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No respite for Indian indices
Thu, 11 Jun Closing

After starting the day on a firm note, Indian markets weakened gradually as the day progressed. There was no respite in the final trading hour with the indices closing well below the dotted line. While the BSE-Sensex closed lower by 469 points, the NSE-Nifty closed lower by 160 points. The BSE Mid Cap and the BSE Small Cap indices were not spared either and closed lower by 1.8% each. Losses were largely seen in banking and auto stocks.

As regards to major global markets, European shares steadied in early trading after a strong rally in the previous session. Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.68% while Hong Kong's Hang Seng is up 0.84% and China's Shanghai Composite is up 0.30%.The rupee was trading at RS 63.89 against the American dollar in the afternoon session.

Profit booking was witnessed across majority of the FMCG sector with Colgate and Tata Global Beverages being the leading losers. According to a leading financial daily, Hindustan Unilever (HUL) has reportedly stopped sales and production of its Chinese range of instant noodles. The company has sought clearance from FSSAI and will resume sales of the products after getting approval. Reportedly, HUL conducted additional testing of its noodles range of products from external FSSAI approved laboratory last week to reassure consumers. The tests show that the Chinese noodles range of products are safe for consumption and continue to meet all regulatory norms. Further, HUL had submitted an application with FSSAI for product approval for the Knorr Chinese range of instant noodles in February 2015 and the same is pending approval. Shares of HUL ended the trading day in negative (down 0.24%) on the BSE.

Shares of Glenmark Pharmaceuticals surged after it was reported that the company has received final approval from the US health regulator for the generic Calcipotriene cream used for the treatment of plaque psoriasis. The product is the generic version of Leo Pharma A/S's Dovonex cream 0.005 per cent. Reportedly, the Dovonex market including brand and all available therapeutic equivalents, achieved an annual sales of approximately US$91.9 m. Glenmark's current portfolio consists of 98 products authorized for distribution in the US market and 67 ANDAs pending approval with USFDA.

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