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Indian stock market up on global cues
Mon, 4 Jul 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in South Korea (up 1.1%), Indonesia (up 0.3%), Hong Kong (up 1.8%), China (1.3%) and Japan (up 1%) are trading in the green. The Indian stock markets have opened the day on a positive note as well. Stocks in the realty and auto sectors are leading the gains.

The BSE-Sensex is trading up by 134 points (0.7%) and the NSE-Nifty is up by around 41 points (0.7%). Midcap and small cap stocks are trading in the green, with the BSE Midcap and BSE Small cap indices up by 0.7% and 0.6% respectively. The rupee is trading at 44.61 to the US dollar.

Pharma stocks have opened the day on a firm note with Cadila Healthcare and Cipla trading in the green while Glenmark Pharma trading in the red. Generic pharma major, Wockhardt has received an approval from the USFDA (US Food and Drug Administration) to market 0.1% solution of Olopatadine hydrochloride eye drops. These drops are used to treat allergic conjunctivitis. These drops are the generic version of Patanol brand owned by Alcon Laboratories Inc's. However, the patent covering the product is under litigation in US court and Wockhardt will launch the product once the litigation is resolved. According to IMS Health data, the total market for Olopatadine in the US is nearly USD 230 million. The stock of Wockhardt is trading in the green.

Auto stocks have opened the day on a firm note with Bajaj Auto and Tata Motors in the green while Maruti Suziki trading in the red. Following the exit of the Japanese joint venture partner Honda, India's largest two-wheeler maker Hero Honda is now making preparations for the lone journey going forward. The company is in the process of strengthening its research and development (R&D). It has significant investment and hiring plans as it sets to develop its own technology. The company currently has a small R&D facility at its Gurgaon and Dharuhera units. However, in this small set up only cosmetic changes are being done as of now. Apart from developing its own technology, Hero Honda is also looking for global partners. The company is also considering acquisition of foreign firms to strengthen its leadership position. It has a license agreement with Honda till 2014.

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