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FMCG leads among losers
Thu, 25 Jul 01:30 pm

Backed by persistent selling activity, Indian equity markets continued to trade weak during the post noon trading session. Most of the sectoral indices were trading in the red, with FMCG and Power stocks witnessing maximum selling pressure. Only stocks from auto, oil & gas, realty and banking sectors were trading in the green.

BSE-Sensex is down by 107 points and NSE-Nifty is trading down by 29 points. While BSE Mid Cap is trading down by 0.56%, BSE Small Cap index is trading down by 0.63%. The rupee is trading at 58.96 to the US dollar.

Domestic pharma stocks are trading mixed with Wockhardt Ltd and Dishman Pharma witnessing maximum selling pressure, while Ipca Ltd and Elder Pharma are the top gainers. Cadila Healthcare has signed an agreement with a Seattle based nonprofit research and product development organization IDRI. The deal is signed for production and clinical development of IDRI's visceral leishmaniasis (VL) vaccine candidate. The drug is designed to prevent deadly parasitic disease. In India this disease is known as 'Kala - Azar'. VL is transmitted by the bite of an infected sand fly. Every year there are approx 500,000 cases of VL and approx 50,000 deaths occurs due to this disease. Both the companies viz., Cadila and IDRI will collaborate to conduct clinical development activities in India. The said drug is under research and development since the last 20 years. The financial details of the deal, was not disclosed by the company. Cadila was trading up by 0.2%.

Majority of the auto stocks are trading in the green with Hero MotoCorp and TVS Motors being the biggest gainers. As per a leading financial daily, the Central Board of Excise and Customs (CBEC) has clarified that Maruti SX4, Honda Civic and Toyota Corolla Altis will attract excise duty of 27% as applicable to large segment cars and not 30% excise duty that is applicable for Sports Utility Vehicles (SUVs). This clarification was required by car manufacturers since many large sedans have similar technical parameters as that of SUVs. In the last budget, the excise duty on SUVs was increased to 30% and three features namely engine capacity of over 1,500 cc, length of over 4,000 meters and ground clearance of 170 mm and above were outlined to define SUVs. This measure is expected to provide some relief to car companies that are reeling under falling sales on account of economic slowdown. Maruti Suzuki stock is trading marginally up.

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