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Indian share markets open firm
Mon, 14 Oct 09:30 am

Barring China (up 0.5%), most Asian stock markets have opened the day on a weak note with Singapore (down 0.7%) and Taiwan (down 0.6%) leading the losses. The Indian stock market indices have opened the day on a positive note. Stocks in the auto and information technology space are leading the gains. However, FMCG and banking stocks are trading weak.

The Sensex today is up by around 28 points (0.1%), while the NSE-Nifty is up by around 4 points (0.1%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Mid Cap indices up by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 61.01 to the US dollar.

Indian pharma stocks have opened the day on a mixed note with Elder Pharma and Ranbaxy Laboratories leading the gains. However, Fresenius Kabi Oncology and Wockhardt Ltd are leading the losses. As per a leading financial daily, the domestic pharma business witnessed its first-ever decline during the month of September 2013, shrinking by 1.8% year-on-year (YoY). The negative growth follows the tepid 1.1% YoY growth witnessed in August 2013, the lowest in the last six years. Price-controlled drugs which account for less than 15% of the total domestic market, declined by 14% YoY in September. The rest of the market grew marginally by 0.4% YoY. It must be noted that while the domestic pharma industry has been growing at about 12-13% for the last 3-4 years, demand started slowing in January 2013. The size of the domestic pharma business is about Rs 720 bn.

Telecom stocks have also opened the day on a firm note with Tata Teleservices, Idea Cellular and Reliance Communications leading the gains. As per a leading financial daily, telecom operator Idea Cellular has been awarded unified license by the Department of Telecom (DoT) for seven circles. The seven circles for which is has been awarded the license include Assam, West Bengal, Kolkata, North East, Tamil Nadu, Jammu and Kashmir and Odisha. Idea had applied for licences in seven circles after it emerged as the second biggest winner in the November 2012 spectrum auction. The company won spectrum for all the seven circles where its licences were cancelled. It must be noted that the company's licence in Bihar circle was unaffected by the Supreme Court order cancelling 122 telecom permits in the 2G scam.

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