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Sensex Opens Over 280 Points Down; Realty Stocks Slump
Mon, 22 Jul 09:30 am | Rini Mehta, TM Team

Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.3% while the Hang Seng is down 0.7%. The Shanghai Composite is trading down by 0.6%. Wall Street's main indices fell on Friday following a report that the Federal Reserve plans to cut interest rates by only a quarter-percentage point at the end of the month.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading down by 289 points while the NSE Nifty is trading down by 95 points. Both, the BSE Mid Cap index and BSE Small Cap index opened down by 0.9%.

All sectoral indices have opened the day in red with realty stocks, bank stocks and consumer durables stocks witnessing maximum selling pressure.

Last Time: Watch the Re-Airing of our 'One Stock Crorepati' Mega Summit

The rupee is currently trading at 69.04 against the US$.

In the news from the economy. After touching record highs, the foreign exchange reserves declined by US$ 1.1 billion to US$ 428.8 billion in the week to July 12, the first fall after four consecutive weeks of gains. This came on the back of a fall in foreign currency assets.

In the previous reporting week, the reserves had surged by US$ 2.2 billion to scale a new life-time high of US$ 429.9 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, slipped by US$ 1.1 billion to USD 399.7 billion, the central bank said Friday.

Stock Alert: Our Top 5 Stocks to Buy Now

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Special drawing rights with the International Monetary Fund fell by US$ 1.2 million to US$ 1.5 billion. The country's reserve position with the fund also declined by US$ 1.5 million to US$ 3.3 billion.

Despite ongoing massive rally in gold prices, the country's gold reserves remained unchanged at US$ 24.3 billion, according to the central bank data.

Both gold and silver prices have surged this week in India, reflecting a firming global trend. Watch Vijay Bhambwani talk about investing opportunities in gold.

Speaking of stock markets and gold, gold has always been a staple investment for Indian households.

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There are various opinions on what proportion of the portfolio could be allocated to the yellow metal.

Stocks versus Gold Over Past 5 Years

Stocks versus Gold Over Past 5 Years

Here's what co-head of research at Equitymaster, Tanushree Banerjee wrote in one of the edition of The 5 Minute WrapUp:

  • "The magical metal will be no match for the Indian mettle over the next decade.

    So, by all means buy some gold for inflation hedge.

    But don't lose sight of the Rebirth of India opportunity."

Moving on to the news from the pharma sector. As per an article in a leading financial daily, the USFDA conducted a routine cGMP inspection at Cipla's API manufacturing facility in Virgonangar, Bengaluru, from July 15 to 19.

The inspection ended with 7 observations, none of which were a repeat or related to data integrity, the reports noted. The company will respond to the agency within the stipulated timeline.

Meanwhile, Ajanta Pharma, which saw a sharp dip in its African institutional business, is focusing on domestic branded business and US to drive growth in the coming years.

The company, a major player in anti-malarial drugs in Africa, saw its business decline by 49% in FY19 compared to the previous year due to softening of tender business.

The Africa malaria tender business contributed 18.6% to overall revenues in FY18, dropped to 9.7% in FY19.

The company said the long-term outlook on anti-malarial tender business will remain uncertain with contracting allocation by funding bodies.

Ajanta Pharma was the first generic company in anti-malaria institutional business for Artimether-Lumefantrine combination in Africa.

Multilateral agencies that fund anti-malaria initiatives are cutting back on funds and turning towards preventive measures, like sponsoring bed nets over drugs. The company has guided the Africa institutional business to contribute around Rs 1.6 billion in FY20.

Ajanta's sales declined 3.5% YoY to Rs 20.6 billion in FY19. The African business contributed about 26% of those revenues.

The company has 27 approved ANDAs in the US, of which 25 are actively marketed. The company filed 13 ANDAs in the US in FY19 and guided to file 10-12 products, with 8-10 approvals each year.

Cipla share price and Ajanta Pharma share price opened the day down by 1.6% and 1.3% respectively.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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Stock Market Updates

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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