After facing losses in the early hours of the trade, the Indian Markets reversed direction and have rushed into the green. Sectoral indices are trading on a mixed note with stocks from the pharma and software sectors leading the gains.
The BSE-Sensex is trading up 96 points (up 0.4%) and the NSE-Nifty is trading up 32 points (up 0.4%). The S&P BSE Midcap index is trading up by 0.3% while the S&P BSE Smallcap index is trading up by 0.5%. The rupee is trading at 65.26 to the US dollar.
Pharma stocks are trading on strong note with Natco Pharma and Glenmark Pharma leading the gains. As per a leading financial daily, Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (USFDA) for Drospirenone and Ethinyl tablets. These are the generic version of Yaz tablets of Bayer Healthcare Pharmaceuticals Inc. The company is planning to commence its shipping operations of Drospirenone and Ethinyl tablets USP (United States Pharmacopeia), 3 mg/0.02mg. The current portfolio of company consists of 101 products authorized for distribution in the US marketplace and 64 ANDA's (Abbreviated New Drug Application) pending approval with the USFDA. Presently the stock of Glenmark Pharmaceuticals is trading up by 5.4%.
Power stocks are trading mixed with Jaiprakash Power and GVK Power & Infra leading the gains. According to a leading financial daily, Power Grid Corporation has declared the commissioning of Rs 120 bn transmission line between Assam and Agra by this month-end. This will have a total capacity of 6,000 MW. This will integrate the North-Eastern region with other regions of the country to facilitate smooth and reliable power transfer. The same will also lead to socio-economic development of India as a whole and the region in particular. Scrip of Power Grid is currently trading marginally lower.