The Indian markets have started today's session on a positive note. The benchmark indices opened below the breakeven mark but soon moved into the positive territory. Other key Asian markets are in the green with China (up 3.1%) leading the pack of gainers. The US markets ended lower by 0.2% yesterday.
Currently in India, heavyweights from the BSE-Sensex are trading strong with pharma majors attracting investors' interest. The BSE-Sensex is trading higher by around 31 points, while the NSE-Nifty is trading up by around 5 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.4% and 0.6% respectively. The rupee is trading at 44.32 to the US dollar.
Energy stocks have opened the day on a strong note. Gainers here include Indian Oil and HPCL. As per a leading business daily, GAIL has placed orders worth Rs 6.8 bn for laying a gas pipeline from Dabhol in Maharashtra to Bangalore in Karnataka. It is a 1,400 km gas transmission project, which was approved by the company's board in June 2009 at an estimated cost of Rs 50 bn. The construction work will start by November 2010 and the pipeline will be ready by March 2012. The gas supplies are expected to begin by June 2012. The pipeline would have a transmission capacity of 16 million standard cubic meters per day of gas. The company has placed orders worth Rs 20 bn in the last three months for buying pipelines and laying operations for the project. Punj Lloyd is among the many suppliers for the project.
Pharma stocks have opened the day on a strong note. Gainers here include Torrent Pharma and Indoco Remedies. As per a leading business daily, Cadila Healthcare has received approval from the US health regulator to market certain high blood pressure treatment tablets in the US market. The company's subsidiary Zydus Cadila has received approvals for Losartan Potassium tablets and for Losartan Potassium and Hydrochlorothiazide tablets in various strengths. The company has already launched both products in the US market. Overall, Cadila Healthcare has 56 approvals and has filed for 113 abbreviated new drug applications ANDA's).