Indian Indices Open Weak

Thu, 9 Jun 09:30 am

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Major Asian stock markets have opened the day on a negative note with stock markets in Japan and China are trading lower by 1% and 0.3% respectively. Benchmark indices in Europe ended their previous session on a disappointing note. However, stock markets in US ended their previous session higher by 0.4%. The rupee is trading at 66.73 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 93 points (down 0.4%) and the NSE Nifty is trading lower by 22 points (down 0.3%). However, both BSE Mid Cap and BSE Small Cap are trading higher by 0.2% each.

Major sectoral indices have opened the day on a mixed note with stocks from information technology (IT) sector witnessing maximum selling pressure. While, stocks in the oil & gas and power sector are witnessing buying interest.

As per an article in Livemint, Life Insurance Corporation (LIC) is turning out to be a lender of the last resort. Usually, Reserve Bank of India (RBI) is considered to be the lender of the last resort. However, it is turning out to be otherwise. And why it is so?

In the recent times, LIC have shed out loans for the railways, subscribed to the power sector's Ujwal Discom Assurance Yojana (UDAY) bonds, invested in the National Investment and Infrastructure Fund (NIIF) and capitalized the state-run banks. Further, LIC has also actively participated in the government's disinvestment agenda.

Moreover, LIC is so big that it keeps coming to the rescue of the government now and then, when the government cannot find enough buyers for the financial securities that it wants to sell. But is this a good or a bad thing?

Vivek Kaul answers this by stating that:

The money invested by LIC is essentially the hard earned savings of millions of people and it is not fair to use it to help bail out the government all the time. From the looks of it something similar seems to set to happen this year as well, which is clearly not good news.

Further, Mr Kaul has also written an excellent piece stating the reasons why you should stay away from buying LIC policies. You cannot miss to read this interesting piece. Click here to access it.

In another news update, Lupin has voluntarily recalled over 54,000 vials of anti-bacterial injection Ceftriaxone manufactured at its Mandideep facility in Madhya Pradesh.

Reportedly, the drugs have been re-called due to the violation of the current good manufacturing norms. Further, it is a class III recall. As per the US Food and Drug Administration (USFDA) a class III recall is a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences.

Moreover, the recall is because use of active pharmaceutical ingredient whose intermediates failed specification. The stock is trading down by 1.4%.

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