Sensex Opens Lower; IT and Metal Stocks Under Pressure

Fri, 29 May 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 0.1% while the Hang Seng is down 0.4%. The Nikkei 225 is trading down by 0.3%. Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.

Back home, India share markets opened lower. The BSE Sensex is trading down by 194 points while the NSE Nifty is trading down by 44 points. The BSE Mid Cap index and BSE Small Cap index are trading flat.

Except healthcare stocks, all sectoral indices are trading in red with IT stocks, metal stocks and banking stocks witnessing maximum selling pressure.

Moving on, gold prices are currently trading down by 0.3% at Rs 46,405.

The rupee is currently trading at 75.74 against the US$.

Telecom stocks are trading mixed with Vodafone Idea and AGC Networks leading the gainers

Vodafone Idea share price surged 10% in the opening session on the back of the news that Google Inc. is considering picking a stake of about 5% in the company.

The telecom joint venture of Vodafone Group Plc and the Aditya Birla Group is also in talks with private equity firms for potential investments.

According to the average price of the Vodafone Idea stock in the past two weeks, a 5% stake sale could fetch the company around US$101.5 million.

The stock has lost more than 57% in the past 12 months. To be sure, an eventual deal could happen at a significant premium to the recent stock price, the reports noted.

Google's interest in Vodafone Idea comes at a time of financial stress on the company amid cheap mobile tariffs and strong competition that intensified with the entry of Reliance Jio Infocomm in September 2016.

An investment in Vodafone Idea will pit the US internet giant in a battle against the Facebook-Jio combine for the world's fastest-growing mobile market.

Note that, Facebook last month announced a US$5.7 billion investment in Vodafone Idea's rival Jio Platforms, which houses the digital assets of Reliance Industries Ltd.

So far, telecom and internet firms were independently trying to woo the Indian data user base, but the Jio-Facebook deal has paved the way for larger possibilities.

How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on developments from this space.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Cadila Healthcare's formulations manufacturing facility located at Baddi has received an Establishment Inspection Report (EIR).

The EIR report stated that the classification of the facility is 'No Action Indicated (NAI)'.

The USFDA had conducted an inspection at the facility from 2 to 9 March 2020. The audit had ended with nil observations.

Cadila Healthcare share price opened the day up by 3.2%.

In another development, Dr. Reddy's Laboratories also received the EIR from the US Food and Drug Administration (USFDA), for its Integrated Product Development Organization (IPDO) at Medchal-Malkajgiri, Telangana.

This indicates the closure of the audit and the inspection classification of this facility is determined as No Action Indicated (NAI).

Dr. Reddy's share price opened up by 1.3%.

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!

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To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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