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Broad based selling hits markets
Thu, 21 Nov 11:30 am

After opening weak, the Indian Indices are trading well below the dotted line in the morning session. All sectoral indices are trading in the red. The selling pressure is the highest in Capital Goods and Banking stocks.

The BSE Sensex is down 240 points and the NSE-Nifty is trading down 73 points. The BSE Mid Cap index is trading down 0.5% and the BSE Small Cap index is trading up 0.4%. The Rupee is trading at 62.88 to the US Dollar.

Most Telecom stocks are trading lower today. Tata Teleservices and Reliance Communications are among the stocks leading the losers. According to a leading financial daily, India's leading telecom company Bharti Airtel, is looking to upgrade its infrastructure for 3G services. It has floated a request for proposal (RFP) to select a supplier which can provide high quality 3G network solutions. Bharti wants these network solutions to be compliant in both 900MHz and 1800MHz bands as there is no clarity on the government's re-farming policy yet. Bharti which added 1.49 m customers in October holds the 900 MHz spectrum in Mumbai, Delhi and Kolkata. These would be up for renewal next year and the company would have to vacate this spectrum and bid for them again. Once the re-farming issue is settled, the company would take a call, to ask for a final bid on either the 900MHz or 1800 MHz bands. Bharti Airtel is trading down 1.4% today.

Indian Pharma stocks are trading mixed today. Dishman Pharma and Strides Arcolab Ltd. are leading the gainers. Panacea Biotec Ltd and Sun Pharmaceuticals are leading the losers. According to a leading business daily, Ipca Laboratories plans to start making active pharmaceutical ingredients (APIs) for male hormones from its Nandesari facility near Vadodara in Gujarat. The company has already started making API for one female hormone product from last month and has a long term plan to commercially launch 15 female hormone APIs. Also, Ipca's recent acquisition of 50% stake in Avik Pharmaceuticals Ltd will help the company reduce the cycle time for their launch of hormone products. This is because Avik has the required expertise to manufacture male and female hormone products. IPCA has invested about Rs 500 m on the Nandesari facility in the last one and a half years in order to make APIs. According to the company, for time being it will source APIs from Avik's Vapi facility and sell it in Indian market as well as the rest of world (ROW) markets. IPCA is trading up by 0.5% today.

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