Indian equity markets march ahead
Indian equity markets continued to trade in the green during the last two hours of trade on back of buying across index heavyweights. Led by realty and banking stocks, all sectoral indices traded positively.
The BSE-Sensex is trading higher by 387 points and NSE-Nifty is trading up by 119 points. BSE Mid Cap and BSE Small Cap indices are currently up by 1.1% each. The rupee is trading at 54.75 to the US dollar.
Auto stocks are trading strong led by Tata Motors and TVS Motors. According to a leading financial daily, Hero Motocorp has decided to partner with Italian two-wheeler design firm Engines Engineering to bring in next-generation products. Under the partnership, Engines Engineering will impart technological know-how in terms of designing for future products to be launched by Hero. The Indian two-wheeler company is looking at offering cutting-edge technology and visionary styling in all their future products. After its break up with Honda, Hero has gotten into three partnerships including this latest one. Earlier, it tied up with US-based Erik Buell Racing and Austrian engine developer AVL.
Pharma stocks are trading strong led by Piramal Healthcare and Strides Arcolab. According to a leading financial daily, Glenmark Pharma has entered the phase II in clinical trials for its new drug molecule aimed at treating ulcerative colitis (UC). The company's subsidiary Glenmark Pharmaceuticals SA will conduct trials at multiple clinical sites in North America and Europe to investigate the efficacy and safety of the new molecule GBR 500. It is expected that the trial will include nearly eighty four patients with moderate to severe ulcerative colitis. This Phase II clinical trial is part of a strategic global collaboration between Glenmark and Sanofi to investigate GBR 500 for the treatment of chronic inflammatory disorders. Sanofi has been licensed the rights to all therapeutic indications and is conducting the clinical development program, including this trial.
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