Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Markets down for third straight day
Thu, 12 Dec Closing

Indian equity markets started the day on a negative note and continued this trend throughout the day. Markets closed at day's low ahead of key Indian economic data set to be released later in the day. Sentiment was also hit on account of a provisional budget deal out of Washington which removed one of the near-term reasons for the Fed to keep up its current pace of quantitative easing. Banking and Capital Goods stocks were the leading pack of losers. While the BSE-Sensex closed lower by 245 points, the NSE-Nifty closed lower by 71 points. Both the BSE Mid Cap and the BSE Small Cap closed on a negative note.

As regards global markets, Asian indices closed weak. European indices have also opened in the red. The rupee was trading at Rs 61.6 to the dollar at the time of writing.

Sun Pharma, Aurobindo Pharma, Lupin Ltd, Torrent Pharma and Dr Reddy's have been given the US Food and Drug Administration (FDA) approval for selling a copycat version of antidepressant Cymbalta, one of the most widely prescribed treatments for depression, anxiety and other disorders in the US market. Cymbalta is the fifth largest selling drug in the world. It is Eli Lilly's best-selling drug with annual sales of US$ 4.7 bn. The drug's patent expired on Wednesday, causing the entry of cheaper generic versions in the US market. Apart from Indian companies, Israel-based Teva Pharmaceuticals has also received the FDA nod. Given that many players will be vying for a share of this blockbuster drug, there is expected to be considerable price erosion.

Britannia Industries is planning to build a factory in Tamil Nadu, its second in the south Indian state. The company is investing Rs 1 bn for setting up the new plant and has secured land for the project. The work on the Tamil Nadu plant will start next year and it will be as large as the company's biggest facility in Uttarakhand. While 60% of the company's production is outsourced, Britannia plans to bring that number down to half and it will continue to build new plants as and when required. The company has recently set up facilities in Odisha and Bihar to strengthen its position in eastern India. It also opened a factory in Gujarat last month.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Markets down for third straight day". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.