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Indian Indices Trade Flat; ONGC & Yes Bank Top Losers
Mon, 26 Nov 12:30 pm | Rini Mehta, TM Team

Stock markets in India are presently trading flat. Among the sectoral indices, PSU stocks and metal stocks are witnessing maximum selling pressure. While, capital goods stocks and FMCG stocks are trading in green.

The BSE Sensex is trading lower by 10 points and the NSE Nifty is trading lower by 12 points. Meanwhile, the BSE Mid Cap index is trading down by 0.6% while the BSE Small Cap index is trading down by 0.4%. The rupee is trading at 70.64 to the US$.

Pharma stocks are trading on a mixed note with Indoco Remedies & Aarti Drugs leading the pack of gainers. As per an article in a leading financial daily, Glenmark Pharmaceuticals Inc., USA has been granted tentative approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05% (Emulsion Formulation).

Reportedly, it is a generic version of Olux-E Foam, 0.05%, of Mylan Pharmaceuticals, Inc.

According to IQVIA sales data for the 12-month period ending September 2018, the Olux-E Foam's market achieved annual sales of around US$13.2 million.

The company's current portfolio consists of 144 products authorized for distribution in the US marketplace and 55 ANDAs pending approval with the USFDA.

Glenmark Pharma share price was trading down by 0.8% at the time of writing.

To know more about the company, you can access to Glenmark Pharma's latest result analysis and Glenmark Pharma's Stock Analysis on our website.

Moving on to the news from the economy. In the latest development, the Organization for Economic Cooperation and Development (OECD) has stated that it is expecting Indian economy to grow close to 7.5% in 2019 and 2020.

This expectation comes on the back of higher oil prices and rupee depreciation that will put pressure on demand and inflation.

As per the reports, India's GDP at market prices will grow 7.3% in 2019 and 7.4% in 2020 from 7.5% in 2018. It also said that the growth is likely be slow down in 2019 and 2020 mainly on account of tighter financial conditions, higher oil prices, adverse terms of trade and rising political uncertainties all over.

It said that monetary policy will need to be tightened as inflation expectations are trending up and there are several upside risks to inflation.

Besides, on the trade front, it noted that the hike in US tariffs on Chinese imports could benefit India's exports particularly in the textile sector.

Additionally, it has projected global GDP growth to slow from 3.7% in 2018 to 3.5% in 2019-2020.

Speaking of the overall economy this year, recent woes of emerging markets seem to be never ending. Every day, a new country joins the 'fragile' list.

However, India has relatively fared better as compared to these countries.

The recent rally in crude oil has also not helped matters. We are seeing similar traits to the one seen five years back.

Back in 2013, India was a part of 'fragile five' emerging markets along with Brazil, South Africa, Indonesia, and Turkey.

Growing Uncertainty in Emerging Markets

Political uncertainty, high inflation, slower growth and large fiscal deficits had dented investor confidence in Indian markets.

While the Indian economy is on a comparatively strong footing, elections next year is a big risk. A fractured mandate combined with the weak rupee and rising crude oil prices could be a recipe for pain in the short-term.

But it wouldn't dent the long-term prospects of our economy or our market.

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!

Read the latest Market Commentary


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Stock Market Updates

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Mar 2, 2021 03:31 PM

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STRIDES PHARMA SCIENCE Share Price Up by 5%; BSE HEALTHCARE Index Up 1.1% (Today's Market)

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JAGRAN PRAKASHAN Share Price Down by 7%; BSE 500 Index Up 1.3% (Today's Market)

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JK LAKSHMI CEMENT Share Price Up by 11%; BSE 500 Index Up 1.0% (Today's Market)

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JK LAKSHMI CEMENT share price is trading up by 11% and its current market price is Rs 438. The BSE 500 is up by 1.0%. The top gainers in the BSE 500 Index are JK LAKSHMI CEMENT (up 11.0%) and TTK PRESTIGE (up 11.1%). The top losers are CROMPTON GREAVES CONSUMER ELEC. and RAYMOND .

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