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Indian equity markets remain firm
Fri, 19 Jul 01:30 pm

Indian equity markets continued to trade in the positive territory during the post noon trading session. Among the sectoral indices, the stocks from the IT sector and auto sector were leading among gainers, while capital goods and power stocks were the leading losers.

BSE-Sensex is up by 105 points and NSE-Nifty is trading up by 16 points. While BSE Mid Cap is trading down by 0.2%, BSE Small Cap index is trading up by 0.1%. The rupee is trading at 59.73 to the US dollar.

Majority of the automobile stocks are trading in the green with Force Motors and Hero MotoCorp being the biggest gainers. As per a leading financial daily, Ashok Leyland is expanding its portfolio in the defence segment by launching its Super Stallion range of vehicles in the domestic and overseas markets. The Super Stallion is a significantly bigger platform. Typically, Stallion is 230 HP, and Super Stallion is 360-400 HP. Ashok Leyland has established a new company called Ashok Leyland Defence System Ltd to foray into the defence sector. The company has a partnership for gun mounted systems and also has a platform for short missile systems. As per the company, it is the largest private supplier to the armed forces in India with its Ashok Leyland Stallion. Ashok Leyland stock is trading marginally down.

Indian pharma stocks are trading mixed with Aurobindo and Sun Pharma witnessing maximum selling pressure, while Orchid Chemicals and Piramal Enterprises are the top gainers. As per a financial daily, while Ranbaxy holds 180-days exclusivity on Diovan, it is awaiting approval from the USFDA (United States Food and Drug Administration) to launch the drug. However, Ranbaxy's delay in launch has been positive for the innovator Novartis. This is because, once Ranbaxy launches the drug, the innovator will witness sharp fall in its revenues of the said brand. Reportedly, the Swiss based company believes the generics for Diovan are not expected atleast till September 2013. This signifies that Ranbaxy's launch could further get delayed till the said time period. Ranbaxy was trading down by 1.2%.

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