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Indian share markets open flat
Wed, 18 Jun 09:30 am

The major Asian stock markets have opened on a mixed note with stock markets in Japan (up 0.8%) and Singapore (up 0.1%) leading the gains. However, the stock markets in Korea (down 0.4%) and Hong Kong (down 0.2%) have opened in the red.

The Indian equity markets have opened the day on a flat note on the back of mixed global cues. The sectoral indices have opened mixed with the stocks in the metal and energy sector leading the gains. However, the stocks in the FMCG and software sector have opened in the red.

The Sensex today is up by around 7 points, while the NSE-Nifty is down by 1 point. The midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.6% each. The rupee is currently tradingat Rs 60.21 to the US dollar.

Indian Pharma stocks have opened the day on a mixed note with Indoco Remedies Ltd and Panacea Biotech Ltd leading the gains. However, Biocon Ltd and Sun Pharma Ltd were facing selling pressure. As per a leading financial daily, Lupin Ltd is planning to build its business in Europe by acquiring generics manufacturers. As per the management, Lupin is eyeing companies with capabilities in complex generics like inhalation products and injectables, dermatology products, and biosimilar drugs. In FY14, Europe accounted for 3% of the company's sales. The region is considered attractive due to its clearer regulations than US on biosimilars, or copies of biotechnology therapies. Besides, Lupin is also looking for companies that could give it access to generic markets in Russia, China and Brazil. The company is willing to spend in the range of US$ 50 m to US$ 1 bn.

Mining stocks have opened the day on a mixed note with Sesa Sterlite Ltd and NMDC Ltd leading the gains. However, Gujarat NRE Coke Ltd and Metals and Minerals Trading Corporation of India Ltd (MMTC) were facing selling pressure. As per a leading financial daily, Coal India Ltd (CIL) is planning to acquire a majority stake in a railway project in Mozambique. This is likely to help the company transport coal from its mines to the nearest port. While there is an existing railway link between the proposed Coal India (CIL) mines in Mozambique and the nearest port, commonly occurring rake derailments have raised concerns over its stability. As per the company executives, the proposal is at a preliminary stage.

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