Asian stock markets have opened the day on a mixed note with stock markets in China (down 0.2%) and South Korea (down 0.1%) leading the losses in the region. However, markets in Japan (up 0.4%) and Singapore (up 0.3%) are trading firm. The Indian share market indices have opened the day with marginal gains. Stocks in the oil & gas and metal space are leading the gains. However, IT andFMCG stocks are trading weak.
The Sensex today is up by around 16 points (0.1%), while the NSE-Nifty is up by around 3 points (0.1%). Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% and 0.4% respectively. The rupee is trading at Rs 53.72 to the US dollar.
Auto stocks have opened the day on a firm note with Bajaj Auto, Mahindra & Mahindra (M&M) and Hero MotoCorp leading the gains. As per a leading financial daily, India's second largest two-wheeler maker Bajaj Auto is set to launch its most expensive bike in the 100 cc segment in January 2013. According to the company's President (Motorcycle Business) K Srinivas, it will also be the most technologically advanced bike. However, the company has not revealed the price range of the bike. It must be noted that Bajaj Auto presently sells 100cc bikes under the Platina and Discover range. These bikes are priced between Rs 38,990 and 44,497. During the July-September quarter of the financial year 2012-13, the company's market share stood at 27%.
Indian pharma stocks have opened the day on a mixed note with Indoco Remedies, Glenmark Pharma and IPCA Labs leading the gains. However, Sun Pharma and Cipla are facing selling pressure. In a bid to boost sales in the US which is the world's biggest drug market, Indian drugmaker Lupin is planning to launch at least 15 new generic products in the country in the current financial year ending March 2013. As per Vinita Gupta, chief executive of Lupin's US unit, about 8 to 10 of the 15 new products are likely to be oral contraceptives. It must be noted that the company has launched 5 products in the US in the current fiscal year so far. During the second quarter of the financial year 2012-13 (2QFY13), while the company's net sales increased by 29% year-on-year to Rs 22.39 bn, the net profits rose by 9% YoY to Rs 2.9 bn.