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Indian Markets Open Weak
Fri, 10 Apr 09:30 am

Global markets traded predominantly in the green as investors gained confidence from better than expected reports from China and Europe. US markets traded with moderate gains while European markets ramped up yesterday's trading session with over 1% gains. Apart from Japanese Nikkei, which is swinging in marginal gains and losses, all the Asian markets are trading with strength. China, Hong Kong, Taiwan and Korean markets are trading with 1%, 0.6%, 0.2% and 1.2% gains, respectively.

Indian markets opened on a weak note as investor turn their focus towards IIP data which is set to decide the mood of investors. BSE-Sensex is trading with a loss of 60 points while NSE-Nifty is trading with a 20 points loss. Both S&P BSE Midcap and S&P BSE Smallcap are also trading with moderate losses. Healthcare and banks have shown weakness in the morning trade.

Commodity markets lost over a percentage as equities received maximum attention from investors. While the gold prices declined by 1%, silver prices declined by 1.8%. Gold, per 10 grams, traded near Rs 26,520 levels while silver prices, per kilogram, traded near Rs 36,280 levels. Crude oil prices gained strength of over 1% and per barrel is currently available at Rs 3,215. The Dollar value against the Indian rupee has gained 0.12% or 0.11. The Indian Rupee is trading at Rs 62.24 against the US Dollar.

Pharmaceutical sector has opened today's trading session on a weak note. Sun Pharma and Lupin are trading with moderate losses. Pharma major Aurobindo Pharma got a green signal from US Food & Drug Administration (USFDA) to make and sell Atracurium Besylate Injection of 10mg/ml 5ml vials; both single and multi dose. Atracurium Besylate injections are used to treat anesthesia to help endotracheal incubation and to relieve the skeletal muscle relaxation during a surgery. However, shares of the company traded with losses of 0.7%.

The Power sector has received a lot of investor traction since the government decided to deduct the prices of natural gas. Neyveli Lignite Corporation has entered into a MoU (Memorandum of Understanding) with a Japan based company named Kobe Steel. According to this MoU signed, coal based power project generation will be upgraded. The MoU took place based on the fact that the results of the trial run which took place last year came out "satisfactory". The company has also entered into a separate MoU with National Institute of Technology based out of Tiruchirapalli. This MoU will enable the company for Dynamic Loading of Conveyor Drive Heads in Mines. This will help the company save Rs 0.31 bn per annum.

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Mar 21, 2018 12:41 PM