After opening the day on a bearish note, the Indian Indices have extended their losses in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the banking and auto sectors leading the losers.
The BSE-Sensex is trading lower by 520 (down 2%) and the NSE-Nifty is trading down by 165 points (down 2.1%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the red, down by 2.3% and 2.8% respectively. Gold prices, per 10 grams, are trading at Rs 26,484 levels. Silver price, per kilogram, is trading at Rs 35,679 levels. Crude oil is trading at Rs 3,080 per barrel. The rupee is trading at 66.39 to the US dollar.
Stocks in the pharma space are trading on a negative note with Wockhardt Ltd and Orchid Chemicals leading the losses. As per a leading financial daily, Glenmark Pharmaceuticals has completed the clinical phase I studies for its novel monoclonal antibody 'GBR 830' for treating autoimmune diseases. The company stated that its phase I trials have took place in the Netherlands and the phase II studies for antibody will be initiated in the US and Europe. The company is expecting to commence the studies for phase II in the next few months which will cover both atopic dermatitis and celiac disease. Presently the scrip of Glenmark Pharmaceuticals is trading down by 5.3%.
steel stocks are also trading negatively with Jindal Steel and Tata Sponge bearing maximum burnt. As per an article in Livemint, steel major Steel Authority of India Ltd (SAIL) has said it will press ahead with its modernization programme and augment capacity in the current fiscal. The company is going to spend around Rs 75 bn on modernization and expansion programme in the current fiscal ending March 2016. The expansion programme has been decided to be funded through a mix of debt and equity. Further, on a separate note, SAIL is going to seek shareholders nod to raise Rs 50 bn through the issue of securities to part finance the plans. Stock of the company is trading down by 3.1% on the BSE.