The Indian markets continued to trade in the negative territory during the previous two hours of trade. Currently, stocks from the healthcare and IT spaces are the top performers, as their respective indices are the sole gainers. On the other hand, metal and auto stocks are the top under performers.
Currently, the BSE-Sensex is trading down by around 25 points, while the NSE-Nifty is down by about 5 points. Currently, stocks from the mid and small cap spaces are also trading on a flattish note. The rupee is trading at 45.14 to the US dollar.
Healthcare stocks are currently trading firm led by Sun Pharmaceuticals, Aventis Pharma, Bilcare and Orchid Chemicals. The stock of Sun Pharma is the top gainer amongst stocks forming part of the BSE-100 Index. Gains in the stock are on the back of a US appeals court ruling a case in favour of the company involving the cancer drug ‘Eloxatin’. The company was up against Sanofi-Aventis SA, which had appealed for barring Sun Pharma to market the generic version of the drug in the US. It has been further reported that the Indian pharma major can challenge the terms of a consent judgment. It must be noted that during 1QFY11, the company's robust topline growth was largely due to the one-time sales that the company generated from this drug. However, with the court judgement going against it, the distribution of this product was stopped at the end of June.
Power stocks are largely trading weak led by GMR Infra, Torrent Power, Tata Power and CESC. State owned power major NTPC is the sole gainer at the moment. Gains in the stock are seemingly due to the company being keen on getting liquefied natural gas (LNG) from Qatar for its Kayamkulum project. The company has shown interest in providing the Qatar government equity in gas-based power projects in India and bringing LNG from there. The Qatar government is reportedly interested in the project as well. NTPC may offer the Qatar government stakes in projects at Kayamkulam in Kerala and Ratnagiri Gas and Power Pvt Ltd. The project is expected to be worked out by FY12.