Sensex Opens Flat, Positive; Glenmark Up 7%

Following a 200-point fall yesterday, the Indian markets have opened on a flat, positive note this morning. The Sensex and Nifty are trading  marginally higher by 0.11% and 0.05% respectively. The RBI's policy announcement to keep the repo rate unchanged has kept investor sentiments weak today as well.

Among the sectors, all the indices except for Capital Goods are trading in the green. Pharma, Auto and Tech are in leading gains of  1.39%, 0.93% and 0.67% respectively. Consumer Durables, IT, Metals and PSUs are also higher in the range of 0.08%-0.65%.

The other Asian indices are trading on a mixed note. Hang Seng and Nikkei are up by 0.42% and 1.41% respectively, while Shanghai is lower by 0.24%. The Japanese market is trading higher on the back of the stimulus move announced by Bank of Japan yesterday. Investors in Hong Kong reacted to the better-than-expected earning numbers from large Chinese state-owned companies.

Of the Sensex shares, Pharma stocks are looking up. Counters like Cipla, Dr Reddy's Labs and Sun Pharma are in gains of 1.49%, 2.34% and 0.72% respectively. Bajaj Auto, Bharti Airtel, Hindalco Industries and Maruti Suzuki are also trading positive in the range of 0.62%-2.10%. BHEL, L&T and HUL are among the major losers, down in the range of 0.81%-0.92%.

In individual stocks, Glenmark rose by 7.11% to Rs 422.50 post the company's results announcement for the Sept 2012 quarter. The net profit of the company was up by 300% on a YoY basis to Rs 157 crore.

TV Today Network is up by 3.89% to Rs 76.05 after the news that the AV Birla Group may take a 51% stake in Living Media, which in turn owns a 57.46% stake in TV Today Network.

The market breadth, which indicates the overall health of the market, is positive as of now. On the BSE, 1066 shares have advanced, 868 shares have declined and 95 shares are unchanged.