After trading on a bearish note in the early hours, Indian share markets continued to remain under pressure in the post-noon trading session. Sectoral indices are trading on a negative note today with auto and mining stocks bearing the maximum burnt.
BSE-Sensex is down 326 points (1.2%) and NSE-Nifty is trading 97 points down (1.2%). S&P BSE Midcap and S&P BSE Smallcap are also trading in the red, down by 1% and 1.2% respectively. Gold prices, per 10 grams, are trading at Rs 26,950 levels. Silver price, per kilogram, is trading at Rs 36,112 levels. Crude oil is trading at Rs 2,722 per barrel. The rupee is trading at 65.76 to the US dollar.
Pharma stocks are trading mixed with losses led by Elder Pharma and Wockhardt Ltd. According to business daily, Lupin has received final approval for its Fenofibrate Tablets 54 mg and 160 mg from the United States Food and Drug Administration (USFDA). The company's US subsidiary- Lupin Pharmaceuticals Inc. will commence the promotion for the said product shortly in the US. The product has US sales of US$ 156 m as per the IMS MAT June 2015. The tablet is for the treatment of mixed dyslipidemia and severe hypertriglyceridemia. Presently the stock of the company is trading marginally higher.
Stocks in the banking sector are trading on a negative note with Central Bank and Oriental Bank leading the losers. As per a leading financial daily, IDBI Bank, the public sector lender, is going to receive Rs 22.3 bn as part of recapitalization of Public Sector Banks for the year 2015-16. For this, the Government of India (GoI) has decided to infuse capital funds in the bank by way of preferential allotment of equity shares in favor of the GoI. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. Currently the stock of IDBI Bank is trading down by 1%.