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Indian share markets open weak
Mon, 24 Jun 09:30 am

All the major Asian stock markets have opened the day in the red with Hong Kong (down 1.6 %) and China (down 3.0%) leading the pack of losers. The Indian share markets indices have also opened the day on a negative note. Barring healthcare, all other sectoral indices have opened in the red with the stocks in the power and consumer durables space leading the losses.

The Sensex today is down by around 106 points (0.6%), while the NSE-Nifty is down by around 35 points (0.6%). Mid cap and small cap stocks have also opened in the red with BSE Mid Cap index and BSE Small Cap down by around 0.8% and 0.5% respectively. The rupee is trading at Rs 59.67 to the US dollar.

Indian Pharma stocks have opened the day on a mixed note with Glenmark Pharma Ltd and Orchid Chemicals Ltd leading the gains. However, Panacea Biotech and Piramal Enterprises were witnessing selling pressure. As per a leading financial daily, Ranbaxy Ltd's third and newly commissioned Mohali facility has come under the scanner of US Food and Drug Administration (USFDA). The latter has issued Form 483 to the company's manufacturing facility at Mohali a few months ago post finding deviations from its norms during an inspection of the plant. It is important to note here that Form 483 is issued by the FDA at the conclusion of an inspection to notify the company of objectionable conditions that might be in violation of the US Food, Drug and Cosmetic Act and related laws. However, it does not prevent a company from making regulatory filings from that unit. This is a negative development for the company as the Mohali unit forms an important part of Ranbaxy's strategy.

Telecom stocks have opened on a mixed note with Idea Cellular Ltd and Himachal Futuristic leading the gains. However, Tata Teleservices and AGC Networks Ltd are leading the losses. As per a leading financial daily, Bharti Airtel will slash 4G data charges by 31% from today. The move aims to boost demand for fourth-generation wireless broadband services. It is important to note here that Mukesh Ambani's Reliance Jio Infocomm is slated to roll out 4G services on a pan-India basis within this year. It is also likely to make things difficult for future challengers. As per the daily, Airtel will offer 4G speeds at 3G price points. Earlier, the company had cut 2G data charges by nearly 90% to boost data usage and revenue streams.

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