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Indian markets trade in the red
Thu, 10 Sep 11:30 am

After opening the day on a weak note, Indian share markets have continued to witness selling pressure. Most sectoral indices are trading weak with power and banking stocks leading the losers.

BSE-Sensex is down 292 points (1.1%) and NSE-Nifty is trading 98 points down (1.3%). S&P BSE Midcap & S&P BSE Smallcap are also trading in the red, down by 0.7% and 1.1% respectively. The rupee is trading at 66.58 to the US dollar.

Pharmaceutical stocks are trading on a mixed note with Dishman Pharma and Torrent Pharma leading the losses. As per an article in Economic Times, India's largest drug maker by sales Sun Pharmaceuticals Ltd has declared that it is looking to divest a manufacturing plant in Ireland. This is planned in order to control costs that have spiraled since the company bought Ranbaxy Laboratories Ltd. Further, the company is also working on resolving issues at Ranbaxy's India-based drug manufacturing sites, all of which were banned from exporting to its largest market, the United States over quality control issues. The Sun Pharma stock is presently trading down by 0.4%.

Stocks in the automobile space are also trading mixed with Ashok Leyland and Escorts bearing the maximum burnt. As per a leading financial daily, automaker TVS Motors is going to invest about Rs 8 bn over the next three years across its businesses, including for ramping up its plant capacities. The investments will include expansion of plant capacities and also in the Joint Venture with BMW Motorrad with which the company stuck a deal few years ago. Stock of TVS Motors is trading up by 1.6%.

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