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Indian share markets open weak
Wed, 5 Jun 09:30 am

Barring Taiwan (up 0.1%), the major Asian equity markets have opened the day on a weak note with Indonesia (down 0.8%) and HongKong (down 0.8%) leading the losses. The Indian share market indices have opened the day on a negative note. Barring oil and gas, all sectoral indices have opened in the red led by the stocks in the consumer durables and realty space.

The Sensex today is down by around 74 points (0.4%), while the NSE-Nifty is down by around 21 points (0.4%). Mid and small cap stocks are however trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.1% and 0.2% respectively. The rupee is trading at Rs 56.34 to the US dollar.

Indian Pharma stocks have opened the day on a mixed note with Panacea Biotech and Elder Pharma leading the pack of gainers. However, J.B Chemicals and Natco Pharma were facing selling pressure. As per a leading financial daily, the leading drug maker Sun Pharmaceutical Industries has received final approval from the US Food and Drug Administration (USFDA) for its generic testosterone cypionate injection. The injection is indicated to treat testosterone hormone deficiency. The approval is for product in the strengths of 100 mg/ml and 200mg/ml. As per the management, the company's generic testosterone cypionate injection is equivalent to Pfizer Inc's Depo Testosterone injection. The product had annual revenues of around US$ 130 m in US as per April 2013 IMS MAT data.

Steel stocks have opened the day on a mixed note with Tata Sponge and Maharashtra Seamless leading the pack of gainers. However, Tayo Rolls Ltd and Jindal Saw Ltd have opened in the red. As per a leading financial daily, Orissa may readjust the Rs 679 bn penalty imposed on steel and mining companies that include the likes of Tata Steel and Essel Mining and Industries Ltd. The state Government is currently having discussions with these companies. These discussions are likely to be concluded this month post which the decision will be taken. The fine was imposed on 196 mine owners in November for violation of statutory clearances and excess production of ore. The fine for Tata Steel stands at Rs 59 bn.

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