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Indian share markets slip
Fri, 5 Dec 01:30 pm

Indian share markets pared early gains and slipped in negative territory in the post-noon trading session. Barring oil & gas, IT and pharma, all the stocks are trading in the green. Realty and FMCG stocks are the biggest gainers.

BSE-Sensex is down 43 points and NSE-Nifty is trading 11 points down. BSE Mid Cap is trading 0.2% up and BSE Small Cap index is trading up by 0.5%. The rupee is trading at 61.81 to the US dollar.

Most of the Mining stocks are trading in the green led by Hindustan Zinc and Sesa Sterlite. To meet the estimated domestic coal demand of 1.2 billion tonnes by FY20, the government is making efforts to scale up production from Coal India and expedite bidding of blocks that have been de-allocated. The methodology for bidding will be put up for Cabinet approval next week. The Coal Ministry would also create a platform to monitor clearances for all projects. Coal India has finalized mine-wise plans to achieve 925 m tonnes of coal production by 2019-20. Coal India stock is trading up marginally.

Domestic pharma stocks are trading mixed with Piramal Enterprises and Wockhardt being the major gainers whereas Dr Reddy's laboratories and Natco Pharma are trading in the red. As per a leading financial daily, Ranbaxy Laboratories regulatory woes do not seem to end. On the back of Germany recently barring the company from exporting antibiotic cephalosporin produced at its Dewas plant due to manufacturing deficiencies, all the member nations of the European Union (EU) have also joined the fray in banning exports of certain drugs from the plant. Ranbaxy's Dewas plant has faced inspections by drug regulators from Europe, Australia and Canada. As per the company, the ban pertains to only the cephalosporin injectable unit at Dewas in Madhya Pradesh. The stock of Ranbaxy is trading down marginally.

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