Sensex opens 100 pts up, Sun Pharma surges 9% on strong Q1

The Indian markets opened in the green today

The BSE Sensex opened at 18890.68, up 0.54 percent while the Nifty opened at 5589.45, up 0.43 percent.

Globally, Japanese shares fell to a six-week low on Monday and the yen strengthened after data showed Japan's economy grew at a slower-than-expected pace in April-June, triggering investors to pare back some of their risk exposure.

[caption id="attachment_1025945" align="alignright" width="380"] Reuters[/caption]

The rupee opened stronger by 40 paise at 60.48 against dollar today. The RBI announced new measures on Thursday to drain cash from the financial system in a bid to address volatility in currency markets, after a slew of steps announced last month failed to prop up the battered rupee.

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Meanwhile, India is expected to report a second straight contraction in industrial production in June, underscoring the challenge for policymakers to stabilise the battered rupee without hurting economic revival.

Stocks in news:

Sun Pharma is the biggest gainer on the BSE Sensex, trading at 9.07 percentafter the drugmaker's April-June earnings were seen as positive after factoring out a provisioning charge to settle a patent suit.

Sun, India's top drugmaker by market value, reported on Friday a net loss of Rs 1276 crore ($209.64 million)for the June quarter, due to the provision.

Ranbaxy Labs opened 0.36 percent up after its Q2 net loss stood in-line with estimates at Rs 524 crore and margins slipped to 7.4 percent.

Tata Motors is up 0.3 percent as UK subsidiary Jaguar Land Rover's Q1 numbers are strong but domestic business remains weak. The company has also announced that JLR is considering a major expansion plan at its UK factory which could create as many as 1,000 jobs.

Kingfisher Airlines is down 4 percent. KFA'sheadquarters in Mumbai has been taken over by its lenders after the beleaguered airline company failed to pay up its bank dues. KFA is required to pay Rs 6,027 crore along with interest.

State Bank of India is down 2.56 percent.SBI will announce its first quarter (April-June, FY14) earnings today. The country's largest lender is expected to report a fall of 5 percent, year-on-year (YoY), in its first quarter (April-June) net profit to Rs 3,565 crore.