Live: Indian Market Declines; Ranbaxy Labs Stable

11.20 am IST: Indian market was trading lower at 11.20 am IST after opening flat on Tuesday. BSE Sensex was down by 36 points at 19706 and NSE Nifty was down by 18 points at 5822. Among major gainers in today’s session were Ranbaxy Labs, Sesa Goa, HCL Tech, Dr Reddys Labs, Grasim and Coal India.

Ranbaxy Labs managed to open positive after massive fall of over 30 percent yesterday. The stock took beating on Monday after FDA issued import alert on Mohali plant of Ranbaxy Labs. The company has been facing troubles due to non-compliance with GMP practices notified by FDA. The stock has gained some support in today’s session. Brokerage house Nomura has given buy call for Ranbaxy Labs after the stock has corrected. The brokerage has lowered the target for Ranbaxy from Rs 490 to Rs 403.

Among major losers in early trade were banking stocks. Bank of Baroda, Axis Bank, Power Grid, IndusInd Bank, IDFC, NTPC were trading lower than yesterday’s close.

Indian markets are expected to remain range-bound today. Among Asian markets, Nikkei 225 and Hang Seng were marginally lower while Straits Times was flat. Indian currency was trading lower compared to USD. USD-INR was at 63.61, down by 1.24 percent. Euro-INR was at 84.85, lower by 1.30 percent.

Isha Sondhi and Kunal Mishra report live markets from Mumbai, India during market trading hours.