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Indian markets down on Asian cue
Tue, 4 Feb 09:30 am

The major Asian stock markets have opened the day in the red with Japan (down 3.3%) and Hong Kong (down 2.3%) leading the losses. The Indian share markets have also opened the day on a negative note. Stocks in the realty and software space are leading the losses.

The Sensex todayis down by around 195 points (1.0%), while the NSE-Nifty is down by around 60 points (1.0%). The midcap and smallcap stocks have also opened in the red with the BSE Mid Cap and BSE Small Cap indices trading lower by 0.8% and 0.7% respectively.The rupee is currently trading at Rs 62.71 to the US dollar.

Auto stocks have opened the day on a weak note with TVS Motors and Mahindra & Mahindra Ltd leading the losses. However, Tata Motors Ltd was trading in the green. Hinduja Group flagship firm Ashok Leyland has reported the auto sales volumes for the month of January 2014. The company has reported a decline of 26% YoY for the month with overall sales volumes at 7,847 vehicles as compared to 10,561 vehicles in the corresponding month of last year. The sales of Large Commercial Vehicle (LCV) products in January 2014 registered a fall of 37% to 2,317 units from 3,698 units sold in January 2013. The sales of its overall Medium & Heavy Commercial Vehicle (M&HCV) declined by more than 19% YoY, to 5,530 units from 6,863 units sold in the same month of last year. For the ten months of the financial year 2013-14, the overall sales volumes stood at 71,141 units, down 21% YoY. The sales volumes of LCVs for the same period stood at 24,093 units, down 13% YoY while sales volumes of M&HCVs stood at 47,048 units, down by over 25% YoY.

Indian Pharma stocks have opened the day on a mixed note with Panacea Biotech Ltd and Elder Pharma Ltd leading the losses. However, Divi's Laboratories and J B Chemicals are trading firm. As per a leading financial daily, Lupin Ltd has announced that it will acquire Nanomi BV, an injectable company based in Netherlands. The acquisition aims to expand its business in patented products. As per the management, Nanomi's expertise in nano and micro particles will help Lupin to look at new disease portfolios in the injectable space. Lupin has not disclosed the valuation of the deal. The management expects injectables to be a significant growth area with high technology barriers and limited competition.

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