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Midcap & small cap buck trend
Mon, 17 Nov 01:30 pm

Indian share markets continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with metal and engineering stocks being the major losers. However, auto and power stocks are among the major gainers.

BSE-Sensex is down 54 points and NSE-Nifty is trading 22 points down. BSE Mid Cap is trading 0.5% up and BSE Small Cap index is trading up by 0.8%. The rupee is trading at 61.66 to the US dollar.

Domestic pharma stocks are trading mixed with Indoco Remedies and Dishman Pharma being the major gainers whereas Elder Pharma and Ranbaxy Lab are the biggest losers. As per a leading financial daily, the government is set to make it compulsory for all life saving drugs to carry a bold red strip on their packs from January 2015. The strip will highlight that the drugs are under Drug Price Control order and also specify the ceiling price per unit as fixed by the government. This move is likely to help consumers make informed choices while purchasing medicines. Consumers can directly call National Pharmaceutical Pricing Authority (NPPA) to file a complaint for overcharging. The government has also proposed to bring in 100 more drugs under Drug Price Control Order.

Majority of the energy stocks are trading in the green led by Castrol India and MRPL whereas Gujarat State Petronet and BPCL are among the major losers. As per a leading financial daily, ONGC would be investing Rs 106 bn in increasing production from its western offshore fields. The company board has approved the third phase of redevelopment of its Prime Mumbai High South oil and gas field at a cost of Rs 60.7 bn and the integrated development of Mukta, Bassein and Panna formations at an investment of Rs 46.2 bn. The Mumbai High South redevelopment (phase III) will expand the lifespan of the giant gasfield that has been in production for over three decades and is expected to be completed by March 2019. This will result in incremental gain of 7.547 million tonne crude oil and 3.864 bn cubic meter gas by 2030. The development of Mukta, Bassein and Panna formations will start yielding results in 2014-15 with 10 m standard cubic meters per day of gas and 950 barrels of oil per day by 2017-18. The project is scheduled for completion by April 2017. ONGC stock is currently trading up by 0.4%

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