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Indian indices continue to trade in red
Thu, 12 Sep 01:30 pm

Indian equity markets continued their slide and have remained below the dotted line during the post noon trading session. Barring stocks from realty, power, healthcare and capital goods; all the sectoral indices are trading in red. Banking and IT stocks are witnessing maximum selling pressures.

BSE-Sensex is down by 163 points and NSE-Nifty is trading down by 48 points. However BSE Mid Cap is trading up by 0.46% while BSE Small Cap index is trading up by 0.79%. The rupee is trading at 63.50 to the US dollar.

Majority of the automobile stocks are trading in the red with Hero MotoCorp and Tata Motors being the biggest losers. Ashok Leyland and TVS Motors were among the few stocks trading in the green. As per a leading financial daily, Tata Motors reported a 16.2% drop in its international sales to 81,457 units in August 2013. The sales of passenger cars in the global markets fell by 7.8% YoY to 43,474 units during the month. However, the sale of the company's luxury brand Jaguar Land Rover rose by 28.4% to 30,895 units in August 2013. In the domestic markets, the company's sales slumped by 50.6% for the month. In June 2013 quarter, Tata Motors had reported a revenue growth of 8% YoY primarily on account of better sales of the Jaguar Land Rover as operations in India continued to face pressure.

Indian pharma stocks are trading mixed with Ranbaxy Ltd and Cadila healthcare being the leading gainers. However, Piramal Enterprises and Wockhardt are trading in the red. As per the financial daily, the drug controller general of India (DCGI), has come out with some initial findings on the Ranbaxy's manufacturing facilities. DCGI conducted inspection on the Ranbaxy's manufacturing facilities in India. The inspection was prompted after Ranbaxy agreed to US department of justice's (DOJ) felony charges and paid US$ 500 m settlement fine. Reportedly, as per the DCGI findings some minor deficiencies were observed in the manufacturing plants. These defects were not serious ones. Ranbaxy has been given a month's time to rectify the processes and respond to DCGI with their action plan. The regulator's team is now focusing in scrutinizing the drug quality manufactured by the company. Hence the team is currently collecting random drug samples from market and manufacturing lines to study efficacy & safety of drugs. The final report is expected to take at least two months time. Ranbaxy is currently trading up by 1.6%

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