Most major Asian stock markets have opened the day on a weak note with markets in China (down 0.6%), Indonesia (down 0.4%) and Japan (down 0.3%) leading the losses in the region. The Indian share market indices have opened the day in the green. Stocks in the power and healthcare space are leading the gains. However, metal stocks are trading weak.
The Sensex today is up by around 24 points (0.1%), while the NSE-Nifty is up by around 3 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.6% and 0.2% respectively. The rupee is trading at Rs 54.24 to the US dollar.
Auto stocks have opened the day on a mixed note with Bajaj Auto, Mahindra & Mahindra (M&M) and Ashok Leyland trading firm. However, Tata Motors and Hero MotoCorp are facing selling pressure. As per a leading financial daily, Tata Motors witnessed a 13% year-on-year growth in its global vehicle sales during the month of August 2012. During the month, the company sold about 97,225 units. This includes sales from its subsidiary Jaguar Land Rover (JLR). During August 2012, the standalone sales of JLR increased by 13% YoY to 24,060 units. While global sales of Jaguar during the month were 2,960 vehicles, sales of commercial vehicles including Tata, Tata Daewoo and Tata Hispano Carrocera range increased 4% to 50,084 units. On the other hand, global sales of passenger vehicles shot up by 23% YoY to 47,141 units in August 2012.
Indian pharma stocks have opened the day on a firm note with Natco Pharma, Strides Arcolab and IPCA Labs leading the gains. As per a leading financial daily, India's second largest drug manufacturer, Cipla, is in talks with International Planned Parenthood, a London-based organisation that promotes sexual and reproductive health, to expand its contraceptive pills market. The company has held preliminary talks for supplying drugs in Africa and South Asian countries as well as collaborating in research in the contraceptives segment. It must be noted that some of the company's contraceptive drugs are approved by the World Health Organization. Cipla's strategy to market contraceptive drugs in developing countries is in line with the demands of non-government organisations (NGOs) and aid groups, such as International Planned Parenthood Federation (IPPF).