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Sensex Ends 218 Points Lower; Tata Steel & Tata Motors Top Losers
Mon, 16 Jul Closing | Rini Mehta, TM Team

Indian share markets ended lower in the final hour of the trade. At the closing bell, the BSE Sensex finished lower by 218 points and the NSE Nifty finished down by 82 points. Meanwhile, the S&P BSE Midcap Index ended down by 1% while S&P BSE Small Cap Index ended down by 1.3%.

All sectoral indices ended the day in red with metal stocks and healthcare stocks leading the losses.

Globally, Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.9% and the Hang Seng rose 0.1%. The Shanghai Composite lost 0.8%. European markets are mixed today. The CAC 40 is up 0.4% while the DAX gains 0.2%. The FTSE 100 is off 0.3%.

The rupee was trading at Rs 68.59 against the US$ in the afternoon session.

In the news from the pharma sector. Dr. Reddy's Lab share price slipped over 10% today after the New Jersey District Court converted a temporary injunction into a preliminary injunction against the company.

This prevents the company from launching generic Suboxone in the US market until patent litigation related to US Patent No. 9,931,305 is concluded.

Dr Reddy's announced its intent to appeal the decision made by the US District Court for the District of New Jersey in a preliminary injunction hearing with respect to further sales and commercialization of the company's Buprenorphine and Naloxone Sublingual Film within the United States.

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Dr. Reddy's had announced the receipt of the approval, on 15 June 2018 by one of its wholly owned subsidiaries, from the US Food and Drug Administration (USFDA) for its Buprenorphine and Naloxone Sublingual Film, 2 mg/0.5 mg, 4 mg/1 mg, 8 mg/2 mg, and 12 mg/3 mg.

It is a therapeutic equivalent generic version of Suboxone (buprenorphine and naloxone) sublingual film, in the United States market.

With sales of around US$1.9 billion annually, Suboxone was one of the key near-term launches lined up by Dr. Reddy's this year with other products being generic NuvaRing and generic Copaxone among others.

Moving on to the news from the economy. Staying in positive territory for the third consecutive month, India's merchandise exports grew by 17.6% to US$27.7 billion in June 2018, on the back of healthy growth in sectors such as petroleum and chemicals.

However, the overall trade deficit widened to US$16.6 billion during the month under review as against US$13 billion in June 2017, the highest in nearly 43 months.

The trade deficit during April- June 2017-18, was US$44.9 billion as against US$40.1 billion in the same period last year.

As per the data released by the Commerce Ministry, exports increased by 17.6% to US$27.70 billion in June 2018, as compared to US$23.6 billion in the same month a year ago. In Rupee terms, it was up by 23.7% to Rs 1878 billion in June 2018, from Rs 1518.4 billion in June 2017.

Non-petroleum and Non-Gems & Jewellery exports in June 2018 were valued at US$20.1 billion as against US$17.5 billion in June 2017, an increase of 15.1%. Non-petroleum and Non-Gems and Jewellery exports during April-June 2018-19 were valued at US$59.9 billion as compared to US$52.7 billion for the corresponding period in 2016-17, an increase of 13.56%.

Imports during June 2018, increased by 21.3% to US$44.3 billion as compared to US$36.5 billion in June 2017, while in rupee terms it was up by 27.6% to Rs 3003.5 billion from Rs 2353.6 billion in June 2017.

Oil imports during June 2018 were valued at US$12.7 billion which was 56.6% higher than oil imports valued at US$8.1 billion in June 2017.

Oil imports during April-June 2018-19 were valued at US$34.6 billion which was 49.4% higher than the oil imports of US$23.18 billion in the corresponding period last year.

Non-oil imports during June 2018 were estimated at US$31.6 billion which was 11.2% higher than non-oil imports of US$28.4 billion in June 2017. Non-oil imports during April- June 2018-19 were valued at US$92.8 billion which was 4.1% higher than the level of such imports valued at US$89.1 billion in April-June, 2017-18.

Note that, the one big thing that worked for the Modi government when it came into power was low oil prices.

The Real Culprit for India's Rising Deficit

Given that India largely imports most of the oil it consumes, lower prices meant the trade deficit was kept in check.

Fast forward to today...oil prices have been rising.

So has the trade deficit. But can this be entirely attributed to rising crude prices? Not really, if an article in Livemint is to be believed.

You see, oil prices have inched up in FY18. But they are still not as high as they were in FY14.

Yet, in FY14, the trade deficit was barely anything. Whereas in FY18, India is staring at a trade deficit of around US$ 53 billion.

Gold is not the culprit either. Gold imports peaked in FY12, after which they fell and have been at moderate levels.

So it's the non-oil, non-gold deficit that is the big problem today.

You may be aware, dear reader, India's export growth in the last four years has been poor. Meanwhile, imports have risen.

We seem to be staring at a structural problem. While consumption has been a big driver of GDP growth, investments in the economy have not picked up.

This is a crucial issue that must be addressed in the long-term.

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 COMMUNICATIONS Plunges by 11%; BSE 500 Index Down 0.5% (Today's Market)

Aug 16, 2018 02:49 PM

RELIANCE COMMUNICATIONS share price has plunged by 11% and its current market price is Rs 21. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are TAMIL NADU NEWSPRINT (up 11.3%) and HOUSING DEV. INFRA (up 11.2%). The top losers is RELIANCE COMMUNICATIONS (down 10.6%)..

VAKRANGEE LTD. Surges by 10%; BSE IT Index Up 0.8% (Today's Market)

Aug 16, 2018 02:40 PM

VAKRANGEE LTD. share price has surged by 10% and its current market price is Rs 46. The BSE IT is up by 0.8%. The top gainers in the BSE IT Index are VAKRANGEE LTD. (up 10.0%) and ZENSAR TECHNOLOGIES (up 11.9%). The top losers are PERSISTENT SYSTEMS (down 0.2%) and TECH MAHINDRA (down 0.7%).

INFOSYS LTD at All Time High; BSE IT Index Up 0.8% (Today's Market)

Aug 16, 2018 02:40 PM

INFOSYS LTD share price has hit an all time high at Rs 1,435 (up 1.4%). The BSE IT Index is up by 0.8%. Among the top gainers in the BSE IT Index today are INFOSYS LTD (up 1.4%) and ORACLE FINANCIAL SERVICES . The top losers include TAKE SOLUTIONS (down 0.1%) and PERSISTENT SYSTEMS (down 0.2%).

PFIZER at All Time High; BSE HEALTHCARE Index Up 0.9% (Today's Market)

Aug 16, 2018 02:12 PM

PFIZER share price has hit an all time high at Rs 3,056 (up 4.6%). The BSE HEALTHCARE Index is up by 0.9%. Among the top gainers in the BSE HEALTHCARE Index today are PFIZER (up 4.6%) and ABBOTT INDIA (up 0.2%). The top losers include NATCO PHARMA (down 0.1%) and CAPLIN POINT (down 0.1%).

SONATA SOFTWARE Surges by 12%; BSE IT Index Up 0.8% (Today's Market)

Aug 16, 2018 02:06 PM

SONATA SOFTWARE share price has surged by 12% and its current market price is Rs 367. The BSE IT is up by 0.8%. The top gainers in the BSE IT Index are SONATA SOFTWARE (up 11.8%) and ZENSAR TECHNOLOGIES (up 11.1%). The top losers are TATA ELXSI (down 0.1%) and HCL TECH. (down 0.1%).

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