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Sensex Opens Lower; Automobile Stocks Drag
Mon, 11 Feb 09:30 am | Rini Mehta, TM Team

Asian stock markets started the week on the backfoot today as worries about global growth, US politics and the ongoing Sino-US tariff war kept investors cautious. Meanwhile, the benchmark S&P 500 index and the Nasdaq edged upward to snap a two-day losing streak on Friday as positive corporate results offset lingering skepticism over the United States and China reaching a trade deal before the March 1 deadline.

Back home, India share markets opened lower. The BSE Sensex is trading down by 141 points while the NSE Nifty is trading down by 50 points. Both, BSE Mid Cap index and BSE Small Cap index opened down by 0.4%.

All sectoral indices are witnessing selling pressure in the opening session with automobiles stocks and capital goods stocks leading the losers.

The rupee is currently trading at Rs 71.16 against the US$.

In the latest development, Foreign investors have infused close to Rs 53 billion in the Indian equity markets in the last six trading sessions, mainly on expectations of higher economic growth.

This comes following a pullout of Rs 52.6 billion by foreign portfolio investors (FPIs) in January.

Prior to that, they had put in Rs 58.8 billion in the stock markets during November-December 2018.

According to data available with depositories, FPIs put in a net amount of Rs 52.7 billion in equities during February 1-8. However, they pulled out a net sum of Rs 28 billion from the debt market during the period under review.

Indian equities have had a tough time in the past one year. With elections around the corner, volatility in the markets has been on a constant rise.

Till date in FY18-19, foreign investors have pulled out around Rs 515 billion from the Indian equity market.

In the past, such panic would have meant the domestic investor would have followed suit.

That hasn't happened this time.

Domestic investors have shown surprising resiliency to the market's volatility.

The month-wise SIP in FY18-19 has seen a constant rise.

Also, close to 1 million new SIP accounts have been added during FY18-19 according to AMFI.

Rising Retail Particpation Even In A Falling Market

The days of knee-jerk panic withdrawals by individual investors are slowly but surely reducing. If they ride out this volatility, they will see the benefit of the cycle turning in their favor.

That will mark a significant change in the mindset of the retail investor for the long term.

Moving on to the news from pharma sector. Lupin on 9 February said it got two observations from US drug regulator for its crucial Goa manufacturing site, which is under warning letter.

The inspection was carried out between 28 January to 8 February 2019. At the end of every inspection, the USFDA issues its observations on any deviations from current good manufacturing practices (cGMP) on Form 483.

Lupin's Goa site, along with Unit 2 manufacturing plant in Pithampur, Indore are under USFDA's warning letter since November 2017.

Towards the end of last month Unit 2 plant in Pithampur received six observations from USFDA.

The US drug regulator, after inspecting the two sites in 2017, and expressed concerns over quality control procedures that include handling of out-of-specification (OOS) results and conducting hold-time studies.

Lupin completed an extensive remediation at both of its plants and invited the USFDA for re-inspection.

In another development, Dr. Reddy's Laboratories in its filing to the exchanges informed that the US Food and Drug Administration (USFDA) has issued form 483 with 11 observations for its manufacturing facility in Hyderabad.

Observations have been issued after the audit of formulations Manufacturing Plant-3 at Bachupally, the reports noted.

Lupin share price opened the day down by 0.7%, while Dr. Reddy's share price opened down by 3.1%.

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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Stock Market Updates

RELIANCE INFRA Plunges by 6%; BSE POWER Index Up 0.4% (Today's Market)

Aug 19, 2019 12:32 PM

RELIANCE INFRA share price has plunged by 6% and its current market price is Rs 47. The BSE POWER is up by 0.4%. The top gainers in the BSE POWER Index are JSW ENERGY (up 1.7%) and ADANI POWER (up 1.7%). The top losers is RELIANCE INFRA (down 5.5%).

SHANKARA BUILDING PRODUCTS LTD Surges by 5%; BSE REALTY Index Up 1.1% (Today's Market)

Aug 19, 2019 12:30 PM

SHANKARA BUILDING PRODUCTS LTD share price has surged by 5% and its current market price is Rs 270. The BSE REALTY is up by 1.1%. The top gainers in the BSE REALTY Index are SHANKARA BUILDING PRODUCTS LTD (up 5.0%) and PRESTIGE ESTATES (up 6.2%). The top losers are OMAXE LTD (down 0.2%) and INDIABULLS REAL EST (down 2.6%).

THYROCARE TECHNOLOGIES Surges by 7%; BSE HEALTHCARE Index Up 1.4% (Today's Market)

Aug 19, 2019 12:28 PM

THYROCARE TECHNOLOGIES share price has surged by 7% and its current market price is Rs 471. The BSE HEALTHCARE is up by 1.4%. The top gainers in the BSE HEALTHCARE Index is THYROCARE TECHNOLOGIES (up 6.8%). The top losers are IPCA LABS (down 0.1%) and SYNGENE INTERNATIONAL (down 0.1%).

MINDA CORPORATION Plunges by 5%; BSE 500 Index Up 0.7% (Today's Market)

Aug 19, 2019 12:06 PM

MINDA CORPORATION share price has plunged by 5% and its current market price is Rs 83. The BSE 500 is up by 0.7%. The top gainers in the BSE 500 Index are FORCE MOTORS (up 14.1%) and IDBI BANK (up 9.3%). The top losers is MINDA CORPORATION (down 5.2%).

VODAFONE IDEA Plunges by 5%; BSE 500 Index Up 0.7% (Today's Market)

Aug 19, 2019 11:54 AM

VODAFONE IDEA share price has plunged by 5% and its current market price is Rs 6. The BSE 500 is up by 0.7%. The top gainers in the BSE 500 Index are FORCE MOTORS (up 14.4%) and IDBI BANK (up 9.5%). The top losers is VODAFONE IDEA (down 5.1%).

Sensex Opens Higher; Sun pharma and L&T Top Gainers (Today's Market)

Aug 19, 2019 09:30 am

Indian share markets open in green. The BSE Sensex opened up by 246 points, while the Nifty is trading up by 74 points.

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Aug 19, 2019 12:33 PM