The Indian share markets displayed a lackluster performance during the first two hours of the trading session. Stocks from the realty and pharma spaces led the pack of gainers. However, those from the oil and gas and metal spaces witnessed selling pressure.
The Sensex today is trading higher by about 12 points (up 0.1%), while the NSE-Nifty is trading lower by about 1 point. Stocks from the midcap and smallcap spaces are however trading in green with the BSE Mid Cap and BSE Small Cap indices up by about 0.4% and 0.5% respectively. The rupee is trading at 54.23 to the US dollar.
Indian Pharma stocks have been trading on a mixed note with Natco Pharma and Piramal Enterprises leading the pack of gainers. However, Panacea Biotech and Wockhardt Ltd were trading in the red. As per a leading financial daily, the drug firm Dr Reddy's Laboratories (DRL) has launched a cancer drug 'Pamorelin LA' in the country. The company has done so under an exclusive marketing and sales agreement with Debiopharm Group, Switzerland. Pamorelin LA is used for the treatment of locally advanced or metastatic, hormone-dependent prostate cancer. According to the management, Pamorelin LA will be imported in bulk from Debio Recherche Pharmaceutique and will be made available primarily to urologists and oncologists across India. The stock was trading in green.
Power stocks have been trading mixed in the last two hours of the trade with Torrent Power Ltd and Adani Power leading the pack of gainers. However, JSW Energy and CESC Ltd witnessed selling pressure. As per a leading financial daily, state owned principal electric power transmission company Power Grid Corporation of India (PGCIL) has received an approval for formation of a joint venture company (JVC) with Odisha Power Transmission Corporation. The JV aims to take up Intra State Transmission projects in the state of Odisha. The board has also approved for formation of JVC with Bihar State Power (Holding) Company for taking up Intra State Transmission projects in the state of Bihar. The scope of Intra State works is yet to be finalized. The JVCs to be formed may have a debt equity structure of 80:20 and will have a suitable payment security mechanism.