The major Asian stock markets have opened the day on mixed note with Japan (down 1.6%) and Korea (down 0.6%) leading the losses. However, stock markets in China (up 0.7%) and Hong Kong (up 0.4%) have opened on a positive note. The Indian stock markets have opened on a positive note. Most of the sectoral indices have opened in the green with metal and oil and gas stocks leading the pack of gainers.
The Sensex today is up by around 40 points (0.13%), while the NSE-Nifty is up by about 15 points (0.17%). The mid cap and small cap stocks have also opened firm with BSE Mid Cap index and BSE Small Cap index up by 0.44% and 0.30% respectively. The rupee is currently trading at Rs 63.74 to the US dollar.
As per a financial daily, the government is pushing the state-run oil marketing firms to pass on the benefit of falling global oil prices to consumers. As a result the petrol and diesel prices are expected to get cheaper. While the price reductions may not be very sharp, state-run refiners are reluctant to bring down the rates, since they want to retain some margins to make up for their inventory losses which have bloated up to Rs 100 bn.
Most of the stocks from Indian pharma sector have opened the day on a firm note, with Indoco Remedies and Natco Pharma leading the pack of gainers. Lupin Ltd, announced today that it has received tentative approval for its Darunavir Ethanolate Tablets 75 mg, 150 mg, 300 mg, 400 mg, 600 mg and 800 mg from the USFDA. The said drug is equivalent to Janssen's Prezista, which is indicated for HIV- 1 infections. The market size of the drug is US$ 1.2 bn annually. The earliest patent expiry of the drug is in Dec 2015. Further, Lupin has received tentative approval, so the company can launch the drug once the final approval is received.