Indian stock markets open in the red

Fri, 21 Nov 09:30 am

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The major Asian stock markets have opened the day on a mixed note with markets in Japan (down 0.5%) and Malaysia (down 0.5%) leading the losses. However, stock markets in Singapore (up 0.7%) and China (up 0.6%) were trading in the green. The Indian share markets have opened the day on a weak note. Barring capital goods and software, all sectoral indices have opened in the green with the stocks in the banking and healthcare sector leading the gains.

The Sensex today is down by around 16 points (0.1%), while the NSE-Nifty is down by about 1 point (0.01%). The mid cap and small cap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by around 0.2% and 0.4% respectively. The rupee is currently trading at Rs 61.85 to the US dollar.

Software stocks have opened the day on a mixed note with HCL Infosys and Info edge Ltd leading the gains. However, Infosys Ltd and Wipro Ltd were leading the losses. As per a leading financial daily, Tech Mahindra Ltd has acquired Virginia based Lightbridge Communications Corporation (LCC) for an enterprise value of approximately US$ 240 m. It is noteworthy that LCC is one-of-the world's largest independent global providers of network engineering services provider with more than 5000 employees in over fifty countries. The company's annual revenue stands at nearly US$ 400 m. The deal has been funded via internal accruals and the acquisition is likely to be completed by fourth quarter of FY15.

Indian Pharma stocks have opened mixed with Panacea Biotech Ltd and Cipla Ltd leading the gains. However, Ranbaxy Laboratories Ltd and Orchid Chemicals Ltd were leading the losses. As per a leading financial daily, Cipla Ltd has announced an agreement with Serum Institute of India (SII) for distribution of paediatric vaccines in Europe. As per the agreement, SII will develop and manufacture paediatric vaccines and Cipla will seek European Medicines Agency approval. Cipla will also market the products in Europe. The arrangement thus will allow Cipla to enter into the vaccines segment. It is noteworthy that in the past six months, Cipla has strengthened its presence in Europe and launched respiratory products such as Salmeterol/Fluticasone in Germany, Sweden, Czech Republic, Slovakia and Croatia. In July, it had signed an exclusive partnership with BioQuiddity regarding regional anaesthetic applications for post surgical pain management. As per Cipla's new strategy, the company is entering into various partnership deals to establish its front end presence in various markets