Indian share markets open firm

Wed, 9 Jan 09:30 am

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Barring Indonesia (down 0.1%) and South Korea (down 0.1%), the major Asian stock markets have opened the day on a positive note with stock markets in Hong Kong (up 0.4%) and Japan (up 0.4%) leading the gains. The Indian share market indices have opened the day in the on a firm note. All sectoral indices have opened in the green with stocks in the pharma and auto space leading the gains.

The Sensex today is up by around 45 points (0.2%), while the NSE-Nifty is up by around 13 points (0.2%). Mid and small cap stocks have opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% each. The rupee is trading at Rs 54.96 to the US dollar.

Auto stocks have opened the day mainly in green with Tata Motors Ltd and Ashok Leyland Ltd leading the gains. However, Bajaj Auto Ltd and Maharashtra Scooters Ltd witnessed selling pressure. As per a leading financial daily, Bajaj Auto Ltd has unveiled a new 100 cc motorcycle 'Discover 100T'. The motorcycle has been priced Rs 50,500 at ex-showroom New Delhi. The bike is powered by a patented four-valve DTS-i technology engine which delivers 10.2 ps of power. As per the management, the new bike is 30% more powerful than other motorcycles in this segment and delivers a fuel efficiency of 87 kilometers per litre. With this launch, the company is likely to strengthen its position in the country's entry-level bike market and gain market share from Hero MotoCorp Ltd. Currently, Bajaj Auto has a market share of 20% in the motorcycle segment. It expects that the new model will sell around 40,000-45,000 units a month and increase market share up to 32%. The entry-level segment in which the company has positioned its bike accounts for 65% of total motorcycle sales in India.

Indian Pharma stocks have opened the day mainly in green with Panacea Biotech Ltd and d Indoco Remedies Ltd leading the gains. As per a leading financial daily, Wockhardt Ltd has received final approval from the United States Food & Drug Administration (U.S. FDA) to market Lamotrigine, a drug used to treat epilepsy. As per the management, the company could market 25 milligrams (mg), 50 mg, 100 mg, 200 mg and 300 mg extended release tablets of Lamotrigine (the generic name for the brand Lamictal XR). The brand Lamictal XR is marketed in the U.S. by GlaxoSmithKline. The manufacturing of extended-release tablets of Lamotrigine will take place at the company's facility in Aurangabad with in-house technology. In U.S, the total market for this product is estimated at US$ 250 m.