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Indian share markets open firm
Fri, 20 Jun 09:30 am

Barring Japan (up 0.3%) and Hong Kong (up 0.2%), major Asian equity markets markets have opened on a weak note with South Korea (down 1.1%) and China (down 0.5%) leading the losses.

The Indian share markets have opened the day on a firm note. Barring FMCG, auto and capital goods, all sectoral indices have opened in the green with consumer durables and realty stocks leading the gains.

The Sensex today is up by around 26 points (0.1%), while the NSE-Nifty is trading flat. The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is currently trading at Rs 60.00 to the US dollar.

Indian pharma stocks have opened the day on a mixed note with Natco Pharma and Orchid Chemicals leading the gains. However, Sun Pharma and Lupin Ltd have opened in the red. As per a leading financial daily, drug maker Dr Reddy's Laboratories has initiated a voluntary recall of 13,560 bottles of Metoprolol Succinate Extended Release Tablets, USP 25 mg 100-count bottles from the US market after it failed the dissolution test. The drug was manufactured by Dr Reddy's at one of its Hyderabad manufacturing facilities and distributed by Dr Reddy's Laboratories Inc in the US. It is worth noting that Metoprolol is used alone or in combination with other medications to treat high blood pressure drug. It also is used to prevent angina (chest pain) and to improve survival after a heart attack.

Steel stocks have opened the day on a firm note with Tata Sponge Iron Ltd, JSW Steel and Tata Steel leading the gains. As per a leading financial daily, the government is determined to remove the hurdles impeding the growth of India's steel sector and to ensure that the domestic steel industry is able to achieve 300 million tonnes (MT) annual production by 2025. It must be noted that some of constraints facing the sector relate to land acquisition, infrastructure, connectivity, availability of raw materials and timely regulatory approvals. Currently, India's crude steel production capacity stands at 96 MT per annum. As such, the industry will have to add at least 200 MT of new capacity to reach the target capacity of 300 MT. To address the issues facing the steel industry, an inter-ministerial meeting is scheduled early next week.

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