The major Asian equity markets have opened the day on mixed note with Singapore market (down 0.8%) and Korea market (down 0.4%) leading the losses. However, stock markets in Japan (up 1.9%) and Hong Kong (up 0.6%) have opened on a positive note. The Indian markets have also opened in green. Among the sectoral indices, stocks from realty and auto are the leading gainers while stocks from metal and FMCG are facing selling pressures
BSE-Sensex currently trading higher by about 18 points (up0.07%), while the NSE-Nifty is higher by about 14 points (up 0.17%). Both Midcap and small caps have opened firm. The BSE Mid Cap and BSE Small Cap are up by 0.51 % and 0.67% respectively. The rupee was trading at Rs 61.41 to the dollar.
Majority of the Indian Pharma stocks have opened in green with Aurobindo pharma and Panacea biotech being the leading gainers in the pack. As per the financial daily, the big pharma companies US have urged the government to change its policies on intellectual property rights (IPR), which are believed to be not in line with the global norms. Reportedly IPR issues for the drugs in India have long been under various discussions, though both countries are now working over the matter to resolve the differences.
Automobile stocks have opened the day on a firm note led by Escorts and Mahindra scooters. As per a financial daily, Mahindra and Mahindra (M&M) is in process of purchasing majority stake in Pipavav defense and offshore engineering for the sum of Rs 30 bn at Rs 66 per share. This will be a three phase deal. Reportedly, Mahindra Defence Systems (MDS), which is part of M&M actively supplies various types of launchers for ships, different types of systems and components to customers other than the Indian Navy. The company will be purchasing 19% stake in the first phase of purchase.