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Indian stock markets extend losses
Wed, 16 Nov 11:30 am

Indian stock market indices have moved deep into the red after a weak opening. All sectoral indices are trading weak led by capital goods and power stocks.

The BSE-Sensex is trading down by 194 points and NSE-Nifty is trading down by 64 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 1.4% and 1.5% respectively. The rupee is trading at 50.96 to the US dollar.

Automobile stocks are trading weak led by Mah. Scooters and Escorts. According to a leading financial daily, Maruti Suzuki is planning to venture into the sport utility vehicle (SUV) segment. The automaker is expected to showcase a concept for an SUV in January at the Auto Expo in Delhi. Players like (Mahindra & Mahindra) M&M and Tata Motors dominate this segment. SUV is a fast growing segment and Maruti does not want to miss out on the opportunity it presents. Also, the country's largest maker is losing its market share in the small car business owing to intense competition. In fact, the share has dropped significantly from 45% to 40%. The new SUV will be developed in India and Maruti may or may not take help from Suzuki for the same.

Pharma stocks are trading weak. Orchid Chemicals and Dishman Pharma are the top losers. According to a leading financial daily, Dr Reddy's is trying to end the ongoing strike at its Active Pharmaceutical Ingredients unit at Srikakulam. The issue is between the contract workers and the contractors. A new agreement was signed on November 8, 2011. As per the agreement, the pharma company would source contract labour from contractors based on the shift requirements. Also, the daily wage would be increased from Rs 213 to Rs 260. The contract workers have agreed to not disrupt the functioning of the company and would not go on any strikes for next 2 years. However, in violation of the said agreement, the workers continue to be on strike.

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