The major Asian stock markets have opened the day on a mixed note. The stock market in Indonesia and Singapore are down by 1.6% and 0.6% respectively, leading the pack of losers. However stock markets in China and Japan are up by 0.9% and 0.7% respectively.
The major stock indices in the Europe and US ended their previous session in red. The benchmark indices of US ended their previous session lower by 1.06%.The rupee is trading at 66.46 per US dollar.
Major stocks in the pharmaceutical sector have opened the day in green. According to an article in Economic Times, drugmaker Pfizer has been denied patents for certain isomers and stereoisomers by the Indian Patent Office (IPO). The product is used for the treatment of rheumatoid arthritis. The base compound of the drug has been granted patents in India and Pfizer attempted to secure additional patents for the follow up improvements. The article states that the foreign companies are finding it difficult to patent incremental innovations or improvements in the country. Stock of Pfizer is trading up by 0.6%
Major stocks in the automobile sector have opened the day on a positive note. As per an article in leading financial daily, Maruti Suzuki is trying to advance the commencement of Gujarat production facility by three to six months. The Gurgaon and Manesar plant will reach the maximum capacity by the middle of next year. Hence the company is keen to start production from Gujarat from January 2017 instead of May 2017. The construction of the factory building is under way. The first project from Gujarat is expected to be Baleno premium hatchback which is likely to be exported from the western state. The new generations of Swift and Swift Dzire are also likely to be produced at Gujarat facility. Stock of Maruti Suzuki is trading up by 0.6%.