Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Railway budget drags indices lower
Tue, 8 Jul Closing

The railway budget failed to live up to the market expectations and dragged down the Indian equity markets. Profit booking was seen across index heavyweights since the start of the trading session today. Selling activity intensified during the final hour of trade with the markets closing the day deep in the red. The BSE-Sensex ended lower by 518 points while the NSE-Nifty closed lower by 164 points. Small and mid cap indices too witnessed selling pressures. The BSE Mid Cap and BSE Small Cap indices closed down by 3.63% and 4.19 % respectively. Subsequently, all the sectoral indices were out of favour with realty and power sector stocks being among the top underperformers.

As regards to global markets, Asian indices closed on a mixed note, while European indices opened weak. The rupee was trading at Rs 59.85 to the dollar at the time of writing.

The rail budget was tabled in the parliament today. Expectations were high on big bang modernization and reform schemes. While the budget did not completely disappoint on that front, it was not out rightly impressive either. Here are the key highlights. The focus of the budget was on increasing amenities, cleanliness and comfort for passengers. Investments were also given due attention as the railway minister touched upon issues pertaining to golden quadrilateral and PPP projects. Announcements pertaining to bullet trains was also made. There was also a proposal to restructure the railway board and mention of FDI in railway projects. The latter could be a game changer as the Indian Railway is starving of finance. In short, the budget focused on upgradation and modernization and had no sops for the aam aadmi. While this was a departure from what the previous budgets have been it would be interesting to see how the new government would be able to turnaround the fortunes of railways with its newly laid out policies.

Majority of the Indian pharma stocks ended the day on a weak note with Wockhardt Ltd and Orchid Chemicals being the leading losers. Glenmark pharmaceuticals announced that it received approval from the USFDA for telmisartan tablets. The said drug is generic version of Boehringer Ingelheim's Micardis. Telmisartan is indicated for the treatment of hypertension. The company has received approval for three strengths viz; 20 mg,40 mg and 80 mg tablets. The market size of the said drug is US$ 250m. Other than Glenmark, the only other company that holds the approval is Watson. Thus, there is a likelihood of Glenmark launching the drug under low competition. Among the two patents listed in orange book, one is already expired in Jan 2014, while the another one will expire in 2020. Thus timing of Glenmark's launch remains uncertain for now. The stock of Glenmark closed lower by 3% today.

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

Read the latest Market Commentary


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Railway budget drags indices lower". Click here!

  

Related Views on News

GLENMARK PHARMA Announces Quarterly Results (1QFY21); Net Profit Up 132.5% (Quarterly Result Update)

Sep 1, 2020 | Updated on Sep 1, 2020

For the quarter ended June 2020, GLENMARK PHARMA has posted a net profit of Rs 3 bn (up 132.5% YoY). Sales on the other hand came in at Rs 23 bn (up 0.9% YoY). Read on for a complete analysis of GLENMARK PHARMA's quarterly results.

GLENMARK PHARMA Announces Quarterly Results (3QFY20); Net Profit Up 64.0% (Quarterly Result Update)

Feb 19, 2020 | Updated on Feb 19, 2020

For the quarter ended December 2019, GLENMARK PHARMA has posted a net profit of Rs 2 bn (up 64.0% YoY). Sales on the other hand came in at Rs 27 bn (up 7.1% YoY). Read on for a complete analysis of GLENMARK PHARMA's quarterly results.

GLENMARK PHARMA 2018-19 Annual Report Analysis (Annual Result Update)

Sep 5, 2019 | Updated on Sep 5, 2019

Here's an analysis of the annual report of GLENMARK PHARMA for 2018-19. It includes a full income statement, balance sheet and cash flow analysis of GLENMARK PHARMA. Also includes updates on the valuation of GLENMARK PHARMA.

More Views on News

Most Popular

Intraday Trading for a Living (Fast Profits Daily)

Feb 15, 2021

In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.

Penny Stock Master Series: The Quest for 10X Profits in 10 Years (Profit Hunter)

Feb 12, 2021

This is first of the three part master series. In these editorials, I'll show you how to earn 10X returns from a penny stock portfolio over 10 years.

Top 5 Stocks Mutual Funds Bought and Sold in January 2021 (Sector Info)

Feb 16, 2021

A look at what India's top equity mutual funds bought and sold in January 2021.

I Would Recommend this Small-cap Stock Over Tesla (Profit Hunter)

Feb 16, 2021

Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.

More

India's #1 Trader
Reveals His Secrets

Secret To Increasing Your Trading Profits Today
Get this Special Report,
The Secret to Increasing Your Trading Profits Today, Now!
We will never sell or rent your email id.
Please read our Terms

5-YR ANALYSIS

COMPARE COMPANY

MARKET STATS