With a few blue chip stocks trading firm on sustained buying interest, the market looks set end with modest gains today. Though most of the markets in the Asian region ended notably lower on weak Chinese economic data, and markets in the European zone are trading weak, the mood back home has not turned any bearish today.
However, with no big triggers from the domestic front to warrant any strong buying, movements have been quite sluggish. Investors are mostly tracking quarterly results and company specific news for direction.
The Sensex is up 37.73 points or 0.18% at 21,376.39 and the Nifty is up 9.10 points or 0.14% at 6348.05.
Capital goods and consumer durables stocks are trading firm. Metal and automobile stocks are trading weak, while oil, realty, bank and pharmaceuticals stocks are turning in a mixed performance.
Aurobindo Pharma Limited has announced that it has received the final approval from the US Food & Drug Administration to manufacture and market Repaglinide Tablets USP 0.5mg, 1mg and 2mg. Repaglinide tablets are the generic equivalent of Novo Nordisk Inc’s Prandin tablets and are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. The market size of the product is estimated to be US$ 274 Million for the twelve months ending November 2013 according to IMS. The stock is now down nearly 2% at Rs 428.
While select midcap stocks are up sharply, smallcap stocks are mostly subdued amid lackluster trades. The market breadth is marginally positive.