Sensex Opens Lower; Metal and Automobiles Stocks Under Pressure

Fri, 22 May 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.9% while the Hang Seng is down 3.4%. The Nikkei 225 is trading down by 0.4%. Wall Street ended lower on Thursday, a day after hitting two-month highs, on a fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world's two largest economies.

Back home, India share markets opened lower. The BSE Sensex is trading down by 124 points while the NSE Nifty is trading down by 45 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.3% respectively.

Sectoral indices are trading mixed with energy stocks and realty stocks witnessing buying interest. Automobiles stocks and metal stocks are trading in the red.

Moving on, gold prices are currently trading down 1.6% at Rs 46,388.

The rupee is currently trading at 75.60 against the US$.

In the news from the oil & gas space. Oil prices were on the rise today, heading for a fourth straight week of gains, amid more evidence that fuel demand is recovering as countries ease business and social restrictions that were imposed to counter the coronavirus pandemic.

Brent crude was up 0.4%, at US$36.20 a barrel, after gaining nearly 1% on Thursday.

West Texas Intermediate crude was up 0.2%, at US$33.97 a barrel, having gained more than 1% in the last session.

Note that last month, crude oil futures crashed and briefly went to negative prices, implying that investors would need to pay buyers to take delivery of crude oil amid dwindling storage space.

What effects crude oil prices have on Indian stocks markets and the Indian economy remains to be seen. Meanwhile we will keep you updated on the latest developments from this space.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Dr Reddy's Labs has received Establishment Inspection Report (EIR) from USFDA for its formulations manufacturing plant-3 at Bachupally, Hyderabad, indicating closure of the audit.

The EIR implies closure of the audit and the unit had received a form 483 with one observation in February.

Meanwhile, the company reported a more than 71% increase in consolidated net profit for the quarter ended March on the back of improved showing in the key global generics business, a turnaround in Europe market and new launches in North America.

Total revenue from operations was more than 10% higher.

New launches, scale up of existing products and a favorable forex rate, which was partially offset by price erosion, helped the growth in the North America generic market.

Volumes were higher partially due to COVID-19 related stocking up. During the quarter, the company had launched five new products.

Dr. Reddy's share price opened down by 0.2%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

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