Asian equities are trading mixed today as investors awaited the release of China’s second-quarter GDP. Hong Kong’s Hang Seng surged over 95 points. China’s Shanghai Composite which is trading at 3,182 has slipped 40 points. The US markets ended the week on a high note. The Dow and S&P 500 hit record highs on Friday after weak economic data dulled prospects of more interest rate hikes this year.
Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 62 points while the NSE Nifty is trading higher by 19 points. The BSE Mid Cap Index and BSE Small Cap index opened the day up by 0.4% & 0.3% respectively.
Barring FMCG stocks, all sectoral indices have opened the day in the green with energy stocks and capital goods stocks leading the pack of gainers. The rupee is trading at 64.45 to the US$.
Wipro share price surged over 3.3% on the reports that its board will consider a proposal for buyback of equity shares on 20 July.
With this, Wipro joins the growing roaster of Indian IT firms that have announced buyback offers to return surplus cash on their books to their shareholders.
Pharma stocks opened the day on a mixed note with Cadila Healthcare and Dishman Pharma leading the losses. As per an article in a leading financial daily, Zydus Cadila has received a tentative nod from the US health regulator to market Fingolimod capsules used for treatment of multiple sclerosis.
The company has received tentative approval from the United States Food and Drug Administration (USFDA) to market Fingolimod capsules 0.5 mg.
The drug will be produced at the group’s formulations manufacturing facility at pharma SEZ in Ahmedabad, the reports noted. As per market estimates, the US market for Fingolimod Capsules is approximately US$ 2.1 billion.
No Comments