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Sensex Ends 190 Points Lower; Adani Ports & Bharti Airtel Top Losers
Mon, 4 Sep Closing

Share markets in India ended the day on weak note tracking mixed global cues as markets remained jittery after fresh nuclear test by North Korea and claims that it tested a hydrogen bomb over the weekend. At the closing bell, the BSE Sensex closed lower by 190 points. While, the NSE Nifty finished lower by 62 points. Meanwhile, both the S&P BSE Midcap Index and the S&P BSE Small Cap Index ended down by 0.7%.

All BSE sectoral indices ended the day in negative zone. Among them, realty index fell 1.4%, followed by information technology sector 1% and banking sector 0.8%.

Overseas, Asian equity markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.37%, while the Nikkei 225 led the Hang Seng lower. They fell 0.93% and 0.76% respectively. European markets are lower today with shares in Germany off the most. The DAX is down 0.50% while France's CAC 40 is off 0.49% and London's FTSE 100 is lower by 0.18%.

The rupee was trading at Rs 64.05 against the US$ in the afternoon session. Oil prices were trading at US$ 47.34 at the time of writing.

Coal India share price rallied over 3.2% after it reported provisional production of 37.63 million tonnes (MT) in August 2017, as against a target of 36.96 MT. The company's total off-take for the month of August stood at 43.75 MT, as against a target of 43.09 MT.

Pharma stocks closed the day on a mixed note with Piramal Enterprises and J.B. Chemicals leading the losses. Lupin share price finished on an optimistic note after the company announced the launch of its Olmesartan Medoxomil tablets, a hypertension drug, in the US market.

The company has launched the tablets in strengths of 5 mg, 20 mg and 40 mg after having received an approval from the United States Food and Drug Administration (FDA) earlier.

The product is the generic equivalent of Daiichi Sankyo Inc's Benicar tablets which is indicated for the treatment of hypertension.

As per IMS MAT data for July 2017, Benicar tablets had US sales of US$ 681 million.

In recent times, pharma companies were bogged down by mounting pressure from USFDA to adhere to quality standards at their manufacturing plants.

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In the past three years, the USFDA raised numerous regulatory concerns resulting in import bans and suspension of new drug approvals from facilities of Indian pharma companies. But what has come as a breather is a sharp pick-up in new drug approvals in 2017.

However, as per our research analyst Taha Merchant, the uncertainties make it important to be stock specific in the sector. It is important to look for companies that have the competence and staying power.

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Moving on to the news from the economy. The finance ministry has given its nod to four Foreign Direct Investment (FDI) proposals, worth Rs 5 billion in the previous two months.

The proposals approved, include AMP Solar India that alone will bring investment of Rs 5 billion. One proposal of CVC Asia of entailing investment of Rs 33.2 million got approval. Besides, proposals of Aditya Birla Capital and Firstspace Development Management were also cleared by the department.

Inflow of FDI into India increased by 9% to record level of US$43.48 billion in 2016-17 on account of reform measures undertaken by the government.

In May this year, the Union Cabinet decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of FDI applications and making recommendations to the government.

Notably, Foreign Direct Investments (FDI) plays an important role in the economic development of a country. It is a source of long term capital that helps build critical infrastructures in the economy.

Since 2014, the Modi led government has laid a great emphasis on welcoming global best practices to be employed in India.

The government began this with the launch of 'Make in India' initiative in September 2014. Further, the government has carried out FDI reforms in sectors like rail infrastructure, defence and in financial sector, medical devices and construction sectors etc.

In addition, initiatives such as introduction of composite caps in the FDI policy and raising the FIPB approval limit were also undertaken to promote ease of doing business in the country.

Rising Foreign Direct Investments Augurs Well for India

All of this has meant ever rising inflows of FDI into India. FY17 saw the highest inflows at US $60 billion in the past four years.

It will be crucial for the country going forward to maintain this momentum of inflows to help drive the economic development of the Indian economy.

And here's a note from Profit Hunter:

While the stock markets were under pressure for the day, Coal India was up more than 3%. The stock is the top gainer in the Nifty 50 index today.

Last time we mentioned the stock, it was trading near 240 support level. The level acted as strong support in August 2013 and February 2014. The stock traded below this level for a while, but it did not sustain down for long.

Today, the stock rallied more than 3% with healthy volumes after the company released favourable production data on Friday after market hours.

So it remains to be seen if the stock has bottomed out or if it is only a bounce before it can register a new 52-week low.

Coal India Rallied 3% for the Day
 Cutting Losses Short in Bosch

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Read the latest Market Commentary


Please Note: The stock price of Yes Bank on NSE-50 is not adjusted for face value split. Kindly refer to its BSE's quote today for the adjusted price.

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Sep 22, 2017 03:27 PM

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