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Metal stocks lead the rally
Fri, 1 Jul 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in South Korea (up 0.6%), Indonesia (up 1.4%), Hong Kong (up 1.5%), China (up 0.4%) and Japan (up 0.6%) are trading in the green. The Indian stock markets have opened the day on a firm note. Stocks in the metals and realty are leading the gains. However, consumer durable stocks are trading marginally in the red.

The BSE-Sensex is trading up by 90 points (0.5%) and the NSE-Nifty is up by around 17 points (0.3%). Midcap and small cap stocks are trading in the green, with the BSE Midcap and BSE Small cap indices up by 0.6% and 0.5% respectively. The rupee is trading at 44.61 to the US dollar.

Pharma stocks have opened the day on a firm note with Biocon and Cadila Healthcare trading in the green while Cipla and Glenmark Pharma are facing selling pressure. Drug maker, Cipla has received an order from a US court for its sales of one of its animal healthcare product named PetArmor. The ruling against Cipla is about allegedly infringing a patent held by Merial Ltd. Merial is a subsidiary of Sanofi. Cipla has now suspended the sales of the product in the US. The court ruled that Cipla is aware that their sales of PetArmor Plus products infringed Merial's patent. The court has also ordered seizure of any existing inventory. The ruling said the court will also decide on the compensation to be paid to Merial. Cipla expressed that it will file an appeal against this order in the US court.

IT stocks have opened the day on a firm note with Tech Mahindra, Wipro and Infosys trading in the green. Software major Wipro is now eligible to apply to become a vendor of the World Bank. The multilateral lending institution had put a 4-year ban on Wipro in June 2007 from doing business with the group under its corporate procurement programme. The World Bank had alleged that Wipro had made undue favours to the bank's staff and had thus found the company to be "non-responsible" under the group's vendor eligibility policy. However, the latter had denied the allegations. The World Bank's latest list of "non-responsible vendors" includes 8 Indian companies.

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