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Sensex Snaps 7-Day Winning Streak, Nifty Falls Below 18,450; ITC Dips 6%
Tue, 19 Oct Closing

Sensex Snaps 7-Day Winning Streak, Nifty Falls Below 18,450; ITC Dips 6%

Indian share markets witnessed volatile trading activity throughout the day today and ended on a flat note.

Dalal street's greatest winning streak in over ten months came to an end today when benchmark indices fell for the first time in eight sessions.

Profit booking as a consequence of in-line September quarter results pulled markets down from intra-day highs.

At the closing bell, the BSE Sensex stood lower by 50 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 58 points (down 0.3%).

Tech Mahindra and Larsen & Toubro were among the top gainers today.

ITC and Tata Motors, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,444, down by 52 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 2% and 1.8%, respectively.

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Sectoral indices ended on a negative note with stocks in the realty sector, consumer durables sector and FMCG sector witnessing most of the selling pressure.

IT stocks, on the other hand, witnessed buying interest.

Shares of Cera Sanitary and Oracle Financial hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended up by 1.5% and 0.7%, respectively. The Nikkei ended up by 0.7% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 88 points.

The rupee is trading at 75.34 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 47,430 per 10 grams.

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In news from the FMCG sector, Hindustan Unilever was among the top buzzing stocks today.

Hindustan Unilever (HUL) reported a standalone net profit of Rs 21.9 bn for the September quarter, an increase of 9% from Rs 20.1 bn reported in the same quarter last year.

On a sequential basis, the profit after tax (PAT) grew 6% from Rs 20.6 bn in the June quarter.

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The FMCG major's revenue from operations rose 11% to Rs 127.2 bn as against Rs 114.4 bn in the year-ago period.

HUL's domestic consumer business recorded a growth of 11% over last year during the September quarter.

Segment wise, home care business grew 15% in the reporting period, driven by high double-digit growth in Fabric Wash. Household care continued to perform well and grew on a strong base. Liquids and fabric sensations continued to outperform.

Beauty and Personal Care grew 10% led by skin care, colour cosmetics and hair care, while foods and refreshment business has seen a growth of 7% against a strong prior year comparator.

The company has also declared an interim dividend of Rs 15 per equity share for the financial year ending 31 March 2022.

Hindustan Unilever share price ended the day down by 3.7% on the BSE.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009.

While the Sensex has offered more than 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, Senior Research Analyst at Equitymaster, and Editor of the smallcap service, Hidden Treasure, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

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Moving on to news from the pharma sector...

Dr. Reddy's Gets Approval for Lenalidomide Capsules from USFDA

Dr. Reddy's today announced that it has received approval for Lenalidomide capsules from the US Food and Drug Administration (USFDA).

The company announced the final approval of its abbreviated new drug application (ANDA) for Lenalidomide Capsules, in 2.5 mg and 20 mg strengths, and tentative approval for 5 mg, 10 mg, 15 mg, and 25 mg strengths, a therapeutic equivalent generic version of REVLIMID (lenalidomide) capsules, from the USFDA.

With this approval, the company is eligible for 180 days of generic drug exclusivity for Lenalidomide Capsules.

Marc Kikuchi, CEO, North America Generics, Dr Reddy's Laboratories said,

  • We are pleased with the agency's approval of Lenalidomide Capsules, 2.5 mg and 20 mg and being eligible for 180-day market exclusivity.

    We look forward to bringing a more affordable generic version of this drug to market for the benefit of patients.

In September 2020, Dr Reddy's announced a settlement agreement of their litigation with Celgene, the maker of REVLIMID (lenalidomide) capsules and a wholly-owned subsidiary of Bristol Myers Squibb, relating to patents for the branded drug.

Dr. Reddy's share price ended the day down by 1% on the BSE.

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

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