After opening on a weak note, the Indian Indices have bounced back and are presently trading flat. Apart from banking, most sectoral indices are trading positively with stocks from the energy and IT sectors leading the gains.
The BSE-Sensex is trading up 12 points (up 0.05%) and the NSE-Nifty is trading up 5 points (up 0.05%). The S&P BSE Midcap index is trading up by 0.6% while the S&P BSE Smallcap index is trading up 1%. The rupee is trading at 66.16 to the US dollar.
Stocks in the pharma sector are trading mixed with Divis Laboratories and Torrent Pharma leading the gains. As per an article in Business Standard, Glenmark Pharmaceuticals is expecting approvals for four to six new products from the US Food and Drug Administration (USFDA) during the current fiscal. The company has already got approvals for eight products from the USFDA this year. Further, the company has also launched a new third generation oral anti-diabetic agent which is used for the management for Type 2 Diabetes. This is launched under two brands Ziten and Zita Plus at Rs 19.90 per tablet. The company's diabetes segment is valued at Rs 1 bn. The stock of Glenmark Pharmaceuticals is trading up by around 0.5%.
Telecom stocks are also trading mixed with AGC Networks and Reliance Communications witnessing maximum buying interest. As per a leading financial daily, leading telecommunications company Bharti Airtel has introduced its high speed 4G services in the border district of Tawang in Arunachal Pradesh. The service will be available to customers across a range of smart devices including mobile phones, dongles, 4G hotspots and Wi-Fi dongles. With this launch, customers can experience high speed wireless broadband on Airtel 4G. Scrip of company is trading down by 3%.