The major Asian stock markets have opened the day on a disappointing note. Stock markets in China, Indonesia and Singapore are down by 2.3%, 1.1% and 1% respectively. The major stock indices in the Europe and in US ended their previous session in red. The rupee is trading at 66.37 per US dollar.
Indian stock markets have opened below the dotted line. BSE-Sensex is trading down by 44 points (down 0.2%) and NSE-Nifty is trading down by 23 points (down 0.3%). However S&P BSE Midcap and S&P BSE Midcap have opened in green. Both the indices are trading up by 0.3% and 0.2% respectively. Sectoral indices have opened the day on a mixed note with stocks from pharmaceutical and FMCG sector witnessing maximum buying interest. However stocks from telecommunication are the top losers in the pack
An article on a financial daily reports, close to half the country is experiencing deficient rainfall. The overall deficit has gone up by 16%. According to the data published by the Indian Meteorological Department (IMD), 44% of the country has received deficient rainfall and 50% has witnessed normal rainfall. Delhi, Haryana, Chandigarh have recorded deficiency of 40%. However the fresh spell of rains last week in parts of central India has brought down the deficiency in several parts. According to Skymet, the monsoon in India is likely to take another week to begin its withdrawal from Delhi-NCR, Punjab and other parts of northwest India.
Stocks in the pharmaceutical sector are trading on a positive note. As per an article in Economic Times, Sun Pharma is looking forward to acquire US based company Insite Vision Inc. Insite Vision is a specialty ophthalmologic product developer which are used for the treatment of the eye-related disease. Reportedly, Insite is also expecting a new drug discovery approval from the US FDA for two of its drugs namely- BromSite and DexaSite in the medium term. Sun Pharma has made a bid for Insite Vision at an equity valuation of close to Rs 3bn. Stock of Sun Pharma is trading up by 0.8%