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Sensex Closes 235 Points Higher; Telecom & Bank Stocks Lead
Wed, 26 Dec Closing

Indian share markets erased their day's losses and were trading on a positive note in afternoon session. At the closing bell, BSE Sensex ended up by 235 points, while, NSE Nifty ended up by 66 points.

Sectoral indices ended on a mixed note with realty stocks, and IT stocks witnessing maximum selling pressure. While, telecom stocks and bank stocks ended the day in green.

Globally, Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.9%, while the Hang Seng led the Shanghai Composite lower. They fell 0.4% and 0.3% respectively. European markets finished mixed as of the most recent closing prices. The DAX gained 0.2%, while the CAC 40 led the FTSE 100 lower. They fell 1.5% and 0.5% respectively.

Speaking of stocks and portfolio, if you wondering whether the boring stocks will do well against smallcaps as well as asset classes like gold and fixed income over the long term, take a look at this chart.

Boring Bluechips are Necessary for Risk Hedged Returns

The BSE 500 which represents a mix of bluechip and midcap stocks, underperformed the BSE smallcap index only over the 5-year period.

And even in a year of sharp market correction (like 2018), the correction in the index is much lesser than that of the smallcap index.

So, keep your watch on stocks that are safe, time tested and borderline boring.

In the news from the currencies space, the rupee was trading at 69.79 to the dollar in the morning trade. It hit a low of 70.06 and a high of 69.75 in the course of trading today.

The rupee has gained on increased selling of the US currency by exporters and banks. However, a lower opening of the domestic equity markets capped the rise, the reports noted.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.79 a dollar against the previous close of 70.14. Further, the domestic unit surrendered early gains to quote at 69.95, showing a gain of 19 paise.

On Monday, the rupee had recovered 4 paise to close at 70.14 against the American currency, following weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

Meanwhile, the benchmark Sensex plunged over 300 points as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid a heavy sell-off by foreign investors.

Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

This selling pressure was seen on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey weighed on the rupee.

However, in the near term, the rupee being under pressure could benefit export-oriented businesses.

Moving on to the news from pharma sector. In the latest development, Zydus Cadila has received final approval from the US health regulator to market Doxycycline Hyclate delayed-release tablets. It is used to treat bacterial infections.

Reportedly, Zydus Cadila has received the final approval from the United States Food and Drug Administration (USFDA) to market the drug in the strengths of 75 mg, 100 mg and 150 mg.

Zydus Cadila said the drug will be produced at the group's formulations manufacturing facility at SEZ, Ahmedabad.

Meanwhile, the group has also received tentative approval for Febuxostat tablets in the strengths of 40 mg and 80 mg. It is used to treat hyperuricemia (constantly high levels of uric acid) in adults who have gout.

The group has more than 241 approvals, and so far, it has filed over 340 abbreviated new drug applications (ANDAs) since it started filings in 2003-04.

Cadila Healthcare share price ended the day down by 0.6%.

To know more about the company, you can access to Cadila Healthcare's Q2FY19 result analysis and Cadila Healthcare's 2018-19 Annual Report Analysis on our website.

And 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!

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