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Indian markets open in firm
Thu, 26 Nov 09:30 am

The major Asian stock markets have opened the day in green with stock markets in Taiwan (up 1.3%) and Hong Kong (up 0.9%) being the top gainers. Major stock indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 66.38 per US dollar.

Indian stock markets too have opened the day on a positive note. BSE-Sensex is trading higher by 76 points (up 0.3%) and NSE-Nifty is trading higher by 20 points (up 0.3%). Both S&P BSE Midcap and S&P BSE Smallcap have moved upwards and are trading higher by 0.3% and 0.4% respectively. Major sectoral indices have opened the day in green. Stocks from telecommunication, metals and FMCG are witnessing maximum buying interest.

As per an article in leading financial daily, Indian consumer confidence saw a sharp rise in November as compared to October. The ANZ-Roy Morgan India Consumer Confidence Index rose by 9.5 points to 122 in November on an M-o-M basis.

The long term average of the index is around 117 points. Reportedly, the chief economist of ANZ stated that the rebound in consumer confidence is driven more by long term factors rather than short term factors. Further, he also added that the medium and long term anchors should ensure that the domestic demand does not slip and India's economic recovery trajectory remains intact.

Recently, according to recommendation of the seventh pay commission has suggested a hike in salaries and pension by 23.6% from 1st January, 2016. This will also boost the consumer demand.

Recently, Vivek Kaul, Co-Author of 'The Daily Reckoning', shared his view regarding the implications of the seventh pay commission. The increase in pay-out of salaries and pensions works out to be 0.65% of the Gross Domestic Product (GDP) in 2016-17. Will the same affect the governments spend in important areas such as physical infrastructure, education and healthcare? Read on this article to know more about it!

The big pharma companies have been witnessing severe selling pressures since some time now. Among these companies, Dr Reddy's has been one such stock. The stock has opened on quite a weak note and is trading down by 6% at the time of writing. Reason, the company had received warning letter few days back on its three facilities. As reported in the financial daily, the warning letter which is recently uploaded highlights various deviations at these facilities. The issues in the plant units in Srikakulam and Miryalaguda relate to deviations in the manufacturing of active pharma ingredients (API's), while for the Oncology Plant at Duvvada, the issues are pertaining with the finished pharmaceutical products. The letter also highlights several violations have been quite recurrent and some of them are also represent long-standing failures. Further, according to the warning letter the firm's responses from December 15th, 2014 to March 27th, 2015 lack sufficient corrective actions.

The regulatory landscape in the pharma space is increasingly becoming stringent. Most of the pharma companies in India have received negative observations from the USFDA regulators across their manufacturing facilities.

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