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FMCG,Consumer Durables drag markets down
Tue, 5 Nov 11:30 am

After opening in red Indian Indices have further extended their losses in the last two hours of trading session. All indices except Realty are trading in the red. FMCG and consumer durables indices are witnessing maximum profit bookings.

BSE-Sensex is trading down by 228 points and NSE-Nifty is trading down by 64 points. Both the BSE Mid Cap index and BSE Small Cap index is trading flat. The Rupee is trading at 61.9 to the US Dollar.

Indian Pharma stocks are trading mixed today. Dishman Pharma and Orchid Chemicals are leading the gainers; while Dr. Reddy's Laboratories and Ranbaxy Lab are leading the losers. According to a leading business daily; Dr. Reddy's is planning to launch its generic drug-Fondaparinux sodium injection in Canada as well as two other emerging markets. Fondaparinux is used in the prevention as well as treatment of deep vein thrombosis. It is sold under the brand name Arixtra by GlaxoSmithKline According to an Australian pharmaceutical company- Alchemia Ltd, which has marketing tie up with the company; Dr Reddy's is likely to file for its approval in the aforesaid regions. As per Alchemia's annual report of 2013, the net sales of Fondaparinux by Dr Reddy's were a total of US$ 45.3m. Dr Reddy's has already launched Fondaparinux in India in April 2013. Dr Reddy's is trading down 1.6% today.

Most Information technology (IT) stocks are trading lower today. Tata Consultancy Services (TCS) and Wipro are among the stocks leading the losers. India's fourth largest software firm HCL Tech has announced the opening of its new global technology center called the Michigan Technology Development Center (MTDC) in Jackson, Michigan USA. The company had tied up with Consumers Energy for setting up this facility. Consumers Energy is the main subsidiary of CMS Energy, the fourth largest electricity and natural gas firm in the US. The new center will employ around 120 people. HCL Tech will provide software support as well as specialized services to Consumers Energy and its customers through this center. It will also act as an onsite center for application development and infrastructure management services for HCL Tech's North and Latin American clients. The Energy and Utilities vertical contributed 7.8% of revenues for HCL Tech in the June 2013 quarter and grew at a pace of 11.2% QoQ. HCL Tech is trading down 1% today.

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