Capital goods, automobile, consumer durables, oil and power stocks are trading firm on the Indian bourses where the mood remains cautious amid a weak trend in Asian markets due to renewed concerns about the outlook for the U.S. Federal Reserve's monetary stimulus.
Metal stocks are a bit subdued. Bank stocks, which opened notably lower, have recovered well thanks to renewed buying interest. Pharmaceuticas, FMCG and information technology stocks are trading mixed.
Lupin rose nearly 2% in early trades following an announcement from the company that it has signed an agreement with US-based Onset Dermatologics under which it will market the latter's skin disease treatment medicine Locoid Lotion in the American market.
Locoid, the most highly prescribed mid-potency steroid brand in the US, is indicated for the topical treatment of mild to moderate Atopic Dermatitis in patients 3 months of age and older, Lupin said in a regulatory filing.
State Bank of India is down nearly 2%. Sun Pharmaceutical Industries and Jindal Steel & Power are down 1.5% and 1.3%, respectively. HDFC Bank, Sesa Goa, HIndalco, Coal India and Bharti Airtel are down with modest losses. Punjab National Bank, BPCL and Bank of Baroda are also trading weak.