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Indian share markets remain buoyant
Mon, 14 Oct 01:30 pm

Indian share markets continued to trade higher in the post-noon trading session. Majority of the sectoral indices are trading in the green with IT, banking and oil and gas stocks being the biggest gainers. However, FMCG, consumer durables and power are among the few stocks trading in the red.

BSE-Sensex is up 76 points and NSE-Nifty is trading 18 points up. Both BSE Mid Cap and BSE Mid Cap indices are trading up by 0.7% each. The rupee is trading at 61.1 to the US dollar.

As per a leading financial daily, the Wholesale Price Index (WPI) soared to a seven-month high of 6.46% from 6.1% in August. The higher inflation has been fuelled by rise in food inflation that surged to 18.4% in September from 18.18% in August. Even manufactured products inflation increased to 2.03% from 1.9% in August. However, fuel & power inflation decreased to 10.08% in September from 11.34% in August. Even the factory output as measured by the Index of Industrial Production (IIP) slowed down to a mere 0.6% in August from a growth of 2.75% witnessed in July. Reportedly, the Finance Minister and the RBI Governor have pinned their hopes on robust performance by the agriculture sector aided by good monsoons to revive growth.

Indian pharma stocks are trading mixed. While JB chemicals and Elder pharma are among the leading gainers, Wockhardt Ltd and Fresnius Kabi are the top losers.  Recently, Glenmark pharma announced that the company has filed litigation in court of Chancery in the state of Delaware. This litigation was filed against the Astellas and other companies for a drug Locoid Lipocream. Glenmark has filed lawsuit in order to get temporary restraining order (TRO) to restrain the sale and Lipocream by any other generic company. Few days back Metcacon labs had launched the generic version of Lipocream. Glenmark claims that it was first company to file Para IV for Lipocream and hence entitled for 180-days. The said launch is believed to be violation of Glenmark’s exclusivity. The lawsuit seeks to enforce Glenmark’s exclusive royalty-bearing license agreement with the Astellas and other related companies. Few days back Glenmark had received approval from the USFDA for the generics of the said drug. Glenmark is trading up 0.7%.

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