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Indian markets plummet
Fri, 4 Sep 11:30 am

After opening the day on a negative note, the Indian Indices lost further ground by diving deeper into the red. All sectoral indices are trading negatively with stocks from the banking and auto sectors leading the losers.

The BSE-Sensex is trading down by 480 points (1.9%) and the NSE-Nifty is trading down by 149 points (1.9%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading in the red, down by 2.3% and 2.6% respectively. At the time of writing, the rupee stood at 66.39 to the US dollar.

Majority of the pharmaceutical stocks are trading on a negative note with Orchid Chemicals and IPCA Labs witnessing maximum selling pressure. As per a leading financial daily, drug major Lupin has launched generic anti-depressant drug Duloxetine in 40 mg strength in the US markets. The company has earlier launched Duloxetine HCI DR Capsules in strengths of 20 mg, 30 mg and 60mg in December, 2013. This marks the company as the only generic manufacturer to offer all Duloxetine dosage strengths. Stock of Lupin is trading flat.

Stocks in the energy space are trading negatively with Chennai Petroleum and Cairn India leading the losses. As per an article in Business Standard, Oil & Natural Gas Corporation (ONGC) has paid over US$ 1.25 bn for a 15% stake in Russian oil major Rosneft's Vankor oil field. With this, ONGC expects to get more than 3 million tonnes of oil a year. This roughly counts between 66,000 and 70,000 barrels per day from its holding in the huge Siberian oil field. ONGC is presently trading down by 2.8%.

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