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Global stock markets lifts mood in India
Thu, 1 Dec 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in Hong Kong (up 5.8%), South Korea (up 3.8%), China (up 3.3%), Singapore (up 2.5%), Indonesia (up 2.4%) and Japan (up 2.4%) are in the green. The Indian stock market have opened the day on a firm note. Stocks in the Metal and Banking space are leading the gains.

The BSE-Sensex is trading up by 494 points (3.1%) and the NSE-Nifty is up by around 145 points (3%). BSE Midcap and BSE Small cap stocks are trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 2% and 1.5% respectively. The rupee is trading at 51.77 to the US dollar.

PSU Banks have opened the day on a firm note with State Bank of India (SBI) and Axis Bank leading the gains. Public sector banks led by State Bank of India (SBI) plan to install 40,000 automated teller machines (ATMs) across the country in a bid to widen their reach. This is supposed to be the biggest such exercise undertaken by the local lenders. As a part of this initiative, all the PSU banks will club together to install white-label ATMs. Such ATMs are not owned by any single bank and the entire operation is outsourced. Recently, SBI sought offers from vendors for setting up 40,000 ATMs. These new ATMs are set to be rolled out in a phased manner in the financial year 2012-13. It is expected that at least 25% of the 40,000 ATMs will be installed in the first quarter (1QFY13). About 40% will be installed in the second quarter (2QFY13), 25% in the third quarter (3QFY13) and the remaining by the end of the fourth quarter (4QFY13).

Pharma Stocks have opened the day on a firm note with Sun Pharma and Ranbaxy trading in the green. The United States health regulator, US FDA has approved Ranbaxy to go ahead with the generic launch of cholesterol lowering drug Lipitor. This was a much awaited move for the company and it will now be able to launch Lipitor generic in the US market. The US FDA statement said that Ranbaxy Laboratories Ltd has gained approval to make generic atorvastatin calcium tablets. The tablet will be in the form of 10 mg, 20 mg, 40 mg, and 80 mg doses. This drug will be manufactured by its subsidiary, Ohm Laboratories in New Jersey. However there is no clarity on the pending issues regarding the manufacturing facilities in India. Ranbaxy officials did not comment on the same.

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