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Indian share markets widen losses
Mon, 3 Feb 01:30 pm

Persistent selling in index heavy-weights saw the Indian share markets slipping deeper in the red in the post-noon trading session. Barring consumer durables, all the sectoral indices are trading in the red with metal, realty and banking stocks being the biggest losers.

BSE-Sensex is down 201 points and NSE-Nifty is trading 57 points down. BSE Mid Cap is trading 0.3% down and BSE Small Cap index is trading down by 0.2%. The rupee is trading at 62.6 to the US dollar.

Indian pharma stocks are trading mixed with Wockhardt and Torrent Pharma leading the pack of gainers whereas Orchid Chemicals and Panacea Biotech are the major losers. As per a leading financial daily, the Central Drugs Standard Control Organization (CDSCO), which is the Indian drug regulatory agency, wants powers to inspect the overseas facilities of pharma companies that cater to the Indian market. This proposal is being actively considered by the Ministry of External Affairs. While the US Food and Drug Administration (USFDA) has been keeping a stringent control on good manufacturing practices of Indian drug manufacturers located in India, the same powers are not enjoyed by the Indian counterparts. In the light of the recent ban by USFDA on medicines manufactured by Ranbaxy's manufacturing plants as well as import warnings to Lupin Pharmaceuticals and Sun Pharmaceuticals, CDSCO also wants to send its inspectors to check the medicines manufactured abroad and imported into India. However, CDSCO's operations have been constrained by shortage in workforce for which a proposal to increase staff strength to at least 5,000 by the end of Twelfth Five Year Plan has been forwarded.

Majority of the oil & gas stocks are trading in the green with Petronet LNG and Indra Prastha Gas Ltd (IGL) being among major gainers. However, Oil India and Bharat Petroleum corporation Ltd (BPCL) are a few stocks trading in the red. As per a leading business daily, the Oil Ministry has slashed the price of compressed natural gas (CNG) by about Rs 15 per kg whereas the price of piped natural gas has been reduced by around Rs 5 per cubic meters. In addition, the full gas requirements of city-based gas entities such IGL will be met by domestic fields as opposed to 80% earlier.

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