GAP UP START

After five consecutive downfall, the Indian equity markets have made a gap up start tracking positive cues from global indices. The US markets showed a shining performance overnight while, all the Asian equity indices were trading in the positive terrain. The unexpectedly encouraging US housing market report coupled with easing Euro-zone debt woes boosted sentiments across the globe. Back home, BSE's -- Sensex -- and NSE's -- Nifty -- were trading comfortably over their crucial 15,350 and 4,600 mark respectively, led by financial stocks on the back of a fresh spell of buying by funds and retail investors influenced by a firming trend in global markets. On the sectoral front, banking, metal and power remained the top gainers while, there was no loser on the index. The broader indices too were trading with the decent gains. The market breadth on the BSE was positive; there were 1,116 shares on the gaining side against 433 shares on the losing side while 56 shares remained unchanged.
The BSE Sensex opened at 15,487.75; about 313 points higher compared to its previous closing of 15,175.08, and has touched a high and a low of 15,495.18 and 15,378.37 respectively.
The index is currently trading at 15,394.03, up by 218.95 points or 1.44%. There were 27 stocks advancing against just 3 declines on the index.
The overall market breadth has made a strong start with 69.53% stocks advancing against 26.98% declines. The broader indices too were trading in the green; the BSE Mid cap and Small cap indices surged 1.28% and 1.10% respectively.
The top gaining sectoral indices on the BSE were, Bankex up by 1.95%, Metal up by 1.87%, Power up by 1.61%, Realty up by 1.59% and CD was up by 1.46%. While, there were no losers on the index.
The top gainers on the Sensex were ICICI Bank up by 3.24%, Hindalco up by 2.64%, BHEL up by 2.60%, Sterlite Industries up by 2.55% and Jindal Steel was up by 2.26%.
On the flip side, Hero MotoCorp down by 1.47%, Sun Pharma down by 0.73% and JP Associates down by 0.09% were the only losers on the Sensex.
Meanwhile, Indian Pharmaceutical exporters are facing tough competition especially in Bulk drugs sector in international markets from China said Minister of State (MoS) for Commerce and Industry, Jyotiraditya Scindia in a written reply in Lok Sabha. According to the UN Comtrade data, Indian exporters exported $1034.04 million worth of Bulk drugs in the year 2010 against China's $6040.26 million in the same period. While the Brazil remained a distant third in the Bulk drug exports with $82.27 million worth of exports in 2010.
Further, Indian exporters exported $6093.22 million worth of Formulations in the year 2010 being the leading exporter in the sector among the BRIC nations which includes Brazil, Russia, China and itself. However, China's Formulations exports continued to rise at a brisk pace as it grew by over 31% to $4461.17 million in 2010 from $3397.26 million in 2009. Meanwhile, India is also facing competition from Brazilian companies in Latin American Countries.
Jyotiraditya Scindia also said that government has prepared strategies to achieve an export target of $25 billion in pharma sector by 2013-14 despite facing a stiff competition from China and Brazil. All three countries -- India, China and Brazil -- are members of the four-nation bloc of emerging economies called BRIC with R standing for Russia.
The minister of state also said that as per extant FDI policy, FDI, up to 100% under the automatic route, is permitted for Greenfield investments in the pharmaceuticals sector, while FDI, up to 100%, is permitted for brown field investments (i.e. investments in existing companies), in the pharmaceuticals sector, under the Government approval route.

The S&P CNX Nifty opened at 4,636.45; about 92 points higher compared to its previous closing of 4,544.20, and has touched a high and a low of 4,641.30 and 4,603.60 respectively.

The index is currently trading at 4,610.85, higher by 66.65 points or 1.47%. There were 43 stocks advancing against 7 declines on the index.
The top gainers of the Nifty were ICICI Bank up by 3.16%, Siemens up by 2.82%, Hindalco up by 2.73%, BHEL up by 2.65% and Sterlite Industries up by 2.61%.
On the flip side, Reliance Power down by 2.13%, Ranbaxy down by 1.76%, Hero MotoCorp down by 1.43%, Sun Pharma down by 0.87% and JP Associates down by 0.56%, were the major losers on the index.
All the Asian equity indices were trading in the green; Shanghai Composite was up 5.21 points or 0.24% to 2,221.14, Hang Seng was up 288.46 points or 1.60% to 18,368.66, Jakarta Composite was up 31.50 points or 0.84% to 3,783.84, Nikkei 225 was up 107.61 points or 1.29% to 8,444.09, Straits Times was up 40.98 points or 1.57% to 2,655.43, Seoul Composite was up 55.70 points or 3.11% to 1,848.76 and Taiwan Weighted was up 282.38 points or 4.24% to 6,945.02.