Sensex Opens Flat; IT Stocks Drag

Tue, 4 Jun 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.9% while the Hang Seng is down 0.6%. The Nikkei 225 is trading down by 0.4%. The three major US stock indices declined on Monday on weaker-than-expected economic data, while shares of Alphabet, Facebook and Amazon fell sharply on fears the companies are the targets of US government antitrust regulators, putting pressure on the tech-laden Nasdaq.

Back home, India share markets opened on a flat note. The BSE Sensex is trading down by 56 points while the NSE Nifty is trading down by 36 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with consumer durables and capital goods stocks leading the gainers. IT stocks and oil & gas stocks have opened the day in red.

The rupee is currently trading at 69.09 against the US$.

The rupee rose against the US dollar for a second straight day on hopes of a rate cut by the Reserve Bank of India.

The rupee climbed by 44 paise or 0.6% to end at 69.26 against the greenback on Monday.

The rise was in line with a rally in domestic equities amid hopes of a rate cut by the RBI after India's economic growth slowed to 5.8% in last quarter of financial year 2019.

The domestic currency opened strong at 69.48 and rose to an intraday high of 69.10 at the forex market. It had settled at 69.70 against the dollar on Friday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.1% to 97.64.

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 traders 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, Dr Reddy's Laboratories has re-launched its generic Zenatane capsules in the US market.

The company has re-launched the capsules in the strengths of 10 mg, 20 mg, 30 mg and 40 mg.

Reportedly, the product is a generic version of Hoffman LaRoche's Accutane capsules.

The product is being launched with an approved Risk Evaluation and Mitigation Strategy (REMS) Program.

According to IQVIA Health data, the Zenatane capsules 10 mg, 20 mg, 30 mg and 40 mg brand and generic had US sales of approximately US$ 525 million MAT for the most recent twelve months ending in March 2019.

Dr. Reddy's Lab share price opened the day up by 2.5%.

To know more about the company, you can access to Dr. Reddy's Q3FY19 result analysis and Dr. Reddy's Stock Analysis on our website.

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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Tanushree has explained this historic opportunity in detail at the Rebirth of India summit.

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

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