The Indian stock markets extended losses during the previous two hours of trade led by heavy selling activity across the market segment. Among the broader market segment, BSE Smallcap is leading the losers. Sectoral stocks of consumer durables and metals are leading among the pack of losers, whereas stocks from FMCG and pharma were among the few sectors trading firm today.
The BSE-Sensex is trading down by 102 points and the NSE-Nifty is trading down by 37 points. The BSE Mid Cap index is trading down 0.6% and the BSE Small Cap index is trading down 0.8% today. The rupee is trading at 61.10 to the US dollar.
Power stocks are trading on a mixed note today. NHPC and Adani Power are leading the stock of gainers, whereas Indiabulls Power and KSK Energy are trading in the red today. As per a leading business daily, the country's largest state run power producer NTPC is expediting its plan to enter into the distribution businesses. The company has long stayed away from the power distribution business. However, it plans to bid for distribution rights in cities which are opening up for private players. Currently very few cities at present have private distributors along with joint venture with public utilities. Many states in a bid to incorporate efficiency are opening up the segment for private players or with public partnership. NTPC sees this as an opportunity of participating in the bids. The stock of NTPC is trading lower by 0.6% at the time of writing.
Domestic pharma stocks are trading mixed with Wockhardt and Indoco Remedies being among major gainers. However, Dishman Pharma and Natco Pharma are the biggest losers today. As per a leading financial daily, Ranbaxy Laboratories has agreed to pay $39.7 m for the settlement of its litigation pertaining to Texas Medicaid. Texas Medicaid is a US federal-state healthcare programme for the poor. The claims in the litigation are related to historical pricing data of drugs reported by Ranbaxy to Texas Medicaid. Ranbaxy will be making the payments in tranches through August 2015. Ranbaxy stock is currently trading up 0.3%.