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Indian Stock Market News December 7, 2011

IT stocks lead the rally
Wed, 7 Dec 11:30 am

   Previous Close

   Pre-Open

   09:30 am

   01:30 pm

   Closing

Indian stock markets indices are trading strong over the last two hours of trade. IT and Auto stocks witnessed maximum buying interest while Pharma stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 156 points, while the NSE-Nifty is up 48 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.62% and 0.67% respectively. The rupee is trading at 51.46 to the US dollar.

Aluminium stocks are trading strong led by Hindalco and National Aluminium Corporation Limited (Nalco). According to a leading financial daily, Hindalco Industries is planning to make an additional investment of USD $5 bn to more than double its aluminium production capacity by 2016. However, the pace of the expansion would largely depend on early clearances for captive coal blocks, as smelter projects are not viable without captive power. The company's new 360,000 tonne project would start production in the next three to five weeks. The company is still awaiting forest clearances for the captive coal block intended to meet this project's requirement and will be buying coal till such time as the captive coal becomes available.

Pharma stocks are trading weak. Aurobindo Pharma and Dr Reddys Lab are the biggest gainers while Glenmark Pharma and Lupin are the biggest losers. According to a leading financial daily, Ranbaxy Laboratories has launched a generic version of Caduet, used for treating cardio vascular diseases, in the US market, as part of an agreement with Pfizer Inc. Caduet is used by patients suffering from both high blood pressure and high levels of cholesterol. Caduet currently being marketed by Pfizer is a fixed-dose combination of Atorvastatin-Amlodipine besylate which also contains a crystalline form of Atorvastatin. Ranbaxy is making available the full range of the generic version of Caduet. However the company did not disclose the terms of agreement with Pfizer.

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