Indian Indices Fall Amid Weak Global Cues; Sensex Ends Over 350 Points Lower

Wed, 10 Apr Closing

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Indian share markets traded on a negative note throughout the day and witnessed maximum selling pressure during closing hours to end the day deep in red.

Sectoral indices ended on a mixed note with telecom stocks, finance stocks, and metal stocks losing the most while realty stocks and healthcare stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 354 points (down 0.9%) and the NSE Nifty closed down by 88 points (down 0.8%). The BSE Mid Cap index closed lower by 0.3% and the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was up 0.1% and the Nikkei was trading down by 0.5%. The Shanghai Composite stood higher by 0.1%.

Speaking of the general mood surrounding stock markets, note that since March 2019, the Indian markets have rallied sharply.

This is seen as a welcome breather after the correction seen in 2018.

Small and mid-cap stocks were the first ones in the line of fire, and also the worst hit in 2018.

The benchmark indices, however, managed to hold on longer. The Sensex even went on to hit an all-time high around the end of August. But the Indian markets fell sharply during September, triggered by the unfolding of the IL&FS crisis. The market correction got worse in October as the US-China trade-war tensions and liquidity tightness in the domestic NBFC sector severely dented market sentiment.

In November 2018, the markets attempted a short-lived turnaround, but it wasn't enough to bring back the bulls.

Subsequently, the markets treaded in an indecisive zone.

But there's a pick-up in market sentiments now.

The BSE Sensex is back to making new highs every day. It is just a few points away from the 40,000-mark.

Mid and small cap indices have also started rallying and are up quite a bit from their recent lows.

As a result, India managed to outperform most of the other major economies during the second half of the financial year 2018-19 (H2: 2018-19).

In a recent edition of The 5 Minute WrapUp, Ankit Shah presented a chart showing the performance of the some of the major world economies during H2: 2018-19 in dollar terms. Here it is:

Indian Stock Markets Outperform Most Peers

As we can see, from October 2018 to March 2019, the BSE Sensex increased by 6.8% in rupee terms and 11.7% in dollar terms.

Brazil, Indonesia and China are the only other major economies that did better than India during this period.

Will the trend continue going forward?

Let's wait and watch...

In the news from the currency space, the rupee has erased early gains and is currently trading at Rs 69.30 against the US$.

On Tuesday, the domestic currency ended 37 paise higher to close at 69.30 against the US dollar on sustained foreign fund inflows.

Rupee rose against the US dollar and snapped its four-day losing streak following suspected fund inflows in the debt segment.

Market participants were cautious today ahead of the important global events lined up ahead. Inflation and industrial production numbers will be released later this week.

Yesterday, International Monetary Fund (IMF) released its growth forecast report wherein it has trimmed growth figures for India as well as for other major nations.

In the news from the engineering sector, Praj Industries share price witnessed buying interest today after the company announced it has signed a Construction License Agreement (CLA) with US - based Gevo Inc.

Reportedly, this agreement will commercialise the technology to produce Isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses.

As per a leading financial daily, the company also signed a Memorandum of Understanding (MoU) with Gevo to commercialise the latter's renewable hydrocarbon products.

Here's an excerpt from the article:

• Pursuant to the CLA, Praj will provide Engineering Procurement and Construction (EPC) services to 3rd parties using a process design package developed by Praj.
  
  This package uses Gevo's proprietary Isobutanol biocatalyst on sugary-based feedstock. Isobutanol derived from said proprietary process is high energy renewable intermediate product that finds application in aviation and racing cars.

As on December 31, 2018, the company had consolidated order backlog of Rs 9.9 billion, which comprised 76% from domestic orders and 24% international orders.

Praj Industries share price ended the day up by 6.4%.

Moving on, market participants were tracking Lupin share price. The company said it has launched generic antidepressant Fluoxetine tablets in the American market.

The company has launched its Fluoxetine tablets USP in the strength of 60mg after receiving an approval from the United States Food and Drug Administration (USFDA).

The product is the generic version of Alvogen Group Holdings 3 LLC's Fluoxetine tablets in the same strength. Fluoxetine tablets 60mg had annual sales of around US$ 41 million in the US.

The tablets are indicated for treatment of major depressive disorder, obsessive compulsive disorder, bulimia nervosa and panic disorder with or without agoraphobia.

Lupin share price ended the day down by 0.6%.

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