Indian Markets Tumble

Mon, 2 Nov 01:30 pm

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   09:30 am   

   11:30 am   

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Indian Indices have extended their losses in the post noon trading session, following their negative trend since the opening of the trading day. Sectoral indices are trading on a negative note with stocks from the capital goods, pharma and metal sectors bearing the maximum burnt.

The BSE-Sensex is trading lower by 224 (down 0.8%) and the NSE- Nifty is trading down by 54 points (down 0.7%). The BSE Mid Cap index and the BSE Small Cap index are also trading in the red, down by 0.4% and 0.7% respectively. Gold prices, per 10 grams, are trading at Rs 26,524 levels. Silver price, per kilogram, is trading at Rs 36,372 levels. Crude oil is trading at Rs 3,061 per barrel. The rupee is trading at 65.50 to the US$.

Automobile stocks are trading on a mixed note with Ashok Leyland and Bajaj Auto leading the losses. As per an economic daily, auto industry major Bajaj Auto has reported a 9% YoY decline in its October sales to 3,52,822 units.

The contribution of exports in the aforementioned figure stood at 12,765 units, a decline of 19% over the last year. Moreover, exports of commercial vehicles which included the 'Qute' quadricycle also went down by 10% YoY. Motorcycle sales of the firm dropped 8% YoY to 3,08,733 units.

It may be noted that the company had recently launched three new motorcycle models based on its 'Avenger' platform in an attempt to revive its share in the motorcycle market. It also plans to launch a completely new brand of motorcycles by the end of the current fiscal as part of the plan.

Meanwhile, the company had posted 57.9% YoY increase in net profit for the quarter ended September 30, 2015.

Presently, scrip of the company is trading down by 4.4%.

Stocks in the pharmaceutical sector are trading on a negative note with GSK Pharma and Merck Ltd witnessing maximum selling pressure. GlaxoSmithKline Pharmaceuticals (GSK Pharma) has reported its results for the fiscal second quarter ended September 30, 2015. The company registered a 25.4% dip in its standalone net profit on a YoY basis.

Standalone total income during the quarter from operations also declined 6.2% YoY to Rs 7 billion. The same were impacted due to supply constrains witnessed by the company.

GlaxoSmithKline Pharmaceuticals' product portfolio includes prescription medicines and vaccines. The firm's prescription medicines range across therapeutic areas such as dermatology, anti-infectives, gynaecology, diabetes, cardiovascular diseases, respiratory diseases and oncology.

Scrip of the company is currently trading down by 4.2%.