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IT stocks lead the gains
Wed, 12 Oct 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in China (up 2.2%), Indonesia (up 1.4%) and Malaysia (up 0.6%) are leading the gains. However, markets in Japan (down 0.7%) and Taiwan (down 0.1%) are trading weak. The Indian stock market have opened the day on a firm note. Stocks in the Information Technology (IT) space are leading the gains. However, auto stocks are trading in the red.

The BSE-Sensex is trading higher by around 166 points (1%), the NSE-Nifty is up by around 50 points (1%). Mid and small cap stocks have opened on a positive note as well with BSE Mid Cap and BSE Small Cap indices up by 0.6% and 0.5% respectively. The rupee is trading at 49.45 to the US dollar.

Power stocks have opened the day on a firm note with Jaiprakash Power, Reliance Infrastructure and GVK Power and Infrastructure leading the gains. However, National Thermal Power Corporation (NTPC) is trading in the red. India's power generation has suffered to quite an extent due to the shortage of coal. Unfortunately, there is little chance that the scenario will change anytime soon. On account of severe decline in coal supply from Coal India and its subsidiaries, the country has lost about 4 bn units (bu) of power generation between April and September, 2011. According to the power ministry, Coal India and its subsidiaries were expected to produce 347 m tonnes (mt) of coal in the financial year 2011-12. However, is seems that the coal producer will be able to achieve only 310 mt. During 2010-11, there was a loss of 10 bu in power generation.

Pharma stocks have opened the day on a strong note with Sun Pharma, Aurobindo Pharma, Piramal Healthcare and Cipla trading firmly in the green. Indian pharma major Lupin announced that it has launched a generic version of Femcon Fe in the US market. Femcon is a birth control chewable tablet and is launched from the US subsidiary of Lupin. The drug is the generic version of Warner Chilcott's Femcon Fe Chewable tablets and is introduced in strengths of 0.4mg/35mcg. The group president of Lupin, Mr Nilesh Gupta said that the company is looking forward to the opportunity to commercialise the authorised generic for Femcon. He also added that the consumers can be assured that the product's quality would not be compromised despite its cheaper price.

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