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Sensex Opens Over 280 Points Down; Realty Stocks Slump

Mon, 22 Jul 09:30 am

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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.

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.

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.

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

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!

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