Asian stock markets have opened on a negative note, as the oil touches new lows. The stock markets in Japan (down 1.01%) and Singapore (down 1.04%) are leading the losses. The Indian stock markets have opened the day on a weak note as well. All the sectoral indices have opened in the red, with software and consumer durables stocks witnessing maximum selling pressure.
Majority of stocks in Indian pharma, have opened the day on a weak note, with Dishman Ltd and Dr Reddy's laboratories being the leading losers. As per a leading financial daily, the Indian government has capped the prices of another 52 drugs. As per the notice by National pharmaceutical pricing authority (NPPA), the new drugs to come under price control include commonly-used antibiotics and painkillers as well as medicines used for treating cancer and skin disorders. Reportedly, the multinational companies like Abbott healthcare and GlaxoSmithkline are expected to get impacted the most.
Automobile stocks have opened the day on a weak note with TVS motors and Eicher motors Ltd leading the losses. As per the financial daily, auto manufacturers are expected to increase the prices from January 2015 onwards. The said hike is likely to be across the sector, since the costs have been rising. The same has been impacting the profitability of the companies. Since some time the weak sales have been preventing companies from increasing prices. Reportedly, the hike will come after a long time for some companies like Maruti Suzuki, Hyundai, Honda and Toyota.