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Late selling mars Indian indices
Wed, 3 Apr Closing

Indian equity markets began the day's proceedings on a firm note but traded weak for most of the morning and afternoon session. However, selling pressure intensified in the later hours across index heavyweights pushing the indices into the red. There was no respite in the final trading hour and the indices closed well below the dotted line. While the BSE-Sensex closed lower by 239 points, the Sensex today closed lower by 75 points. Both the BSE Mid Cap and the BSE Small Cap closed on a weak note. Gains were only seen in pharma stocks.

As regards global markets, Asian indices closed mixed while European indices have opened in the red. The rupee was trading at Rs 54.43 to the dollar at the time of writing.

According to a leading financial daily, National Aluminium Company (Nalco) has reported record sales of Rs 720 bn and foreign exchange earnings of Rs 340 bn for 2012-13 fiscal. Besides, despite delay in renewal of mining lease, the company has achieved the highest-ever bauxite production of 5.42 million tonnes (mt), against the previous best of 5.03 mt achieved in previous fiscal. At the same time, Nalco's Alumina Refinery has produced 1.80 mt of alumina hydrate, which is an all-time record against the previous best of 1.68 mt achieved in 2011-12. However, during the year, the metal production of the company slumped marginally, due to planned shutdown of pot shells of the smelter. Besides coal shortage, the dwindling LME prices of metal forced the company to cut down its production of metal to some extent.

According to a leading financial daily, drug firm Aurobindo Pharma has received tentative approval from the US health regulator (USFDA) to manufacture and market its anti-AIDS combination drug Efavirenz/Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the American market. The tablets are generic equivalent of Gilead Sciences Inc's Atripla tablets in the same strength combination and fall under the anti-retroviral (ARV) segment. The company now has a total of 182 abbreviated new drug application (ANDA) approvals (156 final approvals, including two from Aurolife Pharma LLC and 26 tentative approvals) from USFDA.

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