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Indian share markets pare gains
Wed, 29 Jan 01:30 pm

Indian share markets pared early gains but continued to trade above the dotted line in the post-noon trading session. Barring metal, banking and realty, all the sectoral indices are trading in the green with pharma, capital goods and IT stocks being the biggest gainers.

BSE-Sensex is up 37 points and NSE-Nifty is trading 15 points up. BSE Mid Cap is trading 0.4% up and BSE Small Cap index is trading up by 0.3%. The rupee is trading at 62.1 to the US dollar.

All the automobile stocks are trading in the green with Hero MotoCorp and TVS Motors being among major gainers. As per a survey by Nielsen, two-wheeler segment is the largest consuming segment of petrol followed by cars. Two-wheelers consume a lion's share of 61.4% of the total petrol sales whereas cars have a 34.3% sales share. These findings are significant in the light of the fact the steep escalation in petrol prices is likely to adversely impact demand for motorcycles and scooters that are the preferred mode of transport in rural India. Reportedly, petrol prices have sky-rocketed by over 51% since they were de-regulated in 2010.

Most of pharma stocks are trading on a positive note. Aurobindo Pharma and Piramal Enterprises are leading the pack of gainers, while Indoco Remedies is among the list of few stocks that are trading weak today. As per a leading business daily, global drug regulators are reviewing details of the US Food & Drug Administration (USFDA)inspection of Ranbaxy's Toansa plant in Punjab. This is in order to evaluate the impact of the product made in the plant after it faces an import ban in the US markets. In fact, USFDA had recognised data integrity violation in good manufacturing practices. Drug regulator's of UK and Australia are already assessing the USFDA investigation for implication on the medicines sold in their respective markets and would take a call accordingly. It is also believed that Sri Lankan drug regulator is also planning an inspection at the facility. Back home, Indian drug regulator DCGI (Drugs Controller General of India) would also initiate drive to test samples from the market to verify drug quality produced in the Punjab facility. Given, the delay in the company's launch of new drugs in the absence of approvals, the said issue would adversely impact drug approvals in the pipeline and would increase costs for resolving the same. The stock of Ranbaxy is trading higher by 2% today.

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