Today's Market: Indian share markets stagnate - Indian Stock Market News
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Indian share markets stagnate 
(Wed, 31 Oct 01:30 pm) 
Indian share markets continued to trade in a narrow range above the dotted line in the last two trading hours. Majority of the sectoral indices are trading positive with pharma, auto and IT stocks leading the pack of gainers. Oil and gas, capital goods and realty are among the losers.

BSE-Sensex is up 16 points and NSE-Nifty is trading up 1 point. While BSE Mid Cap Index is up 0.35, BSE Small Cap index is up marginally. The rupee is trading at 54.0 to the US dollar.

Most of domestic pharma stocks are trading in positive led by Glenmark Pharma and Dr. Reddy's. Biocon has announced its September 2012 quarter results. The company posted a 18% YoY growth in topline led by growth in both its Biopharmaceuticals and Contract research businesses. Operating margins declined by 3.1% largely due increase in R&D expenses by 40%. Bottomline increased marginally by 5% YoY during 2QFY13, resulting in a fall in net margins by 1.9%. According to the company, GE Equity International Mauritius, a subsidiary of GE Capital, will make a private equity investment of Rs 1.2 bn in its research services arm Syngene International. Biocon stock is up 1.9%.

The Gems & Jewellery Export Promotion Council (GJEPC) expects the third and fourth quarter to be better for the diamond industry. According to the GJEPC data, exports of cut and polished diamonds in the first half of FY13 declined by 29% to Rs 427.4 bn. GJEPC has projected a 15-20% growth in both domestic and export markets over the first half. The only concern is the volatile rupee that can impact the revenue model of the industry. Gitanjali Gems is also expecting an improvement in diamond jewellery demand on the back of the upcoming wedding season and recovery in demand from the international markets.
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