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Indian share markets remain buoyant
Fri, 28 Dec 01:30 pm

Indian share markets continued to trade firm in the post noon trading session. Barring banking and realty, all the sectoral indices are trading positive with oil and gas, IT and capital goods leading the gains.

BSE-Sensex is up 87 points and NSE-Nifty is trading up 27 points. While BSE Mid Cap is trading up 0.5%, BSE Small Cap index is trading up by 0.3%. The rupee is trading at 54.8 to the US dollar.

Majority of the domestic pharma stocks are trading in the green with Panacea Biotech and Wockhardt leading the gains. According to a leading financial daily, Dr. Reddy's Laboratories (DRL) has been slapped with a patent infringement case over cancer drug Ixempra by US-based drug company Bristol-Myers Squibb. As per market reports, Ixempra is used in the treatment of metastatic or locally advanced breast cancer and has a market size of around US$ 120 m. In its petition, Bristol-Myers Squibb has urged for a permanent injunction on DRL and its affiliates from commercially manufacturing and selling the drug in the US until the expiration of the patent. In addition, the US drug company has requested for the award of damages if DRL engages in manufacture and sale of the drug thereby infringing the patents of the drug. The stock of DRL is marginally up.

Most of the large software stocks are trading positive with Moser Baer and Oracle Financial Services being the biggest gainers. A leading business daily has reported that information technology major Infosys has deferred the joining dates of about 17,000 new recruits - nearly half of the employees it planned to recruit during the current fiscal. This development is on the back of continued slow growth. It is believed that a month ago, the company had mentioned that recruitment of about 17,000 employees would be deferred by three months. However, now it seems that this would move to the first half of the next fiscal i.e. 1HFY14. During the quarter ended September 2012, Infosys hired 2,500 employees (on a net basis). Further, attrition rates stood at levels of 15% at the end of the quarter, a marginally higher figure as compared to same figure for the quarter ended June 2012. Infosys stock is up 0.9%.

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