The major Asian stock markets have opened the day on mixed note with stock markets in China (down 1.2%) and Taiwan down 0.2%), leading the losses. However, stock markets in Japan (up 0.8%) and Singapore (up 0.2%) have opened on a positive note. The Indian markets have opened on a weak note. Among the sectoral indices, stocks from metal and oil and gas are witnessing maximum selling pressures.
BSE-Sensex is currently trading lower by about 25 points (down 0.08%), while the NSE-Nifty is lower by about 4 points (down 0.04%). However, both Midcap and small caps have opened firm. The BSE Mid Cap and BSE Small Cap are up by 0.55 % and 0.42% respectively. The rupee was trading at Rs 61.49 to the dollar.
Majority of the Indian Pharma stocks have opened in the green with Elder pharma and Wockhardt being the leading gainers in the pack. Dr Reddy's Laboratories has reported results for the quarter ending December 2014. The topline grew by 9% YoY during the quarter, led by growth in the Pharmaceuticals Services and Active Ingredients (PSAI) segment. In the global generics segment, growth was moderate. Due to ongoing issues in Russia, the revenues from Russia also declined. On the back of this poor operating performance and sharp surge in interest expenses, the bottom line declined by 7% YoY.
Automobile stocks have opened the day on a firm note led by Ashok Leyland and Maruti Suzuki. As per a leading financial daily, India's largest automobile company by revenues - Tata Motors, is planning to raise its capex by Rs 100 bn. The company is targeting to make a strong comeback in the domestic market. The average annual capex incurred in last three years is around Rs 250-300 bn.To expand its operations, the company is also coming up with the rights issue and is looking forward to raise Rs 75 bn from this issue.