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IT leads markets higher
Wed, 29 Sep 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened below the breakeven mark but soon moved into the positive territory. Other key Asian markets are in the green with Hong Kong (up 1.3%) leading the pack of gainers. The US markets ended higher by 0.4% yesterday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with software majors attracting investors' interest. The BSE-Sensex is trading higher by around 75 points, while the NSE-Nifty is up by about 30 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.5% and 0.7% respectively. The rupee is trading at 44.99 to the US dollar.

Pharma stocks have opened the day on a strong note. Gainers here include Sun Pharma and Dr. Reddy's. As per a leading business daily, Sun Pharma has received tentative approval from the US health regulator to sell a generic version of Rilutek tablets in the American market. It is used in treating central nervous system diseases. The approval is for abbreviated new drug application (ANDA) for a generic version of the tablets containing Riluzole Hydrochloride in the strength of 50 mg. Rilutek is a Sanofi Aventis product and has annual sales of nearly US$ 50 m in the US. It may be noted that Sun Pharma is competing in the US generics market through its US based subsidiary Caraco Pharma and has a presence in 26 markets across South East Asia, Russia, China, the Middle East and Africa.

Auto stocks have opened the day on a positive note. Gainers here include Eicher Motor and Escorts. As per a leading business daily, Maruti Suzuki has developed the hybrid version of its premium sedan SX4. It has also developed an electric variant of the multi-purpose vehicle Eeco. Apparently, the SX4 hybrid offers 25% more fuel efficiency compared to the conventional petrol one. The electric Eeco runs around 100 km in a single charge of the lithium ion battery-powered engine. Hybrid technology utilises conventional fuel along with fuel cells (batteries), which could be used alternately to power a vehicle. It is considered eco-friendly. These vehicles will be showcased in the upcoming commonwealth games.

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