After opening the day on a firm note, the Indian Markets have continued to trade positively. Sectoral indices are trading on a mixed note with stocks from the pharma and software sectors leading the gains. However aluminum stocks are witnessing selling pressure.
The BSE-Sensex is trading up 76 points (up 0.3%) and the NSE-Nifty is trading up 21 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 65.62 to the US dollar.
Automobile stocks are trading mixed with Ashok Leyland and Eicher Motors leading the gains. As per a leading financial daily, India's largest automobile company Tata Motors is planning to launch a new small commercial vehicle (SCV) 'Magic Mantra' in the country next month. With this, it is thereby expanding product range under its popular public transport vehicle 'Tata Magic'. The 40 HP Magic Mantra would be the newest entrant in the Tata Magic range, which has already scaled the 3 lakh units sales milestone so far in the country. The range currently offers four offerings, based on engine type and fuel. Stock of the company is presently trading down by 0.5%.
Gains in the pharma space were led by Dishman Pharma and Piramal Enterprises. As per an article in a leading financial daily, Dr Reddy's Laboratories has entered into a settlement agreement with BioMarin Pharmaceuticals to resolve patent litigation in the US regarding the 100 mg oral tablets- Kuvan. This agreement will grant Dr Reddy's a non-exclusive license to its patent on Kuvan and will allow it to market a generic version of Kuvan 100mg tablets in the US at a later stage, which is said to be more than five years from now. BioMarin Pharmaceuticals had sued Dr Reddy's Laboratories last November for allegedly infringing patents covering this phenylketonuria drug. Presently the scrip of the company is trading up by 0.8% on the BSE.