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Indian stock markets open weak
Mon, 29 Jul 09:30 am

The major Asian stock markets have opened in the red with stock markets in Japan (down 2.5%) and China (down 1.6%) leading the losses. The Indian stock markets indices have also opened the day on a weak note. The sectoral indices have opened mixed with stocks in the FMCG and banking sector leading the losses. However, stocks in the oil and gas and consumer durables were leading the gains.

The Sensex today is down by around 20 points (0.1%), while the NSE-Nifty is down by around 13 points (0.2%). Mid cap stocks have opened in the red with the BSE Mid Cap index down by around 0.4%. However, the small cap stocks have opened in the green with the BSE Small Cap index up by around 0.1%. The rupee is trading at Rs 59.12 to the US dollar.

PSU Banking stocks have opened mainly in the red with Syndicate Bank and Dena Bank leading the losses. Corporation Bank has announced results for the first quarter of the financial year 2013-14 (1QFY14). The bank has reported a net profit growth of 2.1% on a year on year (YoY) basis. The net interest income (NII) during the period was up by 19.34 % YoY while non-interest income grew by 77.41 % YoY. The gross non-performing assets (NPA) at the end of the quarter stood at 2.37 % while the net NPA came in at at 1.65 %. The NPA provision coverage ratio stood at 56.79 % with reference to gross NPA. The capital adequacy ratio stood at 12.1% at the end of June 2013.

Indian Pharma stocks have opened the day on a mixed note with Natco Pharma and Torrent Pharma leading the gains. However, Sun Pharma and Wockhardt Ltd were facing losses. As per a leading financial daily, the pharmaceutical companies that are operating in US are likely to be subjected to tighter drug approval norms. The US Food & Drug Administration (USFDA) has mandated companies to give data from January 2014 including on safety, efficacy and stability - for three batches of products, instead of one at present, while seeking drug approvals in that country. This may lead to a significant increase in the time and development cost of generic products from next year for companies like Sun Pharmaceuticals Ltd, Lupin, Dr Reddy's Laboratories, Ranbaxy Ltd etc. The move is likely to increase the cost - by up to three times in cases where ingredients used are expensive.

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