Indian Indices Continue Downtrend, Foreign Investors Back in Action and Other Top Stocks in Focus Today

Tue, 12 Feb Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day in red after a volatile day of trading.

The BSE Sensex closed lower by 151 points to end the day at 36,395. While the broader NSE Nifty ended the day down by 55 points to end at 10,889.

Among BSE sectoral indices, pharma stocks fell the most by 1.9%, followed by energy stocks at 1.5%. ONGC and Mahindra & Mahindra. were among the top losers.

Top Stocks in Action Today

Glenmark Pharma share price is likely to be in focus as the company's subsidiary, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Sevelamer Hydrochloride Tablets, 400 mg and 800 mg.

According to sales data for the 12-month period ending December 2018, the Renagel Tablets, 400 mg and 800 mg market achieved annual sales of approximately $102.1 million.

Lupin share price will be in focus today on as the company 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.

Foreign Investors Back in Action

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.

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.

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