After trading on a discouraging note during the morning session, the Indian Indices have recouped losses and are currently trading above the dotted line. Most of the sectoral indices are trading positively with stocks from the banking and mining sectors leading the gainers. However, auto stocks are witnessing maximum selling pressure.
The BSE-Sensex is trading up by 61 points (up 0.2%) and the NSE-Nifty is trading marginally up by 5 points (up 0.1%). The BSE Mid Cap index is trading flat while the BSE Small Cap index is trading up by 0.3%. Gold prices, per 10 grams, are trading at Rs 26,248 levels. Silver price, per kilogram is trading at Rs 35,234 levels. Crude oil is trading at Rs 3,077 per barrel. The rupee is trading at 65.97 to the US$.
Pharma stocks are trading on a mixed note with gains led by Dishman Pharma and Cadila Healthcare. As per an article in Reuters, Glenmark Pharmaceuticals, the Indian drug maker, is counting on strong growth in the United States to offset the weakness in emerging markets this year. The company stated that it expects to launch 10 to 12 drugs in the United States in 2016 and hopes to grow its US business by 18-20%. Those launches will include a copy of US firm Merck & Co's blockbuster cholesterol medicine Zetia for which Glenmark will be entitled to a six-month exclusivity on the market. The company has seen its profit hit in the recent quarters by current volatility in Russia, Venezuela and other emerging markets. Stock of Glenmark Pharmaceuticals is trading down by 0.4% on the BSE.
Consumer products stocks are trading mixed with Archies Ltd and Bata India bearing maximum burnt. As per a leading financial daily, shares of Pidilite Industries surged nearly 2% after the company reported that it is expected to clock close to Rs 9 bn revenue this financial year from the construction chemicals division. Moreover, the company also reported that it is planning to expand its footprint in the emerging Asian and African markets. In this regard, the company will acquire well managed businesses that will help it to expand its reach locally. Currently, the company has wholly-owned subsidiaries in Thailand, the UAE and Singapore. Stock of the company is presently trading up by 0.4%.