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Indian stock markets descend
Mon, 8 Jun 01:30 pm

After opening the day in red, the Indian Indices continued to trade negative in the post noon trading session. Most sectoral indices are trading on a mixed note with stocks from the Mining and Steel sectors leading the losers. However Power stocks are trading firm.

The BSE-Sensex is trading down 174 points (0.6%) and the NSE-Nifty is trading down 66 points (0.8%). The BSE Mid Cap index is trading down by 1.4% while the BSE Small Cap index is trading lower by 1.2%. Commodity prices are trading on a positive note today. Gold prices, per 10 grams, have gained 0.3% or Rs 69 and are trading at Rs 26,790 levels. Silver price, per kilogram, gained about 0.4% or Rs 134 and is trading at Rs 37,144 levels. Crude oil is trading in green with a gain of 1% or Rs 37 and is trading at Rs 3,779 per barrel. At the time of writing, the rupee stood at 64.06 to the US dollar.

Pharma stocks are trading on a mixed note with Ranbaxy Lab and Dishman Pharma witnessing buying interest. Stock of Wockhardt is witnessing selling pressure and was trading lower by 3% in the morning trade. This was after the declaration that Wockhardt has recalled over 200 bottles of the blood pressure drug Captropil tablets and Clarithromycin for deviation in the good manufacturing practices. These deviations were stated by US Food and Drug Administration (US FDA). Blenheim Pharmacal Inc, the packaging company is recalling the goods. The goods were distributed by Wockhardt USA LLC; the US subsidiary of the Mumbai based Pharma Company. Currently the stock is trading down nearly 4.6%.

Stocks in the engineering sector are also trading mixed with Praj Ind. Ltd and Siemens bearing the maximum burnt. As per a leading financial daily, Opto Circuits (India) Ltd has informed BSE that it has won USD 23 m in a court case over patented wearable defibrillator technology. Cardiac Science Corporation, a group company of Opto Circuits (India) Ltd had a dispute with Zoll for wearable defibrillator technology. After this announcement, stock of the company rallied up around 8% in the morning trade. At the time of writing, stock of Opto Circuits was trading up by 5.7%.

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