Indian stock markets remain lackluster

Tue, 24 Sep 01:30 pm

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The Indian stock markets are trading above the dotted line during the post noon trading session. Most of the sectoral indices are trading in green, with consumer durables and capital goods being the top gainers. However, stocks from IT and metal space are witnessing maximum selling pressure.

BSE-Sensex is up by 54 points and NSE-Nifty is trading up by 19 points. While BSE Mid Cap is trading up by 0.17%, BSE Mid Cap index is trading up by 0.11%. The rupee is trading at 62.54 to the US dollar.

Indian pharma stocks are trading mixed. JB chemicals and Ipca laboratories are among the top gainers, while Panacea biotech and Orchid chemicals are the leading losers. Lupin Ltd has announced that the company has entered into agreement with US based Onset dermatologics LLC (Onset). As per the agreement, Lupin will co-promote Onset's brand Locoid lotion (hydrocortisone butyrate 0.1%) in the US market. The company has given exclusive marketing rights to Lupin. The said drug is prescribed for mid potency steroid. Lupin will promote Locoid lotion to the US pediatricians, for the patients of age three months or more. Locoid Lotion is a corticosteroid indicated for the topical treatment of mild to moderate Atopic Dermatitis in patients 3 months of age and older. Atopic Dermatitis (AD) is one of the most common skin disorders in young children and has a prevalence of 10% to 20% in the first decade of life. This agreement will add one more drug to Lupin's branded portfolio. Lupin's branded portfolio comprises of brands like Suprax and Antara. Lupin was trading up by 0.19% at the time of writing.

Energy stocks are trading mixed with Chennai Petroleum and Gas Authority of India Ltd (GAIL) being the major gainers and Bharat Petroleum Corporation Ltd (BPCL) and Jindal Drill being the principal losers. A survey conducted by Nielsen has raised doubts over the government's claim of petrol being a rich man's fuel to discontinue the subsidy. The survey conducted by Nielsen for oil ministry's think tank 'Petroleum Planning & Analysis Cell' shows that two-wheelers are the largest consuming segment, guzzling 62% of total petrol. On the other hand, cars and three-wheelers account for 27% and 6% shares of petrol consumption respectively. The petrol consumption in the country has been pegged at 16 m tonnes. The consumption of diesel, that still enjoys government subsidy, is estimated at 69 m tonnes. Commercial vehicles and cars & sports utility vehicles are the large consumers accounting for respective shares of 38% and 19% in overall diesel consumption. Reportedly, the survey is part of the oil ministry's efforts in deciding the future course of action for managing the domestic oil market. Reportedly, oil imports increased by 9.5% to Rs 3,474.3 bn during the period April-August 2013 with subsidy estimates burgeoning to Rs 1,800 bn. The oil ministry is launching a fuel conservation campaign to limit rising demand.