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Sensex Opens Marginally Down; Tata Motors & Axis Bank Top Losers
Fri, 10 Nov 09:30 am | Rini Mehta, TM Team

Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 1.38% while the Hang Seng is down 0.15%. The Shanghai Composite is trading down by 0.12%. Wall Street stocks dropped on Thursday, weighed down by losses in Microsoft and other technology issues.

Back home, India share markets have opened the day on a flat note with negative bias. The BSE Sensex is trading lower by 38 points while the NSE Nifty is trading lower by 20 points. The BSE Mid Cap index and BSE Small Cap index both opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with banking sector and capital goods sector leading the gains. While, oil & gas stocks and automobile stocks are witnessing selling pressure. The rupee is trading at 64.90 to the US$.

Divi's Laboratories share price surged 3.3% on the reports that USFDA completed evaluation of company's corrective actions in response to FDA's warning letter dated 13 April.

In the latest development, foreign institutional investors (FIIs) are returning after recent government announcements such as the Rs 2.11 trillion PSU bank recapitalisation plan. FIIs are mainly buying into new shares.

Over October and November so far, FIIs have invested a net of US$ 1.9 billion in Indian equities. For the year to date, they are buyers to the tune of US$ 7.4 billion.

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While flows to Asia ex-Japan country funds were mixed in the week to 1 November, commitments to both Korea and India Equity Funds hit a 13-week high even as China Equity Funds recorded their second straight week of outflows in excess of US$600 million, the reports noted.

Also, dedicated Brazil, Russia, India and China (BRIC) equity funds posted consecutive weekly inflows for the first time since early April as well.

Notably, a surging primary market has attracted a lot of foreign investor interest. Further, Indian companies raised a total of Rs 1.39 trillion from the primary market in 2017, exceeding the previous high of Rs 1.04 trillion in 2010.

FIIs, who were net sellers in the secondary market to the tune of US$3.43 billion from the start of the year up to 31 October, have simultaneously pumped in US$9.41 billion in the primary market alone, their highest in the last seven years. In November, they have invested US$1.5 billion in the secondary market.

Meanwhile, FY17 saw the highest inflows of foreign Direct Investments (FDI) in India 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.

Rising Foreign Direct Investments Augurs Well for India

While valuation has reached dizzy heights, earnings are yet to catch up. Fund managers believe there are some underlying risks that the Indian market is not factoring in like sluggish earnings growth. PE multiple expansion rather than earnings growth explains nearly all of the performance this year for India.

So, should you stay away from the market? Or swim with the tide?

Here's an excerpt of what Rahul Shah, Co-head of Research, wrote in one of the edition of The 5Minute WrapUp:

  • "Indian retail investors should not blindly follow FPIs in and out of stocks. It is far better to take advantage of the volatility caused by their selling to enter good quality stocks for the long-term."

Moving on to the news from pharma sector. As per an article in Livemint, two domestic drug makers are under the scanner of the pharmaceutical regulator for allegedly launching a combination drug to treat hypertension without mandatory prior approval.

The Central Drug Standards Control Organization (CDSCO) initiated an inquiry against Cadila Healthcare's subsidiary Zydus Cadila and Intas Pharmaceuticals after receiving a complaint from another drug company conducting clinic trials for the launch of the same project.

One shall note that, a drug maker needs approval from the Drug Controller General of India (DCGI) before launching any product. The drug has so far been approved for launch only in the US and Canada.

According to the clinical trials guidelines of the CDSCO, if the product is approved elsewhere and not in India, phase III clinical trials and bio-equivalence studies are required to establish its safety and efficacy on the Indian population.

The complainant-Hyderabad-based Hetero Drugs Ltd-had in December 2015 applied for manufacturing and marketing approval. The drug advisory committee recommended that the company conduct bio-equivalence and clinical trials in July 2017.

When the trials were still on, it was found that the combination drug is already available in the market.

Cadila Healthcare share price opened down by 1.2%.

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