Indian Indices Trade Higher; Dr Reddy's Lab & Cipla Surge Over 8%

Fri, 18 Sep 12:30 pm

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Share markets in India are presently trading higher, tracking gains in Asian peers.

Benchmark indices edged higher today but gains were checked by worries over projections of double digit slump in the Indian economy and high unemployment levels in the US.

The BSE Sensex is trading up by 76 points, up 0.2%, at 39,000 levels.

Meanwhile, the NSE Nifty is trading up by 41 points.

Sun Pharma and Cipla are among the top gainers today.

The BSE Mid Cap index is trading up by 0.9%.

The BSE Small Cap index is trading up by 0.6%.

On the sectoral front, gains are largely seen in the healthcare sector and realty sector.

FMCG companies, on the other hand, are witnessing selling pressure.

US stock futures are trading mixed today. Nasdaq Futures are trading up by 41 points (up 0.4%), while Dow Jones Industrial Average Futures are trading down by 151 points (down 0.5%).

The rupee is trading at 73.27 against the US$.

Gold prices are trading up by 0.2% at Rs 51,550 per 10 grams.

Over the last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

Even with the recent volatility in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

So, is it time to book profits in gold and silver?

In our latest episode of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more...

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

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In news from the packaging sector, Essel Propack is among the top buzzing stocks today.

Shares of the company fell over 6% today after 83.2 million shares changed hands on the NSE and BSE.

In early trade today, 74.55 million shares representing 23.6% stake in the company, changed hands on the BSE at Rs 260 per share, data showed.

According to media reports, Epsilon Bidco Pte, a Blackstone entity which owns 75% of Essel Propack, was looking to sell up to 23% stake to garner as much as US$ 251 million.

Last year, Blackstone had acquired 51% stake in Essel Propack for US$ 460 million. Blackstone bought 51% in the specialty packaging company from promoter Ashok Goel at Rs 134 a share for Rs 21.6 billion.

The deal also triggered the mandatory open offer for a 26% stake in the company.

Essel Propack share price is presently trading down by 6.7%.

Moving on to news from the banking sector, US-based Rosen Law Firm and Schall Law Firm have filed class action suits against HDFC Bank alleging misleading public statements and for failing to inform investors about the bank's improper internal controls on vehicle loans.

The lawsuits, filed in the US District Court Eastern District of New York, named outgoing managing director Aditya Puri, CEO-designate Sashidhar Jagdishan, and company secretary Santosh Haldankar as 'individual defendants' and collectively, with the bank, as 'defendants'.

Rosen Law filed the suit on September 14 on behalf of investors who purchased HDFC Bank equity between July 31, 2019 and July 10, 2020.

Rosen had announced it would file such a lawsuit on September 4. Schall Law Firm also announced such filing on September 8, for the same period.

The class action filing on Rosen Law's website says, "throughout the class period, defendants made materially false and misleading statements regarding the bank's business, operational and compliance policies."

The lawsuit pointed out that the HDFC Bank's ADR fell US$ 1.37 per share to close at US$ 47.02 per share on July 13 after it was reported in media that the bank was probing its lending practice in the vehicle financing operations involving the unit's former head Ashok Khanna.

The lawsuit added that investors who had acquired the shares at artificially inflated prices during the class period suffered significant losses and damages, after the revelation.

HDFC Bank share price is presently trading down by 0.5%.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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