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Markets open on a strong note
Fri, 8 May 09:30 am

The Indian share markets opened on a positive note after falling sharply over the last few days. The Sensex is up 344 points (up 1.21%) and the NSE-Nifty is up 91 points (up 1.13%) at 8,148. BSE Mid Cap and BSE Small Cap have also opened on a strong note with both the indices up by 1.5%. Barring consumer durables, majority of the sectoral indices have opened in the green with realty and banking stocks witnessing the majority of the buying activity.

The global cues too are positive with stocks in the US closing higher and European equities trimming losses. Asian stocks too are trading with modest gains. Indian rupee opened at 64.12 a dollar, up 11 paise compared to 64.23 a dollar in previous session.

Healthcare stocks have opened on an encouraging note with Cipla and Wockhardt being the leading gainers. Shares of biotechnology major Biocon opened in positive (up 1.3%) after it was reported that its partnership with Mylan received a major boost with two molecules entering global Phase 3 clinical trials. The drug molecules are used to treat arthritis and cancer. Biocon and Mylan have established an R&D partnership for both generic insulin analogue products and a high-value portfolio of biosimilars for oncology and autoimmune indications. Reportedly, the company has one of the largest generic insulin analogues portfolios.

According to a leading financial daily, the government has approved the National Smart Grid Mission with an outlay of Rs 9.8 bn in the 12th Five-Year Plan. The undertaking will serve as an institutional mechanism for planning, monitoring and implementing policies and programmes related to the smart grid. The National Smart Grid Mission entails implementation of a smart electrical grid based on state-of-the art technology in the fields of automation, communication and IT systems that can monitor and control power flows from points of generation to points of consumption.

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