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No respite for Indian indices
Mon, 8 Jul 01:30 pm

Backed by persistent selling activity across index heavyweights, Indian equity markets continued to trade weak during the post noon trading session. Most of the sectoral indices are trading in the negative territory. Stocks from the PSU and realty sectors are witnessing maximum selling pressure. However IT, healthcare and FMCG stocks are in favour today.

BSE-Sensex is down by 192 points and NSE-Nifty is trading down by 63 points. While BSE Mid Cap is trading down by 0.2%, BSE Small Cap index is trading down by 0.4%. The rupee is trading at 60.94 to the US dollar.

Majority of the PSU banking stocks are trading in the red with UCO Bank and Corporation Bank being the leading losers. As per a leading financial daily, State Bank of India (SBI), may launch a new home loan product. This would help various home loan borrowers to avail higher credit with a lower rate of interest. Reportedly, the proposal is submitted and the final nod is awaited from an internal policy making body, CCPPC (Credit Pricing and Processing Committee). The said committee will finalize the same in the next few weeks. Currently, the bank is offering loans in two slabs viz., upto Rs 30 lakhs and above Rs 30 lakhs. As per the new proposal, these slabs will be raised to Rs 40-50 lakhs. Both the Reserve Bank of India (RBI) and the government have been insisting that banks pass on the rate cut benefits to borrowers. Moreover, the regulators want banks to facilitate the housing sector especially those who fall under the low cost bracket. SBI was trading down by 1.3%.

Indian pharma stocks are trading mixed. While Panacea Biotech and Torrent Pharma are trading firm, Strides Arcolab and Elder Pharma are at the receiving end. As per a financial daily, Wockhardt Ltd, has received an import alert from the UK (United Kingdom) drug regulator MHRA (Medicines and Healthcare products Regulatory Agency)on its Waluj facility located at Aurangabad. This is the same facility where some time back the USFDA (United States Food and Drug Authority) had issued import alert. As per the company, this alert accounts for approximately Rs 1 bn of the sales of the company. However, the company is looking for alternative site transfers immediately and thus expects very negligible impact due to this ban. Wockhardt was trading up by 0.6%.

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