Indian stock markets continued to trade in the positive territory during the previous two trading hours on account of persistent buying activity among the index heavyweights. However, it pared gains from the day's high level. In terms of broader markets, the mid and small cap indices defied the trend and are trading in the red. The sectoral indices of IT and FMCG stocks are leading the pack of gainers, whereas consumer durables stocks is trailing in the red today.
The BSE-Sensex is trading up by 62 points and the NSE-Nifty is trading up by 20 points. However, the BSE Mid Cap index is trading down by 0.4% and the BSE Small Cap index is trading down 0.3% today. The rupee is trading at 60.95 to the US dollar.
Most of the public sector banks are trading in the green led by Vijaya Bank and Indian Overseas Bank. As per a leading financial daily, State Bank of India (SBI) has cut down the interest rates on term deposits, having maturity of one to three years, by 0.25% to 8.75%. As per the bank, it was saddled with excess liquidity with not enough credit demand to match and so the deposit rates are being lowered to adjust asset liability management. The bank has also reduced the loan rates for companies recently. This move by the country's largest lender is likely to trigger deposit rate cuts by other banks also. SBI stock is currently trading up marginally.
Pharma stocks are trading mixed today. Dishman Pharma and Wockhardt Ltd. are leading the pack of gainers, whereas Torrent Pharma and Indoco Remedies are witnessing selling pressure. As per a leading business daily, Aurobindo Pharma has received a final approval from the US Food & Drug Administration (USFDA) for manufacturing and marketing of Amoxicillin for oral suspension. The drug is used for the treatment of infections due to susceptible Betalactamase - negative strains of designated microorganisms. It is the generic equivalent of the reference listed drug product (RLD) Amoxicillin for oral suspension belonging to Teva Pharmaceutical. As per the data from industry body IMS, the drug is expected to have market size of US$ 19 m for the 12 months period ending July 2014. The stock of Aurobindo Pharma is trading higher by over 1% today.