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Volatility plagues Indian Indices
Wed, 27 Nov Closing

Indian equity markets started the day on a positive note but quickly turned volatile before finally closing the day in the red. Benchmark indices continue to maintain the subdued trend amid volatility weighed down by Power and Realty shares. Auto and Consumer Durable stocks were the leading pack of gainers. While the BSE Sensex closed lower by 4 points, the NSE-Nifty closed lower by 2 points. BSE Mid Cap closed on a positive note while the BSE Small Cap closed on a negative note.

As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 62.2 to the dollar at the time of writing.

The Government of India will soon decide on putting a cap or limit to which natural gas prices can be increased following a new pricing formula coming into effect from April 1 next year. The Union Cabinet had in June decided to price all domestically produced natural gas at an average of the price prevailing at international gas trading hubs and the actual cost of importing LNG. The new gas price formula has not been notified so far also because of a dispute over whether Reliance Industries should get the new rates considering the fact that it has not produced as per pre-stated targets from eastern offshore KG-D6 block. The Cabinet will also decide if Reliance be paid US $4.2 for currently producing fields till the shortfall is met or the charges that it hoarded gas are proved wrong.

Wockhardt Limited has been dealt another blow by the USFDA. The US regulator has imposed restrictions on import of medicines produced at the company's Chikalthana plant at Aurangabad in Maharashtra. USFDA has however, excluded five products from import alert. The company has already initiated several steps to address the observations made by the USFDA and shall put all efforts to resolve the matter at the earliest. In May, the USFDA had also issued an import alert on the company's Waluj facility which makes injectables and solid dosages. The company had said it would take an annual hit of US $100 m due to the import alert. Later in October, UK's health regulator had imposed restriction on import of medicines made at Wockhardt's unit at Kadaiya in Nani Daman for violation of norms.

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