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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open firm 
(Wed, 27 Feb 09:30 am) 
 
Barring Japan (down 0.6%), the major Asian stock markets have opened the day on a positive note with stock markets in Hong Kong(up 0.4%) and China (up 0.3%) leading the gains. The Indian share markets indices have opened the day on a firm note. The sectoral indices have opened on a mixed note with stocks in the realty and capital goods leading the gains. However, the stocks in the software and auto sector are witnessing losses.

The Sensex today is up by around 81 points, while the NSE-Nifty is up by around 20 points (0.4%). The mid cap and small cap stocks have opened in the green as well with the BSE Mid Cap and BSE Small Cap indices up by around by around 0.7% and 0.5% respectively. The rupee is trading at Rs 53.90 to the US dollar.

The stocks in the energy sector have opened the day on a mixed note with Reliance India Ltd and Petronet LNG Ltd leading the gains. However, Bharat Petroleum Corporation Ltd (BPCL) and Cairn India Ltd opened in the red. As per a leading financial daily, the Government has offered Abu Dhabi National Oil Company (ADNOC) a host of investment opportunities in the refining and petrochemicals sector, in partnership with Indian Oil Corporation Ltd and Oil and Natural Gas Corporation Ltd. The move is likely to attract a huge chunk of foreign direct investment (FDI) into India. United Arab Emirates (UAE) is the world's fourth-largest oil producer and holds the fifth-largest gas reserves globally. As per the recent talks between Indian and UAE officials, there is a possibility of national oil companies from the two sides coming together to set up mega petrochemical complex worth over Rs 250 bn. Besides, Indian firms will also be interested in pursuing exploration and production opportunities available in the UAE.

The stocks in the Indian pharma sector have opened the day on a mixed note with Panacea Biotech Ltd and Strides Arcolab Ltd leading the gains. However, Elder Pharma Ltd and Indoco Remedies Ltd have opened in the red.Ranbaxy has announced its results for the fourth quarter of the financial year 2012 (4QCY12). The company has reported a 29% year on year (YoY) decline in the sales. This was on account of Lipitor exclusivity in 4QCY11, which is not present this quarter. It is important to note here that in November 2012 the company had voluntarily recalled its cholesterol lowering generic of Lipitor from the U.S. market. This was after it discovered contamination with tiny glass particles in certain lots of 10mg, 20mg and 40mg doses of the drug. On a like to like basis, the company has registered double digit growth in the topline. The operating margins for the quarter declined to 1.9% (from 20.9% in 4QCY11). Apart from high margin Lipitor exclusivity, the operating profits were impacted by some exceptional expenses incurred during the quarter. The company has reported a net loss of Rs 4.9 bn as compared to a loss of Rs 29.8 bn in 4QCY11. The losses were lower due to a lower amount of exceptional losses this quarter.

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