Sensex Opens Lower; Automobiles and IT Stocks Under Pressure

Wed, 8 Apr 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 0.4% while the Hang Seng is down 0.8%. The Nikkei 225 is trading up by 0.5%. The evaporation of a rally on Wall Street in the closing minutes of Tuesday's session shows that many investors fear the US stock market is in danger of a renewed tumble due to uncertainty surrounding the coronavirus pandemic.

Back home, India share markets fell in the opening session. The BSE Sensex is trading down by 267 points while the NSE Nifty is trading down by 80 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% and 0.7% respectively.

Sectoral indices are trading mixed with power stocks and healthcare stocks witnessing buying interest. Automobiles stocks and IT stocks are trading in the red.

Note that, since the coronavirus outbreak, all BSE indices and NSE indices are down in the range of 25-35%.

Speaking of sectoral impact, in the article titled: Worst Hit Indian Sectors Amid Coronavirus Pandemic: 10 Points to Know, we dive deeper and look at how the impact has been on individual sectors...

While stock markets witnessed gains yesterday, it was one of the most painful correction phases for global stock markets in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

It is not the month where the market has fallen the most. That honor goes to October 2008 where markets tanked 23.9%, beating the 23.1% the market lost last month by a whisker.

However, March 2020 wins hands down in wealth destruction.

Wealth destruction of Rs 4.4 lakh crores back in 2008 pales in comparison to the Rs 14.6 lakh crores worth of wealth destroyed on the Sensex in the last month alone.

March 2020 the Second Worst Month in History

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Moving on, gold prices are currently trading up by 3.1% at Rs 45,081.

The rupee is currently trading at 75.62 against the US$.

The Indian rupee strengthened against the dollar on Tuesday following a rally in equities, amid hopes that covid-19 cases may have peaked in some countries.

The domestic currency ended at 75.63 against the dollar, up 0.4%. The rupee had opened at 75.94 and touched a high of 75.57 and a low of 75.99 a dollar during the day.

The domestic currency traded for the first time on Tuesday, after the Reserve Bank of India (RBI) revised timings for debt markets because of the lockdown.

On Friday, RBI had announced a change in debt money market timings from the existing 9am-5pm to 10am-2pm. The new arrangement came into effect on Tuesday and will continue till 17 April.

Moving on the news from pharma sector. A class action suit has been filed against Aurobindo Pharma and Emcure Pharmaceuticals in a Florida court for allegedly concealing information about cancer-causing agent, N- nitrosodimethylamine (NDMA) presence in metformin medicine.

Metformin is the most prescribed oral pharmaceutical drug for patients with type-2 diabetes. The petition was based on tests done by Valisure, an online pharmacy.

Valisures tests revealed that the metformin produced by Aurobindo and Heritage were contaminated with NDMA with levels between 37 and 266 ng per tablet.

Meanwhile, Aurobindo Pharma stated that the US$ 900 million deal to acquire Sandoz Inc's US-based generic oral solids and dermatology businesses, has been mutually called off.

In September 2018, Aurobindo Pharma had said its US subsidiary has entered into a pact to acquire commercial operations and three manufacturing facilities in America from Sandoz Inc, USA, for US$900 million.

The acquisition was to be made through its wholly owned subsidiary, Aurobindo Pharma USA Inc.

Aurobindo share price opened the day down by 3.9%.

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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