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Small cap and Mid cap in favour
Tue, 22 Oct 01:30 pm

Indian markets continued to trade weak during the post noon trading session. Sectoral indices are trading mixed. Stocks from oil and gas and consumer durables are witnessing maximum selling pressure, while stocks from power and IT sectors are leading the pack of gainers.

BSE-Sensex is down by 50 points and NSE-Nifty is trading down by 12 points. While BSE Mid Cap is trading up by 0.63%, BSE Mid Cap index is trading up by 0.97%.The rupee is trading at 61.67 to the US dollar.

As per a leading financial daily, majority of the states have opposed the inclusion of petroleum products and liquor in the framework of Goods and Services Tax (GST) regime. Recently, the empowered committee of State Finance Ministers had introduced the revised draft of Constitutional Amendment Bill for the introduction of the GST bill. Some states have also expressed their disapproval for the inclusion of the entry tax in the GST fold. Consequently the Empowered Committee could not complete its discussion on the revised bill that has been deferred till the next meeting. The implementation of the new indirect tax has been delayed for quite some time now as a result of disagreements between the Centre and States over the tax structure.

Indian pharma stocks are trading mixed. Indoco Remedies and JB chemicals are among the leading gainers, while Wockhardt Ltd and Natco pharma are top losers. Lupin Ltd, announced that the company has received approval for its new drug application for Antara capsules with strength 30mg and 90mg from the US regulator, USFDA. The company would commence the marketing of this drug shortly. Lupin is already selling Antara brand of 43mg and 130mg strength. The said drug, generically known as fenofibrate is prescribed for adjunct treatment of hypercholesterolemia (high blood cholesterol), mixed dyslipidemia and hyper-triglyceridemia (high triglycerides). In our view as various generics of fenofibrate are already available, this launch will not fetch material upside to the company. Lupin was trading up by 0.6% at the time of writing.

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