The major Asian stock markets have opened the day on mixed note with Japan market (down 0.8%) and Korea market (down 0.4%) leading the losses. However, stock markets in China (up 0.8%) and Singapore (up 0.3%) have opened on a positive note. The Indian markets have also opened on a positive note. The Delhi exit polls are expected to drive the markets today. Barring stocks from realty and oil and gas sectors, most of the sectoral indices have opened the day on a firm note. Stocks from banking and auto sectors are witnessing maximum buying interest.
BSE-Sensex currently trading higher by about 111 points (up0.4%), while the NSE-Nifty is higher by about 31 points (up 0.38%). However, both Midcap and small caps have opened firm. The BSE Mid Cap and BSE Small Cap are up by 0.61 % and 0.47% respectively. The rupee was trading at Rs 61.14 to the dollar.
Majority of the Indian Pharma stocks have opened in green with Elder pharma and Cadila healthcare being the leading gainers in the pack. As per the financial daily, Cipla Ltd's EU subsidiary - Cipla (EU) Ltd UK has inked a joint venture agreement with Morocco based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI). The said agreement is signed to enhance its focus in the African nation. As per Cipla's statement, this JV will enable Cipla in establishing a front-end presence in Morocco's pharmaceutical market. Consequently, Cooper pharma will become a launching medium for Cipla's portfolio. This will help in leveraging the commercial strengths of Cooper's partners. Cipla has been working on various alliances to establish its front end presence in international markets
FMCG stocks have opened the day on a firm note led by Archies Ltd and Dabur Ltd. As per a financial daily, Godrej consumer products is looking for launching 10 new products in the next fiscal. The company had reported good growth for the December quarter 2014. Reportedly, as per the MD Vivek Ghambir, the company witnessed good traction in its prime three categories of operations. This was largely attributable to recovery in the urban demand. For the upcoming period, the company is targeting to make launches in the personal and premium parts of home and personal care market. The company will also increase its promotional expenses in order to enhance its product distribution.