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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Metal stocks sizzle 
(Fri, 14 Nov 01:30 pm) 
 
Indian share markets remained buoyant in the post-noon trading session. Barring pharma and power, all the sectoral indices are trading in the green. Metal and realty stocks are the major gainers today.

BSE-Sensex is up 70 points and NSE-Nifty is trading 23 points up. BSE Mid Cap is trading 0.6% up and BSE Small Cap index is trading up by 0.7%. The rupee is trading at 61.64 to the US dollar.

Most of the domestic pharma stocks are trading in the green led by Orchid Chemicals and Aurobindo Pharma. Cipla and Ranbaxy are among the few stocks trading in the red. Cipla has announced results for the quarter ended September 2014. Its consolidated sales increased by 9.3% YoY aided by 20.5% YoY rise in domestic sales however as its export sales fell by 4.6% YoY for the quarter. The growth in domestic sales was largely on account of growth in paediatrics, respiratory, spectracare and urology therapies. The poor performance of export markets was due to a 34% fall in API exports to Rs 1.4 bn whereas formulations grew by a mere 0.4% to Rs 12.4 bn. The company's bottomline fell by 16.6% YoY due to a poor performance at operating level. Cipla stock is currently trading down 2.4%.

Majority of the energy stocks are trading in the green led by Castrol India and Hindustan Petroleum Corporation Ltd (HPCL) whereas MRPL and Essar Oil are among the major losers. As per a leading financial daily, the government has raised the excise duty on petrol and diesel by Rs 1.50 a litre on the back of fall in global crude oil prices. The basic excise duty on unbranded petrol has been increased from Rs 1.20 to Rs 2.70 a litre, and the duty on unbranded diesel has been raised from Rs 1.46 to Rs 2.96 per litre. This hike will currently not be passed onto retail consumers. Since crude oil prices have dipped below $80 a barrel, the oil marketing companies are making profits on sale of petrol and diesel. Therefore the increase in excise duty will be absorbed by the public sector oil retailers. The Finance Ministry hopes to raise funds to the tune of Rs 60-70 bn in the remaining five months of the current fiscal through this excise-hike. The hike will aid the government in boosting indirect tax collections which have been targeted to increase by 25.8% in FY15.

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