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Asian markets are mixed in morning trade. The Nikkei 225 is up 1.11% while the Hang Seng is down 0.40%. The Shanghai Composite is trading up by 0.43%. Stock markets in Europe and the US closed their previous session on a positive note.

Meanwhile, Indian share markets have opened the day on a firm note. The BSE Sensex is trading higher by 26 points and the NSE Nifty is trading higher by 10 points. Meanwhile, both S&P BSE Mid Cap and <.S&P BSE Small Cap are trading higher by 0.1% and 0.4% respectively. The rupee is trading at 67.43 against the US$. Gains are largely seen in realty and consumer durables' stocks.

According to an article in The Livemint, government's decision to ban high-value bank notes has depressed demand for commercial vehicles and two-wheelers for the month of November as automobile sales declined for the first time in 11 months.

As per the reports, total sales fell 5.48% during the month, the steepest decline since March 2013. Overall passenger vehicle sales, which include cars, utility vehicles and vans, grew 1.82% to 240,979 units, the slowest since February. Also, medium and heavy commercial vehicle sales declined 13.1%, while sales of light commercial vehicles declined 10.59%. Three-wheeler sales plunged 26%.

In two-wheelers, where most purchases happen through cash payments, sales have taken a massive hit. The auto industry doesn't anymore expect to post double-digit sales growth that it was hoping to achieve this fiscal year.

The auto companies are suspending production for several days to correct inventory as demand is slow and their products are moving out of dealerships at a slower than normal pace.

As per an article in The Economic Times, Mahindra & Mahindra (M&M) likely to shut down all its factories in the last week of December for maintenance. Mahindra is one of the automakers worst hit by demonetisation. Rural India, where cash transactions are high, accounts for a chunk of its sales, especially for the top selling Bolero. It expects December volume to fall as much as 30% from previous expectations.

Meanwhile, sectors whose revenues have been hit the hardest by demonetisation have seen the biggest declines in their stock prices. The worst affected has been real estate.

One Month On, The Biggest Losers of Demonetisation

Its index is down a huge 13%. Consumer durables too have been decimated and is down 11.5% since demonetisation.

Moving on to news from stocks in the pharma sector. According to a leading financial daily, Cipla has received final approval from the United States Food and Drug Administration (USFDA) to market Entecavir tablets. Entecavir tablets are used for the treatment of Hepatitis B infection.

The tablets are generic versions of Bristol-Myers Suibb's Baraclude tablets of the same strength. Baraclude tablets and generic equivalents had US sales of approximately US$ 206 million for the 12-month period ending October 2016.

Cipla's share price opened the trading day up by 0.5% on the BSE.

Meanwhile, ratings agency ICRA stated that Indian pharmaceutical industry will grow at a slower pace due to sluggish growth in the US market, increased competition leading to price erosion in high single digits and generic adoption reaching saturation levels.

The report noted that growth from the US has come down to less than 9% in first half of 2016-17 despite consolidation and currency benefits and going forward, the growth momentum is likely to face further pressure.

Pharma stocks opened the trading day on a firm note with Glenmark Pharma and Strides Shasun leading the gains.

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