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Indian stock market firm on global cues
Tue, 28 Jun 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in South Korea (up 1%), Indonesia (up 0.1%), Hong Kong (up 0.4%) and Japan (up 1%) are trading in the green while China (down 0.3%) is trading in the red. The Indian stock markets have opened the day on a firm note. Stocks in the metals and capital goods space are leading the gains. However, oil & gas and FMCG stocks are trading in the red.

The BSE-Sensex is trading up by 90 points (0.5%) and the NSE-Nifty is up by around 28 points (0.5%). Midcap and small cap stocks are trading in the green, with the BSE Midcap and BSE Small cap indices up by 0.4% and 0.5% respectively. The rupee is trading at 45.03 to the US dollar.

Pharma stocks have opened the day on a firm note with Lupin and Cipla trading in the green. Drug maker, Glenmark Pharma received the approval from the US authorities for its US$ 613 m out-licensing deal with Sanofi. With respect to it, Glenmark also received an upfront payment of US$ 25 m from Sanofi. The deal was finalized last month through its South African subsidiary. As per the deal the company was out-licence its novel molecule named 'GBR 500' to Sanofi. The molecule is aimed for treating disease related to digestive system disorders. As per the deal, exclusive marketing rights for developed countries for products developed using this molecule are given to Sanofi.

Software stocks have opened the day on a firm note with Tech Mahindra and HCL Tech trading in the green. Tech Mahindra announced that the headquarters for its business process outsourcing (BPO) business will be Nigeria. It further expressed its intention of scaling up the African operations. The company is focusing on the growing market of Africa. Tech Mahindra has recruited more than thousand local employees in African nation. The company plans to nurture talent from local areas for effective BPO operations. Over the last two years, Tech Mahindra has formed partnerships with many companies in the telecom sector like MTN and Multilinks in Nigeria.

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