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Stock market indices nosedive
Wed, 7 Mar 01:30 pm

Indian stock markets continued to see-saw on either side of the dotted line amidst rising volatility. After opening in the red, the indices recovered briefly but have fallen again on sustained sell-off across heavyweights. Majority of the sectoral indices are in the red. Metal, oil & gas and power stocks are the biggest losers. IT and healthcare stocks are the only gainers.

The BSE-Sensex is trading down 107 points and NSE-Nifty is trading down 34 points. Both BSE Mid cap and BSE Small cap indices are down by 0.7% each. The rupee is trading at 50.50 to the US dollar.

Indian pharma stocks are trading mixed. Piramal Healthcare and J B Chemicals are the biggest gainers whereas Elder Pharma and Panacea Biotech are the biggest losers. As per a leading financial daily, Ranbaxy has announced the launch of the generic version of Atorvastatin tablets in Italy, Sweden and Netherlands. The launch comes on the back of settlement agreement with Pfizer permitting it to launch the product ahead of the patent expiry period. The German subsidiary of the company had launched Atorvastatin Basics, a generic version of the cholesterol lowering drug Sortis in Germany. Assisted by Daiichi Sankyo, Ranbaxy would be launching Atorvastatin in Germany backed by rights to early entry entered with Pfizer. Reportedly, the company had launched Atorvastatin in the US market in November 2011 with 180 days of marketing exclusivity and in Australia in February 2012 with 3 months exclusivity. The stock is down 0.5%.

Majority of the automobile stocks are trading in the red. Maruti Suzuki and Escorts are the biggest losers. As per a leading financial daily, Tata Motors wants to commercially launch its global range extended electric vehicle Megapixel in around three years time-frame. The four-seater is expected to deliver 100 km per litre of fuel by using a unique combination of technology. The vehicle uses a combination of lithium ion phosphate battery along with petrol-engine generator for recharging on the move. As per the company, the car will offer a range of upto 900 km with a single fuel tank and fuel economy of 100 km/litre using only battery power. The car was unveiled at the Geneva Motor Show. The stock is marginally up.

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