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Realty drags Indian stock markets
Thu, 23 Jun 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in South Korea (up 0.1%) and China (up 0.2%) are trading in the green while Indonesia (down 0.4%), Hong Kong (down 0.7%), and Japan (down 0.3%) are trading in the red. The Indian stock markets have opened the day on a weak note. Stocks in the realty and healthcare space are leading the losses.

The BSE-Sensex is trading down by 23 points (0.3%) and the NSE-Nifty is down by around 10 points (0.2%). Midcap and small cap stocks are trading in the red as well, with the BSE Midcap and BSE Small cap indices down by 0.3% and 0.1% respectively. The rupee is trading at 44.78 to the US dollar.

Pharma stocks have opened the day on a weak note with Glenmark and Biocon trading in the red. Dr Reddy's Laboratories (DRL) launched Levofloxacin tablets which is an antibiotic used for treating bacterial infections. The product has been launched in the US market. This drug is the generic version of Levaquin tablets. In 2011, the Levaquin brand had US sales of about US $1 bn. The tablets are available in 250 mg, 500 mg and 750 mg dosages in the bottles form. The patent for this product expired in June 2011. Many other Indian companies have received approvals to market the same drug. The stock is however currently trading in the negative zone.

Steel stocks have opened the day on a weak note with Ispat Industries, JSW Steel and Tata Steel leading the losses. Steel major, Tata Steel has joined hands with JSW, Jindal Steel, SAIL, NMDC and Rashtriya Ispat Nigam to form a consortium. The consortium would jointly bid for the Hajigak iron ore deposits in Afghanistan. These deposits are considered to be the second largest deposit of the ore in the world. As per the agreement, the PSU majors would hold about 60% of the total share in the consortium. The 3 private players would be equally sharing the remainder share. The mines are estimated to contain 1.8 m tones of iron ore. The mines that have been broken down into four blocks will be opened for bidding on 3rd August, 2011.

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