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Indian markets retreat from highs
Tue, 24 Mar 03:30 pm

Indian markets witnessed significant volatility as the markets made a sharp upsurge before declining shortly after. The BSE-Sensex and NSE-Nifty are currently trading lower by about to 40 points and 10 points respectively. S&P BSE Midcap and S&P BSE Smallcap underperformed throughout the session as midcap stocks decreased 0.5% while smallcap stocks declined 0.7%. Among all the sectoral indices, auto sector solely is trading in the red. Healthcare sector is leading with over 2.5% gains.

Commodities gained in the second half of the trading session. Gold prices, per 10 grams, increased moderately by Rs 32 or 0.12%. It is currently trading at Rs 26,200 levels. Silver prices are trading relatively with more strength with gains of 0.5% or Rs 181. It is available at Rs 37,962 levels. Crude oil prices gained traction as gains increased by 1% in the second half of the trading session. Crude oil prices gained 1.2% or Rs 32 and per barrel are available at Rs 2,965 levels. Indian Rupee continued to decline for the second consecutive trading day. Indian rupee decreased by Re 0.20 or 0.12% and is currently available at Rs 62.20 against the U.S. Dollar.

Pharmaceutical stocks are in favour today with Sun Pharma and Ranbaxy leading the pack with gains in excess of 2%. However, Suven Life Sciences gained more than 7% after the company secured three patents from Canada, Japan and Korea. The patents which the company secured has validity up to 2030 and are involved in curing disorders that are related to Neurodegenrative diseases. Including these patents, Suven has secured a total of 18 grants from Canada, and 16 from Japan and Korea each.

Information technology stocks are currently trading weak. Shares of Wipro gained about 2% after the company announced its plans to introduce new strategies to conquer the digital space. The company further told that it will look at acquisition options in order to build a dedicated organic customer base. For this purpose, the company has introduced a new arm named Wipro Digital. Wipro will be focusing on North America and Europe.

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