The major Asian stock markets have opened the day in the red with stock markets in Singapore (down 0.2%) and Japan (down 1.4%) leading the losses. The Indian share market indices have also opened the day on a weak note. The sectoral indices have opened mixed with the stocks in the power and software space leading the gains. However, the stocks in banking and FMCG space were leading the losses.
The Sensex today is down by around 33 points (0.2%) while the NSE-Nifty is down by around 14 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 0.3% and 0.4% respectively. The rupee is currently trading at Rs 62.21 to the US dollar.
Steel stocks have opened the day mainly in the red with Tayo Rolls Ltd and Jindal Steel Ltd leading the losses. As per a leading financial daily, Tata Steel Ltd has bagged a two-year contract to supply over 2 lac tonnes of highly wear-resistant rail tracks to a French rail operator SNCF. Tata Steel's Europe unit will supply the majority of SNCF's rail requirements from its plant at Hayange in northern France. Tata Steel had made a €35 m investment in 2011 in Hayange mill that allowed it to produce 108m lengths of rail that SNCF will use throughout France's standard and high-speed networks. The Hayange rolling mill sources steel from Tata Steel's Scunthorpe steelworks in the UK. The new order is in addition to a previous contract with SNCF.
Indian Pharma stocks have opened the day on a mixed note with IPCA Labs and Cadila Healthcare Ltd leading the gains. However, Dishman Pharma Ltd and JB Chemicals Ltd were facing selling pressure. As per a leading financial daily, the Government has decided against a blanket ban on the incorporation of a 'non-compete' clause if an Indian pharma company is acquired by a foreign drug company. Earlier, the ban was mooted by the Department of Industrial Policy and Promotion (DIPP) as a safeguard to ensure acquisition of Indian pharma companies does not lead to shortage of critical drugs. However, the Government has decided to continue with the existing policy with the condition that such a clause could be allowed by Foreign Investment Promotion Board (FIPB) in special circumstances.