Sensex Opens Over 450 Points Down; Metal Stocks Plunge

Mon, 24 Feb 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.7% while the Hang Seng is down 1.6%. The Nikkei 225 is trading down by 0.4%. US stocks fell on Thursday, led by declines in technology heavyweights after reports of new coronavirus cases in China and other countries intensified fears over its spread and impact on the global economy.

Back home, India share markets opened lower tracking global peers. The BSE Sensex is trading down by 446 points while the NSE Nifty is trading down by 141 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.9% and 0.4% respectively.

Barring IT stocks, all sectoral indices have opened the day on a negative note with automobiles stocks and metal stocks witnessing maximum selling pressure.

The rupee is currently trading at 71.85 against the US$.

The rupee on February 20 declined by 10 paise to settle at a more than one-month low of 71.64 against the US dollar lower by 10 paise amid heavy selling in domestic equities and strengthening of the American currency in the overseas market.

Reportedly, investor sentiments remained fragile amid coronavirus fears and sustained foreign fund outflows.

At the interbank foreign exchange market, the local currency opened at 71.75.

During the day, it lost ground and touched a low of 71.80 and finally settled 10 paise lower at 71.64 against the US currency, a level not seen since January 8.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Biocon received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia.

The US Food and Drug Administration (USFDA) had conducted a pre-approval inspection of Biocon's subsidiary Biocon Sdn BHd's manufacturing facility in Malaysia for Insulin Glargine between February 10 and 21.

At the conclusion of the inspection, the agency issued a Form 483 with three observations.

As per the USFDA, Form 483 is issued to firm management at the conclusion of an inspection when investigators have observed any conditions that in their judgment may constitute violations of the Food Drug and Cosmetic Act and related Acts.

Biocon share price opened the day down by 1.6%.

Meanwhile, the USFDA has asked Dr Reddy's Laboratories to initiate voluntary action at its Duvvada facility in Andhra Pradesh.

Last week, the audit of Dr. Reddy's Formulations Srikakulum Plant (SEZ) Unit I, Andhra Pradesh, was completed with zero observation by the USFDA.

Earlier on 5 November 2015, USFDA had issued a warning letter to Dr Reddy's over deviations with current good manufacturing practices at its active pharmaceutical ingredients (API) manufacturing facilities in Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as over violations at its oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh.

Of these three manufacturing facilities, API manufacturing facility at Miryalaguda and oncology formulation manufacturing facility at Duvvada received Establishment Inspection Reports from the USFDA in June 2017 and February 2019, respectively.

Dr. Reddy's share price opened down by 1.5%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Meanwhile, in the video below, Tanushree talks in great detail about pharma sector. She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

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