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Indian equity markets recover
Mon, 11 Nov 01:30 pm

Indian stock markets have made some recovery in the last two hours of trade and are hovering around the dotted line. Most of the sectoral indices are trading in red with stocks from capital goods and realty space witnessing maximum selling pressure. Only stocks from IT, healthcare and banking are trading in green.

BSE-Sensex is down by 24 points and NSE-Nifty is trading down by 14 points. While BSE Mid Cap is trading up by 0.03%, BSE Small Cap index is trading down by 0.08%. The rupee is trading at 63.24 to the US dollar.

Most of the Indian pharma stocks are trading in green, with Divis laboratories and Indoco remedies being the leading gainers. Lupin Ltd has announced that the company has launched rabeprazole 20 mg drug. The said drug is generic version of Eisai's Aciphex. The branded market size of this drug is $ 864 m and is indicated for the treatment of GERD. The company had earlier received approval for this drug from US regulator. Two other Indian companies viz Dr Reddys laboratories and Torrent pharma too have approval for this drug. Two other pharma companies viz Teva and Mylan have also received approval for this drug. The patent of this drug had recently expired on 8th Nov 2013. Thus the drug is launched post patent expiry. The generic companies which launch the drug before its competitors will be able to take better market share.

Majority of the steel stocks are trading in the red with Maharashtra seamless and Adhunik Metaliks being the major losers. As per a leading financial daily, Tata Steel's European subsidiary, Tata steel Europe (erstwhile chorus), is looking at various options to restructure its construction and steel business in order to bring down its costs. This step is likely to impact 500 jobs. Soon after Chorus's acquisition the demand for the steel in Europe plunged. Tata steel had acquired chorus for $ 13 bn, in 2007, when the demand for steel in Europe was at its peak. However, global slowdown had an adverse impact on this acquisition. Tata steel is since than making various attempts to bring down the costs, yet company has been able to benefit very little by doing this. The unhealthy demand in Europe has far outpaced the benefits on the cost side.

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