, BSE Small Cap index is trading down by 0.83%. The rupee is trading at 60.78 to the US dollar.

Majority of automobile stocks are trading in the red with Escorts and Force Motors being the biggest losers. Ashok Leyland and Maruti Suzuki are among the few stocks trading in the green. With economic conditions remaining gloomy, automobile manufacturers continued to face the brunt of falling sales. As per a leading financial daily, Bajaj Auto clocked a 20% YoY fall in motorcycle sales to 2,46, 828 units in July. Even its exports were down by 12% YoY for the month. However, sale of commercial vehicles fell by a subdued 2% to 34,449 units in July. For the period April-July 2013, cumulative sales of motorcycles were down by 14% YoY to 11,06,979 units whereas exports declined by 13% to 4,72,586 units. However, sales of commercial vehicles surged by 17% YoY to 1,53,623 units for the period April-July 2013. Bajaj Auto stock is currently trading down by 1.2%.

Most of the Indian pharma stocks are trading in the red with Wockhardt Ltd and Fresenius Kabi being the leading losers. As per the financial daily, Glenmark pharma declared its June 2013 quarter results. Topline grew by 19% YoY during the quarter led by growth in both its specialty and generics businesses. The specialty segment increased by 21%, due healthy growth in its domestic, Rest of the world and Latin America segments. However Europe witnessed decline of 3% YoY for the said period. In the generic segment growth was led by good performance in its API (Active pharmaceuticals segment) which grew by 26.5%. The US segment grew by 13% YoY, during the year. The Operating margins were up by by 4.1% leading to a 50.1% YoY growth in operating profits. Bottomline growth jumped by 64.3% YoY during 1QFY14 with the net margins also improving by 2.9%. Glenmark was trading down by 2.6%

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