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Indian stock markets open firm
Fri, 28 Nov 09:30 am

The major Asian stock markets have opened the day on mixed note with Korea (down 0.3%) and Hong Kong (down 0.1%) leading the losses. However, stock markets in Japan (up 1.1%) and China (up 0.7%) have opened on a positive note. Oil-related shares and oil-linked currencies all tumbled in Asia, on the back of OPEC refraining from cutting output despite a huge over supply.

The Indian share markets have opened the day on a firm note ahead of September quarter GDP data. Majority of sectoral indices have opened in green with banking and consumer durable stocks leading among gainers.

The Sensex today is up by around 294 points (1.04%), while the NSE-Nifty is up by about 91 points (1.06%). BSE Mid Cap index is up by 0.96% and BSE Small Cap index up by around 0.88% The rupee is currently trading at Rs 61.82 to the US dollar.

Most of the Telecom stocks have opened the day on a positive note, with ACG network and Himachal Futuristic being the leading gainers in the pack. As per a financial daily, the two telecom giants viz., Bharti Airtel and Reliance Communications are offering competitive prices on data packages. Reportedly, Reliance Communications has offered a data plan where data usage at a monthly rental of Rs 999 with no download quantity caps. This move comes barely 24 hours after Bharti Airtel where the company would offer 4G services at or below 3G rates.

Most of the Indian pharma stocks have opened the day on a positive note, with Strides Acrolab and Wockhardt Ltd being the leading gainers in the pack. As per a leading financial daily, Hyderabad based Dr Reddy's Laboratories, has built a strong US drug pipeline. This will be an important driver for the company's revenues. The company has recently benefitted from Valcyte drug in the US market. Another such low competition drug is Sirolimus. On the other hand the company's injectables portfolio looks quite lucrative. Thus, Dr Reddy's US pipeline indicate a healthy growth trend. On the negative side, the company had received some 483s on its API facility. While these are minor observations, however increase in such instances can impact the company.

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