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Markets recover early morning losses
Thu, 23 Jun 11:30 am

Indian stock market indices have recovered from morning losses and are now trading in the green. Oil and gas and IT stocks are trading firm, while a FMCG and healthcare stocks are the least gainers.

The BSE-Sensex is up by 76 points while NSE-Nifty is trading 15 points above yesterday's closing. BSE Midcap and BSE Small cap indices are down by 0.5% each. The rupee is trading at 44.91 to the US dollar.

Energy stocks are trading firm led by Reliance Industries and IOC. As per a leading daily, RIL has made another natural gas discovery in the D-9 block of the hydrocarbon rich Krishna Godavari (KG) basin. The block is estimated to have 5.2 10 trillion cubic feet (tcf). As per earlier estimates, the block was expected to hold over 10 tcf of gas reserves. However, this estimate was under revised last year when the first well drilled turned dry in the block. It may be noted that RIL's greatest find in KG basin so far D-6 block has reserves of 11.3 tcf. Investments of US$ 9 bn have been used to develop it. RIL's minority partner Hardy Oil announced this discovery to the London Stock Exchange.

Pharma stocks are trading weak led by Orchid Chemicals and Strides Arcolab. As per a leading financial daily, China is set to open up its US$ 50 bn pharmaceutical market. The Chinese government has a target of bringing almost the entire population within the healthcare insurance framework by 2020. This is going to provide a huge opportunity for Indian pharma companies. This is because they are an ideal choice for sourcing cheap generic medicines. With US$ 70 bn worth of drugs expected to go off patent in the US in the next few years, Indian pharma companies are in a position to play an important role in the resulting new generics markets. With expectations of higher exports to the country in the coming years, Indian pharma companies have already set up offices in China. It may be noted that India's overall pharmaceutical exports touched US$ 12 bn last year and are expected to reach US$ 20 bn by 2015.

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