The major Asian stock markets have opened the day in green; however stock markets in China continue to tumble and are trading down by 4.62%. As the global markets tumbled, even the stock markets of Europe and US ended their previous session on a dismal note. The rupee is trading at 66.64 per US dollar.
After a mayhem in Indian stock markets yesterday, the markets today have opened on a firm note today. BSE-Sensex is trading up by 270 points (up 1%) and NSE-Nifty is trading up by 97 points (up 1.2%). Midcap and Smallcap stocks are seeing recovery after a heavy correction yesterday. Both S&P BSE Midcap and S&P BSE Smallcap are trading up by 2% each. Sectoral indices have opened the day on a positive note with stocks from automobile, capital goods and pharmaceutical sector being the top gainers in the pack.
Major stocks in the automobile sector have opened their day in green. As per an article in a leading financial daily, Maruti Suzuki added 50 sales outlets in the quarter ended June 30, 2015. The company has the highest sales network in the country. The number of Maruti sales outlet has increased to 1670, covering 1336 cities and town. 90% of the expansion has been done in the areas where the auto major did not have a presence earlier. The new outlets are coming up in semi-urban/rural towns which presently accounts for one-third of the company's sale. The 50 outlets that were added in the first quarter do not include the showrooms being set up under Nexa . Nexa is Maruti's premium dealership. Stock of Maruti Suzuki is trading up by 1.6%.
Stocks in the pharmaceutical sector have opened their day on a positive note. As per an article in Economic Times, Glenmark Pharmaceutical proposes to launch 10-12 new products in the domestic market during the current financial year. The company has already launched 4 products so far. The company stated that it may also look at acquiring brands or companies aimed at strengthening its market share. The company earns a one-fourth of revenues from the domestic market and focuses mostly on dermatology and diabetes segment. Stock of Glenmark Pharmaceutical is trading up by 4.3%.