Backed by persistent by buying activity across index heavyweights, Indian equity markets are trading in the positive territory during the post noon trading session. Barring stocks from power and metal sectors, all other sectoral indices are witnessing buying interest. Stocks from the FMCG and healthcare sectors are leading among the pack of gainers.
Most of the domestic pharma stocks are trading in the green with Natco Pharma and Wockhardt Ltd being the leading gainers. Dr Reddy's has announced the launch of Decitabine 50 mg injectables in the US market. The drug is therapeutically equivalent to Eisai's brand Dacogen. The company received the approval from the USFDA (United States Food and Drug Administration) and thus has launched the drug in the US. As of now Dr. Reddy's is the only generic company to launch the drug. The brand size of the drug is US$ 260 m for the twelve months ending in July 2013. The drug is indicated for cancer and helps in preventing its spread in the body. It is also used for the treatment of blood and bone marrow cancer. Dr Reddy's was trading up by 2.05%.
Majority of the automobile stocks are trading in the green with Mahindra & Mahindra and Force Motors being the major gainers. However, Ashok Leyland and Eicher Motors are trading in the red. As per a leading financial daily, sharp slowdown in the vehicle sales is forcing automobile companies to come out with compelling offers. Tata Motors is offering a two-wheeler exchange program on Tata Nano cars. The company is also offering exchange bonus of Rs 30,000 and Rs 15,000 on Safari Storme and Tata Sumo, respectively. Maruti Suzuki is offering cash discounts of upto Rs 50,000 across models. Other car makers like Ford India and Honda Cars are offering free insurance on most of the models. Volkswagen is providing relief in payment terms by asking only 20% in advance and the balance in 36 equated monthly installments. FY13 was a challenging year for the auto industry and weakness is expected to continue during the first half of this fiscal as well.