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Indian share markets open in the red
Mon, 14 Jul 09:30 am

Barring Singapore (down 0.1%) and Indonesia (down 0.2%), the major Asian stock markets have opened on a positive note with stock markets in Japan (up 0.4%) and Hong Kong (up 0.4%) leading the gains.

The Indian share markets have opened the day in the red. The sectoral indices have opened mixed with consumer durables and software sector leading the losses. However, stocks in the capital goods and energy sector have opened on a firm note.

The Sensex today is down by around 52 points (0.2%), while the NSE-Nifty is down by around 16 points (0.2%). The midcap and smallcap stocks have also opened in the red with BSE Mid Cap and BSE Small Cap indices down by around 0.5% and 0.7% respectively. The rupee is currently trading at Rs 59.99 to the US dollar.

Pharma stocks have opened the day mainly in the red with Sun Pharmaceuticals Industries Ltd and Natco Pharma Ltd leading the losses. As per a leading financial daily, Sun Pharmaceutical Industries' subsidiary Caraco Pharmaceutical Laboratories has started recalling some batches of Venlafaxine Hydrochloride extended-release tablets from the US market. Venlafaxine Hydrochloride extended-release tablets are indicated for the treatment of major depressive disorder. According per the USFDA notification, the recall of 26,530 units of 30-count bottles and 14,597 units of 90-count bottles is voluntarily initiated by the company through a letter to the regulator last month under 'Class-II' classification. As per the FDA, stability results have found the product did not meet the drug release dissolution specifications.

Auto stocks have opened the day on a mixed note with TVS Motors Ltd and Escorts Ltd leading the gains. However, Tube Investments Ltd and Ashok Leyland Ltd were facing selling pressure. Tata Motors has registered 10.46% year on year (YoY) decline in global sales, including that of Jaguar Land Rover (JLR) for the month of June 2014. The auto sales volumes in June 2014 stood at 75,623 units, as compared to 84,458 units sold in the corresponding month last year. In the passenger vehicles category, the global sales of Tata Motors were at 44,239 units, versus 42,881 units in June 2013, up 3.16%. Meanwhile, sales of luxury brand Jaguar Land Rover increased 17.96% YoY, to 36,021 units in June, compared to 30,536 units in the same month last year. However, sales of commercial vehicles declined 24.51% YoY in June 2014 to 31,384 units from 41,577 units a year ago.

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