FMCG Stocks Lead the Losses

Thu, 19 May 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the capital goods, FMCG and telecom sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 142 (down 0.6%) and the NSE Nifty is trading down by 40 points (down 0.5%). The BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading flat. Gold price, per 10 grams, is trading at Rs 29,715 levels. Silver price, per kilogram, is trading at Rs 40,185 levels. Crude oil is trading at Rs 3,229 per barrel.

The Indian rupee breached the 67 mark against the US dollar today. At the time of writing, the rupee was trading at Rs 67.24 to the US dollar.

The rupee has been witnessing selling pressure against the dollar since a couple of days recently. This was seen on the back of appreciation in the US dollar overseas amid foreign fund outflows. The US dollar has gained ground after the minutes of the Federal Reserve showed that the central bank is bullish about a possible interest rate hike in June. Apart from this, firm demand for the dollar from importers and banks coupled with a weak equity market also weighed on the rupee. One of the articles from the Vivek Kaul's Diary offers some points on how the dollar has remained dominant as against other currencies.

The depreciation in rupee witnessed today is recorded as the 11th out 14 sessions when the rupee was trading lower.

One shall note that a fall in the rupee can mess up the entire structure of the Indian economy. The government shall make some policy changes in order to stop the witnessed fall. It needs to work on improving the country's exports growth. Also, the government should control the deficit problems and revive the investment scenario in the country. As far as the Reserve Bank of India (RBI) is concerned, it needs to play the role of minimising extreme volatility in currency rates.

On the other hand, a weak rupee ensures that the country's exports remain competitive in the world market even as the RBI continues its fight against lower inflation.

To keep a regular tab on the movements in USD/INR, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

Stocks in the pharma space are trading on a mixed note with Piramal Enterprises and Dishman Pharma leading the gains. In another news update it was reported that Glenmark Pharmaceuticals has received final approval from the US health regulator US Food and Drug Administration (US FDA) to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome.

The approval is granted for the tablets in 200 mg and 400 mg strengths. It was noted that with respect to 180-day generic drug exclusivity, Glenmark Pharmaceuticals was one of the first Abbreviated New Drug Application (ANDA) applicants to submit a substantially complete ANDA for Rufinamide Tablets, 200 mg and 400 mg, with a paragraph IV certification. Hence, with the above approval, the company is eligible for 180 days of shared generic drug exclusivity for Rufinamide Tablets USP, 200 mg and 400 mg.

Rufinamide is a therapeutic equivalent of Banzel tablets of Eisai. Quoting IMS Health sales data for the 12 months to March 2016, Glenmark said Banzel tablets achieved annual sales of around US$155 million.

Glenmark Pharmaceutical's current portfolio consists of 113 products authorized for distribution in the US marketplace and 63 ANDA's pending approval with the USFDA. Presently the stock of the company is trading up by 1.5%.

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