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Indian markets trade near the dotted line
Mon, 28 Sep 01:30 pm

Indian Indices are trading near the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the banking and pharma sectors leading the gainers. However, auto stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading down 2 points (down 0.02%) while the NSE-Nifty is trading up 4 points (up 0.01%). The BSE Mid Cap index is trading up 0.3% and the BSE Small Cap index is trading up 0.6%. Commodity prices are trading on a negative note. Gold prices, per 10 grams, are trading at Rs 26,537 levels. Silver price, per kilogram is trading at Rs 35,645 levels. Crude oil is trading at Rs 3,020 per barrel. The rupee is trading at 66.06 to the US$.

Steel stocks are trading negatively with Tayo Rolls and Maharashtra Seamless leading the losses. As per a leading financial daily, domestic steel giant SAIL is investing over Rs 260 bn for installing a 3 million tonnes per annum (mtpa) facility for hot rolled (HR) coils at its Rourkela plant to make auto grade and special steel products. The facility will produce high quality HR coils, including high strength API grades, auto body grades and other special steels. Further, on a separate note, SAIL is also finalizing its Vision 2025 document through which it aims to increase its hot metal production capacity to 50 million tonnes. The company's hot metal production rose by 7% in 2014-15 on a YoY basis. Stock of SAIL is presently trading down by 1.9%.

Most of the pharma stocks are trading positively with gains led by Natco Pharma and Dr Reddy's Laboratories. As per an article in Economic Times, shares of Dr Reddy's Laboratories surged up almost 6% after the drugmaker launched a generic version of Nexium following approval from the United States Food & Drug Administration (USFDA). The company's ESOMEPRAZOLE Magnesium Delayed-Release Capsules USP, 20 mg and 40 mg are available in bottle count size of 30. Nexium is the world's second most selling drug and clocked annual sales of around US$ 5.2 bn in the US alone for the 12 months ending July. During the month, the pharma major also entered an agreement to market PanTheryx's Proprietary Nutritional intervention for the treatment of pediatric infectious diarrhea. Scrip of Dr Reddy's Laboratories is trading up by 5.6% on the BSE.

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