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Markets remain under pressure
Tue, 1 Sep 11:30 am

After opening the day on a weak note, Indian stock markets continued to trade well below the dotted line. Among the sectoral indices, banking and engineering stocks are witnessing maximum selling pressure. However, software stocks are trading in the green.

The BSE-Sensex is down 238 points (0.9%) and the NSE-Nifty is trading 73 points down (0.9%). The S&P BSE Midcap & S&P BSE Smallcap indices are also trading in the red, down by 0.8% and 0.4% respectively. The rupee is trading at 66.21 to the US dollar.

Indian pharma stocks are trading on a mixed note with Glenmark Pharma and Lupin Ltd leading the losses. As per a leading financial daily, Sun Pharmaceuticals Industries has begun the integration of its Opiates business in Australia flowing the successful completion of its GSK acquisition. The acquisition has secured the global position of the company with two Opiates manufacturing facilities in Port Fairy & Latrobe (both in Australia). This further harmonizes the company's current API manufacturing footprint globally. Moreover, this Opiates acquisition allows the company to significantly expand its narcotics raw material (NRM) market share and strengthen its strategic position in the global Opiates business. Stock of Sun Pharma is currently trading up by 1.3%.

Stocks in the food and tobacco space are trading mixed with Wadala Commodities and GSK Consumer witnessing maximum buying activity. As per an article in Economic Times, FMCG major ITC is all set to debut its range of dairy products starting with ghee. The company has reported that the same would be available in the market by the end of current quarter. The company has ambitious plans for its dairy business. Other products will include packaged milk, butter, cheese and chocolates. ITC has set up a milk processing unit in Munger, in Bihar and has plans to set up similar units elsewhere in the country. Scrip of ITC is trading down by 1.5%.

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