Friday September 21, 10:30 AM
Subdued start... |
|
By Equitymaster.com
Markets have opened the day's proceedings on subdued note as 50% of the stocks on the Nifty are trading in the red. While software, pharma, banking and cement stocks are trading weak, buying is being witnessed in engineering and energy stocks. The BSE midcap index is up 1%.
The BSE Sensex is trading at 16,343 (down 5 points) while the NSE Nifty is trading at 4,747 (no change). The rupee is trading at 39.69 to the dollar.
As per a leading business daily, Ranbaxy has suffered a setback as its project collaborator and sponsor, Medicines for Malaria Venture (MMV), a World Health Organization (WHO) agency, has decided to end the joint anti-malarial drug research project. MMV is a Geneva-based international agency that aims to develop new drugs for malaria. Ranbaxy has been working on this anti-malaria research project since 2003 in collaboration with the WHO body to develop a synthetic version of the Chinese malaria herbal drug, Artemisinin. For Ranbaxy, it was the leading project in its new-drug discovery research. MMV had financed the bulk of the anti-malarial project cost. However, the company is planning to continue with the project on its own. The end of the deal could possibly affect the launch of the product going forward. The stock, along with Cipla (CIPL.BO, news) , is trading flat.
In the US markets, worries about the high oil prices and long term effect of the mortgage markets led to the stocks trading in the red. All the three indices, the Dow Jones, the S&P and the tech laden NASDAQ ended marginally down. The oil prices rose to settle at US$ 83.3 per barrel. As regards global markets, while the European indices ended in the red yesterday, the Asian indices are witnessing a mixed trend currently.
|
