08 Feb 11.10 AM: Indices decline on global weakness; Cipla soars

08 February 2006

The weak closing by US indices yesterday is having a negative impact on most stock markets across Asia. The decline in crude prices is not helping the sentiment as most markets are struggling to hold on.

Even then, the Sensex opened the day marginally higher before declining. The index lost more than 100 points in early trades and went well below the 10000 mark before recovering. The index is trading lower by 76 points at 10006 at 11.10 AM.

The Nifty opened at 3018 and saw a low of 2985. The index is trading at 3001, lower by 19 points.

Cipla soared after a relatively modest opening. No major corporate development concerning the company has been reported so far. The stock is trading with gains of nearly 7.5 per cent.

The rally in Cipla is helping Ranbaxy as well, which is trading with gains of nearly 2 per cent. There are some unconfirmed reports that Ranbaxy has now emerged as the front runner to acquire Betapharm of Germany.