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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Auto stocks gear market ahead 
(Wed, 24 Nov 11:30 am) 
 
After starting today's session on a positive note Indian indices have managed to hold on to the gains. However, other key Asian markets are trading mixed. Currently, heavyweights in the Sensex are trading strong with stocks from auto and consumer durables space leading the gains. However, stocks from the IT space are trading flat.

Currently, the BSE-Sensex is trading up by around 132 points, while the NSE-Nifty is up by about 31 points. There has been some buying interest amongst the mid and small cap stocks as well with the BSE-Midcap and BSE-Smallcap indices trading higher by 1.0% and 1.5% respectively. The rupee is trading at 45.62 to the US dollar.

Pharma stocks are trading strong with Natco Pharma and Wockhardt leading the gains. However, IPCAlabs is trading in the red. As per a leading news daily, Dr Reddy's plans to take over GlaxoSmithKLine's oral penicillin business in the US. As a part of the deal Dr Reddy's will also get right to market the penicillin medicines Augmentin and Amoxil in the US. The deal is expected to close in the first half of CY11. However, the financial terms are yet to be disclosed. It may be noted that both the drugs Augmentin and Amoxil are subject to generic competition and consequently generate only minor sales for Glaxo. Thus, the disposal would allow Glaxo to focus on the newer products while it will give Dr Reddy's an entry into the US penicillin-containing antibacterial market. It will also allow Dr Reddy's to scale up its generic business in North America.

Power stocks are trading firm led by Torrent Power and GVK Power & Infra. As per a leading financial daily, Tata Power plans to invest Rs 8.5 bn till FY12 to beef up its generation, transmission and distribution capabilities. Of this Rs 6 bn will be spent on transmission and distribution while the remaining amount will be spent on increasing the company's generation capabilities. The company has seen a huge influx of new customers who have switched from Reliance Infra (RInfra) to Tata Power. As per Tata Power 50,000 customers have switched from RInfra to the company in recent months. It may be noted that Tata Power is targeting a customer base of 140,000 by March 2011 from the current 85,000.

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