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Share markets slip further
Thu, 20 Nov 01:30 pm

Indian share markets widened losses in the post-noon trading session. Majority of the sectoral indices are trading in the red with consumer durables and realty stocks being the major losers. However, pharma and IT stocks are trading positive.

BSE-Sensex is down 84 points and NSE-Niftyis trading 19 points down. BSE Mid Cap is trading 0.5% down and BSE Small Cap index is trading down by 0.7%. The rupee is trading at 62.14 to the US dollar.

Most of the domestic pharma stocks are trading in the green led by Elder Pharma and Strides Acrolab. Torrent Pharma and Piramal Enterprises are among the few stocks trading in the red. As per a leading financial daily, Ranbaxy's restraining order against Dr Reddy's Laboratories and US firm Endo International for launching Astrazeneca Plc's heartburn pill Nexium and Roche's antiviral Valcyte in the US markets has been rejected. Earlier in the month, the US Food and Drug Administration had revoked the tentative approval granted to Ranbaxy for the launch of generic versions of Nexium and Valcyte due to manufacturing quality lapses at the company's plants in India. Ranbaxy stock is currently trading up by 3.4%.

Majority of the mining stocks are trading in the red with Sesa Sterlite and Gujarat NRE Coke being the biggest losers. Only Hindustan zinc is trading in the green. As per a leading financial daily, the government has issued the draft rules for the re-allocation of the coal blocks cancelled by the Supreme Court in September. The government is planning to allocate 74 of more than 200 cancelled blocks by March 2015 through a mix of auctions and allocations. As per the draft rules, central and state government-owned companies can bid for blocks even though blocks will be allotted to them. Power plants operating on imported coal will be also be eligible to participate in the coal auction. Out of the coal blocks being allotted, 42 blocks with a production capacity of 90 m tonnes are operational and 32 blocks with capacity of 120 m tonnes are ready to be mined. The government does not want to increase the electricity tariffs for power generated from coal mined from these blocks.

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