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Indian equity markets shed gains
Fri, 1 Nov 01:30 pm

The Indian markets have shed gains during the post noon trading session. Sectoral indices are trading mixed. While stocks from realty and auto are witnessing maximum buying interest stocks from consumer durables and oil and gas are at the receiving end.

BSE-Sensex is up by 10 points and NSE-Nifty is trading up by 4 points. While BSE Mid Cap is trading up by 0.93%, BSE Small Cap index is trading up by 0.62%. The rupee is trading at 61.88 to the US dollar.

Most of the Indian pharma stocks are trading in green, with Dishman pharma and Panacea biotech being the leading gainers. Glenmark pharmaceuticals declared September quarter results. The company has reported topline growth of 16.6% YoY for the current quarter. The growth was led by both specialty and generics segment. Most of the export markets witnessed good growth; however company witnessed challenges in some emerging markets. The domestic formulations too witnessed better growth compared to the other pharma players. On the margins front, company's EBITDA margins remained flat, largely due to increase in the R&D expenses. The bottom line of the company was down by 1.6% YoY, due to surge in taxes and depreciation expenses. Glenmark's stock is currently trading down by 3.2%.

All the public sector banks are trading in the green with Corporation bank and Indian Bank being the biggest gainers. As per a leading financial daily, State Bank of India (SBI) has raised interest rates on fixed deposit by 0.2% on select maturity. Post revision, term deposits less than Rs 10 m with 180-210 days maturity will offer interest rate of 7% as against 6.8% earlier. There is no change in the interest rates for term deposits of the other maturities. SBI's stock is currently trading up by 3.7%.

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