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Indian markets open in the green
Tue, 24 Feb 09:30 am

Barring Hong Kong (down 0.6%), the major Asian stock markets have opened the day on a positive note with stock markets in China (up 0.8%) and Korea (up 0.6%) leading the gains. The Indian markets have opened in the green. Barring oil and gas and banking, all sectoral indices have opened in the green with the stocks in the FMCG and realty segment leading the gains.

BSE-Sensex is currently trading higher by about 42 points (up 0.1%), while the NSE-Nifty is higher by about 8 points (up 0.1%). Both midcap and small caps have opened firm with the BSE Mid Cap and BSE Small Cap indices up by 0.4% and 0.3% respectively. The rupee was trading at Rs 62.23 to the dollar.

Indian pharma stocks have opened the day mainly in the green with J.B Chemicals and Wockhardt Ltd leading the gains. As per a leading financial daily, the US Food and Drug Administration (FDA) has raised concerns over production processes at Lupin Ltd's Pithampur plant in Central India. The FDA had inspected the plant in January 2015, post which it issued the company Form 483, listing six observations on the manufacturing processes at the plant. In a Form 483, the FDA typically outlines conditions or practices at a drug-making unit that may cause the products made there to be in violation of the US agency's standard production requirements. The company has received one drug approval and two site-transfer approvals from the same plant since the FDA audit.

Automobile stocks have opened the day on a mixed note with Tube Investments Ltd and Force Motors Ltd leading the gains. However, Maharashtra Scooters Ltd and TVS Motors were facing selling pressure. As per a leading financial daily, Maruti Suzuki Ltd is planning to start a new range of premium dealerships across India to focus on sale of new niche models as the company aims to double its volume to two million cars in the next five years. While the dealerships will be operating under the Maruti Suzuki brand, these will be distinct from the current network of dealership across the country. These would cater to its high-end car segment where the company's presence is negligible. The new network would initially target big auto markets like Delhi and Mumbai with around 30 to 35 such new dealerships likely to come up in major cities in the next one year.

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