Indian Share Markets Open Flat on New Year; Automobiles & IT Stocks Lose

Tue, 1 Jan 09:30 am

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Asian stock markets finished mixed on Monday. The Hang Seng gained 1.3% and the Shanghai Composite rose 0.4%. The Nikkei 225 lost 0.3%. Meanwhile, Wall Street advanced in low-volume trading on Monday as revelers gathered to ring in 2019, marking the end of the worst year for US stocks since 2008, the height of the financial crisis.

Back home, India share markets opened flat with a negative bias. The BSE Sensex is trading down by 63 points while the NSE Nifty is trading down by 2 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed with consumer durables stocks and FMCG stocks witnessing maximum buying interest. While, automobiles stocks and IT stocks opened the day in red.

Note that, Sensex closed at 36,068 yesterday.

A year ago, on the last trading day of 2017, the Sensex had closed at 34,057.

That's a 6% gain for the Sensex in 2018.

For equities, that's not a good enough return. Your money could have done better parked in fixed deposits.

The Story of Sensex 2018

Most investors have seen their investments diminish in value during the year.

In fact, the total market value of all listed companies on the BSE declined 5% to Rs 144.1 trillion from Rs 151.7 trillion at the end of 2017.

In other words, wealth worth Rs 7.6 trillion, which is more than the market cap of Tata Consultancy Services or Reliance Industries, was wiped out during the year.

Now, as the year 2018 ends, in the latest edition of our stock market podcast, we talk about the investment strategy for 2019 and Richa Agarwal's 4 small cap stocks that we need to watch out for. Listen in to find out. Just visit SoundCloud, iTunes or Stitcher.

Meanwhile, the rupee is currently trading at Rs 69.56 against the US$.

Indian rupee closed stronger on Monday following gains in its Asian peers but remained worst performer in Asia for 2018 in eight years.

The currency closed at 69.77 a dollar, up 0.2% from previous close. It opened at 69.79. The 10-year gilt yield closed at 7.369% from its previous close of 7.385%. Bond yields and prices move in opposite directions.

So far this year, the rupee was Asia's biggest depreciated currency, down nearly 8.5%.

Last time the home currency was weakest in Asia in 2011, down by nearly 15.8%.

Foreign investors have pulled out over US$11 billion from local equity and debt market, year to date.

Since start of 2011 till date, the rupee has depreciated 36% and has been weakening every year, except 2017. The rupee appreciated nearly 6.3% in 2017, its biggest yearly jump since 2007.

The depreciation in the rupee is more or less in line with the trend across emerging market currencies. Most emerging market currencies have depreciated over the eight-year period between 2011 and 2018 end.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Lupin has received approval for its Clobazam Oral Suspension, 2.5 mg/mL from the United States Food and Drug Administration (FDA).

The approval has been granted to market a generic version of Lundbeck Pharmaceuticals LLC's Onfi Oral Suspension, 2.5 mg/ml.

It is indicated for adjunctive treatment of seizures associated with Lennox-Gastaut Syndrome (LGS) in patients two years of age or older.

Clobazam Oral Suspension, 2.5 mg/mL had annual sales of approximately US$260.2 million in the US, as per IQVIA MAT September 2018.

To know more about the company, you can access to Lupin's Q2FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

Lupin share price opened the day up by 0.3%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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