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Banking stocks lead the downfall
Tue, 3 Feb 01:30 pm

Led by persistent selling activity, Indian equity markets continued to trade weak in the the post noon trading session. Sectoral indices are trading mixed with FMCG, metal and consumer durables leading the gains while realty, banking and healthcare stocks witnessing maximum selling pressures.

BSE-Sensex is down 210 points and NSE-Nifty is trading 57 points down. BSE Mid Cap is and BSE Small Cap index are trading down by 0.3% each. The rupee is trading at 61.73 to the US dollar.

Indian pharma stocks are currently trading mixed with Aurobindo Pharma and Dishman Pharma trading weak, while Elder Pharma and Biocon Ltd are trading firm. According to a leading business daily, Drug major Lupin has received approval from the US health regulator to sell a generic version of Vancocin capsules in the US market. The capsules are used in the treatment of diarrhea. This is Lupin's fifth abbreviated new drug application (ANDA) to get the USFDA approval in the last two months. The company is currently trading up by 0.83% on the BSE.

Steel stocks are trading weak with SAIL and Jindal Steel being the leading losers. According to a leading financial daily, the government of India has announced it will invest Rs 1500 bn for building four new steel plants of 20-24 m tonnes combined capacity in four different states. Reportedly, four mining companies will collaborate with respective state governments for the venture. As per the arrangement, SAIL will invest in Chattisgarh, Rastriya Inspat Nigam Ltd in Odisha, NMDC Ltd in Jharkhand and Karnataka.

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