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Indian share markets open flat
Mon, 16 Dec 09:30 am

All major Asian stock markets have opened the day on a weak note with Japan (down 1.5%) and China (down 1.4%) leading the losses. The Indian share market indices have opened the day on a flat note. Stocks in the auto and oil and gas space are leading the losses. However, healthcare and consumer durables stocks are trading firm.

The Sensex today is marginally down by around 4 points (0.02%), while the NSE-Nifty is trading flat. Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is currently trading at Rs 62.19 to the US dollar.

MNC Pharma stocks have opened the day on a mixed note with GSK Pharma and Abbott India leading the gains. However, Pfizer and Novartis are trading weak. As per a leading financial daily, British drugmaker GlaxoSmithKline Plc (GSK) is planning to raise its shareholding in the Indian pharmaceutical subsidiary GSK Pharma Ltd from the current 50.7% level to up to 75% through an open offer. GSK will buy up to 20.6 million shares of GSK Pharma at Rs 3,100 per share. This would be a premium of 26% over its previous closing market price. The deal is likely to be worth around 629 million pound (approximately Rs 63.8 bn). The British parent firm has said that it plans to keep the Indian subsidiary listed even after increasing its stake.

Auto stocks have opened the day on a mixed note with Tata Motors and Hero MotoCorp leading the losses. However, Ashok Leyland and Escorts are trading firm. As per a leading financial daily, India's leading commercial vehicle maker Tata Motors has announced its global sales for the month of November 2013. The company's global sales declined by 19.9% year-on-year (YoY) to 81,957 units during the month from 102,337 units during the corresponding month of the previous financial year. Global sales of all passenger vehicles in November were lower by 4.5% YoY at 50,703 units as against 53,089 units in November 2012. On the other hand, sales of luxury brand Jaguar Land Rover (JLR) increased by 15.3% to 39,956 units during the month as against 34,649 units in November 2012.

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