Most major Asian stock markets have taken a breather and opened the day in the green with stock markets in Indonesia (up 1.1%), South Korea (up 0.7%) and Hong Kong (up 0.6%) leading the gains. The Indian stock markets have also opened the day on a firm note. Stocks in the realty and auto space are the biggest gainers.
The BSE-Sensex is trading higher by 109 points (0.7%), while the NSE-Nifty is up by around 47 points (1%). Mid cap and small cap stocks are trading in the green as well, with the BSE Mid Cap and BSE Small Cap cap indices up by 0.6% and 0.5% respectively. The rupee is trading at 52.66 to the US dollar.
Auto stocks have opened the day on a strong note with Tata Motors, Ashok Leyland and Mahindra & Mahindra (M&M) leading the gains. Tata Motors has announced that its global sales have increased by 35% year-on-year (YoY) in November 2011 to 108,028 units despite the slowdown that has gripped most of the world. Sales of luxury brands from Jaguar Land Rover were higher by 27% YoY at 29,183 units during the period. Sales of luxury sedans of Jaguar brand declined by 5% YoY in November to 5,315 units. The sales of Land Rover witnessed a rise of 38% YoY to 23,868 units. Total passenger vehicles sales stood at 58,304 units in November 2011, a 47% YoY surge. On the other hand, commercial vehicles sales were up by 24% YoY to 49,724 units. The Tata Motors Group's global sales include Tata, Tata Daewoo and Hispano Carrocera range of commercial vehicles, Tata passenger vehicles, along with the distributed brands in India, Jaguar and Land Rover.
Indian Pharma stocks have opened the day in the firm note with Glenmark Pharmaceuticals, Orchid Chemical and Aurobindo Pharma trading firm. Glenmark Pharmaceuticals has planned to go ahead with the launch of Crofelemer even after it is facing issues with Napo Pharma who has claimed the termination of the deal with Glenmark. Crofelemer is the medicine used for treatment of diarrhea in HIV positive patients. Glenmark has initiated a filing for Crofelemer after Salix Pharma announced a new drug application for Crofelemer to the US Food and Drug Administration (US FDA). The company's management said that they were waiting for Salix Pharma to file the new drug application for Crofelemer which will be used by the company to start the filing process. Crofelmer is expected to be launched in 140 emerging nations by Glenmark.