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?  

Sensex Opens Marginally Up; Sun Pharma Surges on USFDA Clearance
Thu, 12 Oct 09:30 am | Rini Mehta, TM Team

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.23% while the Hang Seng is up 0.14%. The Nikkei 225 is trading up by 0.47%. US stocks closed higher on Wednesday after the US Federal Reserve released a summary from its previous meeting that showed it believes the economy is strong enough to withstand another rate hike in December.

Back home, share markets in India have opened the day in the positive territory. The BSE Sensex is trading higher by 72 points while the NSE Nifty is trading higher by 35 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.4% & 0.6% respectively.

All sectoral indices have opened the day in green with stocks from healthcare sector and realty sector leading the pack of gainers. The rupee is trading at 65.27 to the US$.

Pharma stocks have opened the day on a mixed note with Indoco Remedies and Sun Pharma being the most active stocks. Sun Pharma share price surged 2.5% in the early trade after the company announced that it has received an establishment inspection report (EIR) from USFDA for the company's Dadra formulation facility.

EIR indicates closure of plant inspection by the US regulatory agency.

The manufacturing plant in Dadra is Sun Pharma's second largest facility catering to the US market, after its Halol plant in Gujarat. The drugmaker primarily manufactures oral solid generic tablets at the Dadra plant.

In April, the USFDA had issued a Form 483 with 11 observations on the Dadra facility. Most observations were related to standard operating procedures but a few could have been viewed seriously by the regulator.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

However, one shall note that regulatory compliance hurdles still remain for Sun Pharmaceuticals as the Halol plant is yet to get clearance from the regulator.

The USFDA last inspected the plant in the third quarter of financial year 2016-17 and raised nine observations for failing to prevent microbiological contamination and not meeting with testing design standards.

Moving on to the news from the IPO space. The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 80% on the first day of the bidding on Wednesday.

GIC Re's Rs 113.7-billion IPO received bids for 99.3 million shares against the total issue size of 124.7 million shares.

Undoubtedly, the insurance sector has huge potential for growth. Additionally, factors such as increasing youth population, rapid urbanisation, expanding financial literacy, and higher government focus on financial inclusion and risk coverage will spur demand further for insurance products in the country.

Therefore, with the stock markets buzzing, insurance companies are also making a beeline to capitalise on the IPO frenzy. After ICICI Prudential got listed last year, a number of both life and non-life insurance companies have lined up their IPOs this year.

Insurance Protection Deficient in India

But insurance protection in India remains grossly inadequate. This explains the huge protection gap of US$ 8.5 trillion for the country as of 2014. As per a Swiss Re report, India's protection gap stood at a staggering 92% and was the highest among all countries in the Asia Pacific.

Our big-picture editor, Vivek Kaul, recently penned a pertinent report on entire insurance industry. We strongly recommend you go through the full report on what's really happening in the insurance industry in India...and how it affects you. If you have not accessed Vivek Kaul's Letter yet, sign up here.

By the way, we have also prepared a guide to help you understand the valuation of insurance businesses.

Meanwhile, IPO of Indian Energy Exchange elicited good response from investors, with the issue getting oversubscribed 2.23 times on the last day of bidding on Wednesday.

The company aims to raise up to Rs 10 billion. On the final day, the offer received total bids for 11.8 million shares against 5.3 million shares on offer.

To know more about the both companies, you can access our IPO note on the same in our IPO section.

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 "Sensex Opens Marginally Up; Sun Pharma Surges on USFDA Clearance". Click here!

  

Stock Market Updates

Sensex Ends 598 Points Lower, Nifty Settles Below 15,100-Mark; HDFC and JSW Steel Top Losers (Today's Market)

Mar 4, 2021 Closing

Indian share markets end deep in the red with the Sensex down by 598 points and the Nifty ending down by 164 points.

TORRENT POWER Share Price Up by 5%; BSE POWER Index Up 0.6% (Today's Market)

Mar 4, 2021 03:12 PM

TORRENT POWER share price is trading up by 5% and its current market price is Rs 429. The BSE POWER is up by 0.6%. The top gainers in the BSE POWER Index are TORRENT POWER (up 5.2%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.7%) and NTPC (down 1.2%).

DILIP BUILDCON Share Price Up by 8%; BSE CAPITAL GOODS Index Down 0.6% (Today's Market)

Mar 4, 2021 03:12 PM

DILIP BUILDCON share price is trading up by 8% and its current market price is Rs 719. The BSE CAPITAL GOODS is down by 0.6%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON (up 8.5%) and BHEL (up 6.5%). The top losers are CARBORUNDUM UNIVERSAL (down 0.1%) and HINDUSTAN AERO. (down 1.8%).

BALRAMPUR CHINI Share Price Up by 10%; BSE 500 Index Down 0.3% (Today's Market)

Mar 4, 2021 03:00 PM

BALRAMPUR CHINI share price is trading up by 10% and its current market price is Rs 213. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are BALRAMPUR CHINI (up 10.3%) and BALMER LAWRIE (up 13.6%). The top losers are DIVIS LABORATORIES and PIDILITE INDUSTRIES .

INDIAN ENERGY EXCHANGE Share Price Up by 7%; BSE POWER Index Up 0.9% (Today's Market)

Mar 4, 2021 02:48 PM

INDIAN ENERGY EXCHANGE share price is trading up by 7% and its current market price is Rs 319. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are INDIAN ENERGY EXCHANGE (up 6.6%) and ADANI POWER (up 9.9%). The top losers are POWER GRID (down 0.5%) and NTPC (down 0.8%).

ITD CEMENTATION INDIA Share Price Up by 8%; BSE REALTY Index Up 0.3% (Today's Market)

Mar 4, 2021 02:36 PM

ITD CEMENTATION INDIA share price is trading up by 8% and its current market price is Rs 93. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index are ITD CEMENTATION INDIA (up 8.5%) and INDIABULLS REAL EST (up 10.3%). The top losers are PRESTIGE ESTATES and GODREJ PROPERTIES (down 0.2%).

View More Indian Share Market News

Most Popular

It's the Beginning of a New Bull Phase in Smallcaps(Profit Hunter)

Feb 24, 2021

Last time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.

Make Rs 5,000 Per Day Trading the Market(Fast Profits Daily)

Feb 25, 2021

In this video, I'll show you how to get started on the path to daily trading profits.

The Hidden Tesla in My Great Indian Wealth Project(Profit Hunter)

Feb 23, 2021

An Indian company founded three decades ago in a garage caught my attention...

How Much Money For Day Trading?(Fast Profits Daily)

Feb 22, 2021

In this video, I'll show you how to allocate your capital as a day trader.

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

S&P BSE SENSEX


Mar 4, 2021 (Close)

MARKET STATS