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Indian share markets open in the red
Wed, 21 May 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (down 0.5%) and Singapore (down 0.3%) leading the losses. However, the stock markets in Taiwan (up 0.1%) and Korea (up 0.1%) have opened in the green. The Indian share markets have opened the day on a weak note. Barring banking and energy, the sectoral indices have opened in the green with the stocks in the consumer durables and realty space leading the gains.

The Sensex today is down by around 15 points (0.1%), while the NSE-Nifty is down by about 12 points (0.2%). However, the midcap and smallcap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 1.7% and 3.1% respectively. The rupee is currently trading at Rs 58.83 to the US dollar.

Indian Pharma stocks have opened the day on a mixed note with Indoco Remedies Ltd and Panacea Biotech Ltd leading the gains. However, Sun Pharmaceuticals Ltd and Ranbaxy Laboratories Ltd were leading the losses. As per a leading financial daily, the US Food and Drug Administration will continue its import ban on Sun Pharma's Karkhadi plant in Gujarat. It is important to note here that USFDA had issued a warning letter to the company in March this year for not complying with the goods manufacturing norms practice. However, in a recent inspection by the FDA, it was found that the company has not taken care of the issues that were raised while issuing the warning letter. In a letter to Sun Pharma, the regulator has clearly stated that the firm's response is inadequate. The company has been given 15 days time to reply to the various concerns raised by the FDA related to the plant.

Power stocks have opened the day on a mixed note with Indiabulls Power Ltd and National Thermal Power Corporation Ltd (NTPC) leading the gains. However, Power Grid Corporation of India Ltd and Neyveli Lignite Ltd were leading the losses. As per a leading financial daily, Tata Power has invested over Rs 3 bn in FY2013-14 to strengthen distribution network in the Mumbai. The company has five lakh consumers in Mumbai as on April 30.As per the company release; it has laid a total network of 602 km and commissioned six distribution and 85 consumer sub-stations in Mumbai during the year. The company further plans to set up additional 30 distribution sub- stations of which 17 are likely to be commissioned in the next five years and the remaining 13 post FY 19.

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