After opening weak, the Indian Indices have remained below the dotted line in the morning session stocks. Barring stocks from IT sector all the sectoral indices are witnessing selling pressures.
The BSE-Sensex is trading down 300 points. The NSE-Nifty is trading down 95 points. The BSE Mid Cap index is trading down 1.78% and the BSE Small Cap index is trading down 1.88%. The rupee is trading at 61.41 to the US dollar.
Automobile stocks are trading in weak with Mahindra and Mahindra Ltd (M&M) and Escorts Ltd being the leading losers. As per the financial daily, Society of Indian Automobile Manufacturers (SIAM), has released data of automobile sales for the month of July. As per this data, the domestic passenger car sales grew by 5.04% YoY for the month July. The motorcycle sales were up by 6.17% YoY for the said period. The two-wheeler category witnessed growth of 13.73% YoY for the said month. The total sales of vehicles across the categories grew by 12% YoY during the month.
Indian pharma stocks are trading mixed with Ipca labs and Orchid chemicals being among the leading losers and Wockhardt Ltd and Indoco Remedies being the leading gainers in the pack. As per the financial daily, Dr Reddys Laboratories has filed paragraph IV on Copaxone 40mg/ml injectable. Copaxone is generically known as glatiramer acetetate and is indicated for multiple sclerosis. Reportedly, Teva will be soon filing the litigation on Dr Reddy's claiming infringement of the patents on copaxone. Dr Reddys has challenged patents the latest one expiring in 2030. Teva intends to file a lawsuit for patent infringement against Dr. Reddy's within the 45 day period provided under the Hatch-Waxman Act. The filing of the lawsuit will trigger a 30 month stay of FDA approval of Dr. Reddy's ANDA. Dr Reddy's is trading up by 0.58%.