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Indian stock markets slip into red
Wed, 17 Apr 01:30 pm

Indian stock markets shed initial gains and fell below the dotted line in the post noon trading session. Among the sectoral indices, stocks from the realty and metal sectors were among the leading gainers, while stocks from the IT and oil and gas sectors were the top losers.

BSE-Sensex is up down by 70 points and NSE-Nifty is trading down by 17 points. While BSE Mid Cap is trading up by 0.2%, BSE Small Cap index is trading up by 0.5%. The rupee is trading at 53.88 to the US dollar.

Majority of the energy stocks are trading in the green with Essar Oil and Jindal Drill leading the gains whereas Reliance Industries and Indraprastha Gas are the major losers. As per a leading financial daily, state-owned Gujarat State Petroleum Corporation (GSPC) will acquire management control of Gujarat Gas in a couple of weeks before its annual general meeting. Reportedly, GSPC has received mandatory clearances from SEBI and Competition Commission of India (CCI) in acquiring a controlling hold over the company. The Gujarat government will appoint four directors on the Gujarat Gas Board. Subsequently, GSPC will be merged with Gujarat Gas to create the country's largest city gas company with over seven lakh customers. The government of Gujarat and GSPC Group are exploring the various options for the integration. GSPC had earlier acquired 73.7% stake in Gujarat Gas for Rs 28.1 bn.

Most of the Indian pharma stocks are trading in the green with Fresenius Kabi and Orchid Chemicals leading the gainers. Ranbaxy Laboratories (RANB), has announced that the company along with its parent company Daiichi Sankyo have launched the hybrid business model in Brazil to expand the business of both the companies. As a part of this synergy, Ranbaxy will support Daichii Sankyo's Brazil subsidiary, by helping the latter to enter the branded generics market. However, Ranbaxy's Brazilian subsidiary viz., Ranbaxy Farmaceutica Ltda would continue to promote Ranbaxy's generics and also enter the branded generics market in Brazil. Reportedly, in Latin America, Brazil is the biggest pharma market and is expected to become the fourth largest in the world by 2016. The stock of Ranbaxy was trading down by 1%.

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