The major Asian equity markets have opened the day on mixed note with China market (down 0.9%) and Japan market (down 0.2%), leading the losses. However, stock markets in Singapore (up 0.7%) and Hong Kong (up 0.03%) have opened on a positive note. With the Crude oil prices increased nearly 2.8% and are trading at Rs 3,150 per barrel. Precious metals, gold and silver have witnessed marginal movements. While gold prices have increased marginally by 0.1% at Rs 26,600 per 10 grams, silver is prices has declined marginally by 0.2% and is trading at 36,650 per kilogram.
Today's market is weighed by poor economic numbers that reveals slowdown in sector growth for the month of January. As per the financial daily, the core sector growth declined nearly 1.8% for the month of January. The eight core sectors that contribute about 40% to the Indian economy include coal, crude oil, fertiliser, refinery products, natural gas, steel, electricity and cement. Two sectors that led to fall in core sector growth were crude oil production and natural gas production. Each of the sector growth fell 2.3% and 6%, respectively.
Indian Pharmaceutical sector has gained amidst negative sentiment. Natco pharma and Ipca labs are among the leading gainers in the pack. Sun pharmaceuticals has announced about acquisition of Opiates owned by GSK in Australia. The business comprises of materials used in analgesics. The business transaction is expected to complete in August 2015. Sun pharma is trading up by 2%