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Indian market indices open weak
Fri, 8 Jun 09:30 am

Most Asian stock markets have opened the day on a weak note with stock markets in Japan (down 1.6%) and Taiwan (down 0.9%) leading the losses in the region. The Indian equity market indices have also opened the day on a negative note. Stocks in the consumer durables and auto space are leading the pack of losers.

The Sensex today is down by around 94 points (0.6%), while the NSE-Nifty is down by around 31 points (0.6%). Mid and small cap stocks are also trading in the red with the BSE Mid cap and BSE Small cap indices down by around 0.5% and 0.2% respectively. The rupee is trading at Rs 55.16 to the US dollar.

Indian pharma stocks have opened the day on a mixed note with Indoco Remedies, Wockhardt and Ranbaxy Laboratories trading firm. However, Glenmark Pharmaceuticals and Orchid Chemicals are facing selling pressure. Indian drug maker Dr Reddy's Laboratories has launched ropinirole hydrochloride XR tablets in the US market. These tablets are the bioequivalent generic version of Requip XL tablets which is a registered trademark of pharma company SmithKline Beecham. The drug is used to treat the signs and symptoms of Parkinson's disease. Dr Reddy's has received the approval from US Food & Drug Administration (FDA) for its abbreviated new drug application for ropinirole hydrochloride XR tablets to launch a generic product. As per IMS Health, Requip XL had reported sales of about US$ 58 m for the financial year ended March 2012 in the US market.

FMCG stocks have also opened the day on a mixed note with Hindustan Unilever Ltd(HUL) and Colgate trading in the green. However, Godrej Consumer Products Ltd (GCPL) and P&G Hygiene are trading weak. As per a leading financial daily, India's largest FMCG firm HUL is planning to extend its Lux brand into the deodorant segment. India will become the only country where the world's largest selling soap brand will be launched as a deodorant. The size of India's fast growing deodorant market is estimated to be about Rs 13 bn. HUL already has a dominant market share in the male deodorant space with its Axe brand being the largest selling deodorant in India. Recently, the company also launched a range of body sprays under the brand name Denim.

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