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Indian stock markets open weak
Wed, 17 Dec 09:30 am

Asian stock markets have opened on a mixed note with the stock markets in China (up 1.0%) and Malaysia (up 0.8%) leading the gains. However, the stock markets in Taiwan (down 0.6%) and Singapore (down 0.3%) were facing selling pressure. The Indian share markets have opened the day on a weak note as well. Barring software, FMCG and oil and gas, all sectoral indices have opened in the red, with healthcare and consumer durables stocks witnessing maximum selling pressure.

The Sensex today is down by around 83 points (0.3%), while the NSE-Nifty is down by about 25 points (0.3%). The mid cap and small cap stocks too have also opened in red with BSE Mid Cap index and BSE Small Cap index down by around 0.5% and 0.4% respectively. The rupee is currently trading at Rs 63.78 to the US dollar.

Majority of stocks in Indian pharma have opened the day on a weak note with Biocon Ltd and J.B. Chemicals Ltd leading the losses. As per a leading financial daily, Dr. Reddy's Laboratories (DRL) has recently launched Valganciclovir tablets, USP in the strength of 450 mg in the US market and the product has been approved by the United States Food and Drug Administration (USFDA). The tablets are generic version of Roche's Valcyte tablets. As per IMS health, the latter had US sales of approximately US$ 440 m MAT for the most recent twelve months ending in October 2014.

As per a leading financial daily, the government has recently raised import tariff value on gold to US$396 per 10 grams and on silver to US$561 per kg in line with volatile global price trends. Globally, gold and silver prices have been volatile in the last few weeks. In London, gold prices rose today 0.53 % to US$1,199.80 per ounce, while silver also increased to US$16.22 per ounce. However, the gold prices showed a decline in the domestic market. Gold was sold at Rs 27,200 per 10 grams and silver at Rs 37,050 per kg in the national capital. It is noteworthy here that the import tariff value is the base price at which customs duty is determined to prevent under-invoicing. It is revised on a fortnightly basis taking into account global prices.

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