Indian Indices Open Weak

Wed, 3 Feb 09:30 am

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Major Asian stock markets?have opened the day on a dismal note with stock markets in Japan and China trading down by 3.2% and 1.1% respectively. Major indices in Europe and US ended their previous session deep in red. The rupee is trading at 67.83 per US$.

Indian stock markets too have opened the day on a negative note. The BSE Sensex?is trading lower by 243 points (down 1%) and NSE Nifty?is trading lower by 83 points (down 1.1%). Both, BSE Midcap?and BSE SmallCap?are trading lower by 1.3% and 1% respectively. Major sectoral indices have opened the day on a negative note with stocks from information technology and capital goods sectors are witnessing maximum selling pressure.

As per an article in leading financial daily, Sun Pharmaceutical has launched the generic version of Gleevec in the US market. The company holds 180 days of exclusive rights to sell the drug in the US market. This will give the company a first mover advantage. Further, it will boost the US business which has been hit by fewer approvals as well as regulatory compliance issues. Reportedly, Gleevec generates sales of around US$ 2.5 billion from the US.

However, there were certain headwinds in launching this drug. The company had applied for the product launch from its Halol Plant. However, as this facility was facing regulatory headwinds, the company had transferred the manufacturing of this drug to another plant.

On the other hand, Lupin too has launched the generic version of a diabetic drug named 'Glumetza'. The company too has received 180 days of exclusive rights to sell this drug in the US market. Reportedly, 'Glumetza' had sales of US$ 450 million in the US market.

The Indian companies have been facing several challenges recently, and delay in approvals from the US regulators has been a big concern. The recent launches under 180-days exclusivity are positive for both the companies.

Bajaj Auto reported its sales numbers for the month ended January 2016. The company's overall sales grew by 1.78% to 293,939 units. The motorcycles sales during the month grew by 2.44% to 252,988 units. The sales of commercial vehicles declined by 2% YoY to 40,951 units. Further, exports too reported a decline of 7.63% YoY to 132,069 units.

A pick up in the rural demand for motorcycles which has remained subdued since some time will be the key thing to watch out for going forward. The stock of Bajaj Auto is trading down by 0.7%.

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