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IT & engineering, top losers
Thu, 19 Dec 01:30 pm

After opening in the red on Fed's announcement to phase out quantitative easing, Indian share markets continued to trade weak in the post-noon trading session. Barring IT, pharma and metal, all the sectoral indices are trading in the red. Stocks from banking, capital goods and oil & gas are among the biggest losers on the stock market.

BSE-Sensex is down 156 points and NSE-Nifty is trading 50 points down. BSE Mid Cap is trading down 0.1% and BSE Small Cap index is trading down 0.2%. The rupee is trading at 62.3 to the US dollar.

Consumer product stocks are trading mixed with Gillette India and Bata India being among the major gainers whereas Kokyo Camlin and Godrej Consumer Products are leading among losers.  As per a leading financial daily, Hindustan Unilever has launched its premium basmati rice, Gold Seals Indus Valley Basmati Rice. This rice brand is already being exported to Middle East countries and will now be launched in select Indian cities through the modern trade channel. It is interesting to note that in the packaged foods category, the company had earlier reduced its presence in wheat flour and salt and withdrawn from the biscuit segment due to poor profit margins. Currently the company's packaged foods business comprises of Knorr soups, Kissan sauces and Kwality Walls ice creams. The food segment contributes 6% to HUL's overall revenues. HUL stock is currently trading down by 0.6%.

Indian pharma stocks are trading in green, with Wockhardt Ltd and Indoco remedies being among the leading gainers. Lupin Ltd has launched generic Trizivir tablets in US market. The company had received approval from USFDA for the said drug, a few days back. Trizivir is combination of Abacavir sulphate, Lamivudine and Zidovudine. Lupin is FTF (first to file) and hence entitled for 180-days exclusivity.  Lupin and the innovator of Trizivir were into litigation as Lupin intended to launch the drug before expiry of some patents. Recently, the company made the launch after the US district court gave favourable ruling for Lupin. The market size of the drug is $ 111 m and as Lupin's launch has low competition, this is expected to be good opportunity for the company. Lupin is currently trading up by 2.5%.

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