Indian stock markets open flat

Thu, 27 Nov 09:30 am

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The major Asian stock marketsAsian stock markets have opened the day on mixed note with stock markets in Japan (down 0.4%) and Hong Kong (down 0.3%), leading the losses. However, stock markets in Taiwan (up 0.6%) and China (up 0.3%) are witnessing buying interest. The Indian stock markets have opened the day on a flat note. Sectoral indices have opened mixed with consumer durables and realty stocks leading the losses, while IT and metal stocks are leading the gains.

The Sensex today is up by around 3 points (0.01%), while the NSE-Nifty is up by about 4 points (0.01%). However, the mid cap and small cap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by 0.27% and 0.24% respectively. The rupee is currently trading at Rs 61.82 to the US dollar.

Majority of the automobile stocks have opened on a firm note, with Mahindra scooters and Mahindra and Mahindra being the leading gainers in the pack. As per the financial daily, Hero Motorcorp's Haridwar plant continues to witness labour unrest. In August 2013, the workers at the Haridwar plant had stopped working to demand the reinstatement of a permanent employee who was suspended by the company. While the management resolved the issue, however it suspended 38 workers for being the part of the strike. Later, 11 of the suspended employees were taken back but 27 workers remain suspended, which is the root cause of the whole episode. While the state labour department is working on resolving the issue, the situation is still not under control. The Haridwar unit is Hero MotoCorp's largest facility and it produces best-selling bikes such as the Splendor and Passion. Labour incidents have become an increasing norm in the automobile industry. These include strikes at Bajaj Auto and Maruti Suzuki.

Most of the Indian Pharma stocks have opened the day on a positive note, with Orchid Chemicals and Wockhardt Ltd being the leading gainers in the pack. As per a leading financial daily, Hyderabad based Dr Reddy's Laboratories has got USFDA observations for its API plant in Srikakulam. Reportedly, these 483 observations pertain to procedural and other compliances of the plant systems. The company confirmed the development while stating that the observations given by the US regulator would not impact the normal activity of the plant in any way. Dr Reddy's has received nine observations from USFDA and is in process of implementing the necessary measures and the remedial plans. The US drug regulator team has also visited the Visakhapatnam manufacturing facility though the outcome of their inspection is yet to be known.