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Banks & engg stocks drag down markets
Mon, 13 Oct 11:30 am

After opening weak, the Indian Indices have remained well below the dotted line during the morning trading session. Banking and engineering stocks are witnessing the maximum selling pressure while IT and metal stocks are trading in the green.

The BSE-Sensex is trading down 115 points. The NSE-Nifty is trading down 34 points. The BSE Mid Cap index is trading down 0.1% and the BSE Small Cap index is trading down 0.3%%. The rupee is trading at 61.24 to the US dollar.

Majority of Indian pharma stocks are trading weak with Cipla and Dishman pharma being among the leading losers in the pack. As per the financial daily, India's leading drug maker Sun Pharmaceutical Industries had received some 483s in its recently inspected facility at Halol. Among the various observations, the USFDA has also raised concerns for company being lax in monitoring the follow-up corrective actions for the drugs it recalled from the US market early this year. Reportedly, the company has not put in place proper corrective actions in spite of drug recalls. The said claim came after the US regulators had visited its Halol facility, and noticed that in spite, the drug metformin supplied by company was recalled from the US market, and the company has not taken any preventive steps to resolve the issue. This issue was stated in form 483, the company has received recently. Further, the company did not put in place any formal corrective plans for anxiety drug Venlafaxine Hydrochloride extended release tablets, for which it initiated a recall four months ago, the inspectors noted. Sun pharma is trading down by 0.8%.

Telecom stocks are trading mixed today. While Tata Teleservices is leading the gainers; Bharti Airtel is among the top losers. As per the financial daily, the Indian government is looking to speed up the process of auctioning 3G spectrum for telecom companies. The Department of Telecom (DoT) has asked the regulator TRAI to recommend a base price for the same. The government is currently in talks with the defense ministry to release 15 MHz of spectrum that can be auctioned. However, with the talks currently in a deadlock, the government is looking to speed up the other parts of the process. 3G usage is growing at an exponential pace in the country and the government is keen to meet its target of 600 m broadband customers by 2020. All leading telcos have also asked the government for a speedy resolution to the issue.

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