Sensex Opens in Green; HDFC Bank and Yes Bank Top Gainers

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.2% while the Hang Seng is up 1%. The Nikkei 225 is trading up by 0.5%. The S&P 500 and Nasdaq approached record highs on Tuesday, lifted by upbeat quarterly reports from Coca-Cola and United Technologies and on optimism the United States would resolve its trade conflict with China.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 99 points while the NSE Nifty is trading up by 18 points. The BSE Mid Cap index opened down by 0.2%, while BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with oil & gas stocks and capital goods stocks witnessing maximum selling pressure. IT stocks and FMCG stocks have opened the day in green.

The rupee is currently trading at 69.10 against the US$.

In the news from the oil sector. As per the latest data released by the government, India's June crude oil imports fell 13.4% from a year earlier to their lowest since February 2017.

Crude imports into the world's third-biggest oil importer fell to 16.9 million tonnes, which was also a more than 10% drop from May's 18.9 million tonnes.

June's decline came amid the loss of Iranian oil supplies as Washington tightened sanctions on Tehran.

In April, Trump administration had said it would not renew exemptions granted last year to buyers of Iranian oil. India through May was Iran's second-biggest oil customer after China.

Meanwhile, imports of oil products surged by about 20.4% from a year earlier, while year-on-year exports slipped 11.4% last month, the data showed.

Diesel exports climbed nearly 6% to 2.22 million tonnes in June month-on-month, though they were down 9.4% from a year earlier, due to weaker demand in the domestic sector due to the monsoon season.

Monsoon rains typically reduce the need for diesel used in irrigation pumps, which typically ramps up exports of the fuel.

India's strong diesel demand growth is likely to decouple from the car market as motorists increasingly turn to gasoline vehicles, leaving it more reliant on patchy demand from construction and heavy industry.

Speaking of crude oil, catch Vijay Bhambwani talk about trading in crude oil.

As per him, crude oil offers excellent opportunities in nearly all market conditions due to its unique standing within the world's economic and political systems.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Dr. Reddy's Laboratories has launched Ramelteon Tablets, 8 mg, approved by the US Food and Drug Administration (USFDA).

Reportedly, it is a therapeutically equivalent generic version of Rozerem (ramelteon, 8 mg) Tablets.

The tablets are available as 8 mg tablets in bottle count sizes of 30, 100, and 1000.

According to IQVIA Health, the Rozerem brand had US sales of approximately US$91.3 million MAT for the most recent twelve months ending in May 2019.

Dr. Reddy's Lab share price opened down by 0.2%.

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!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

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

Meanwhile, Strides Pharma Science has received the Establishment Inspection Report (EIR) from the USFDA for its formulation's facility (KRSG Gardens) in Bangalore, thereby confirming the successful closure of the inspections.

The facility was inspected by the USFDA in May 2019.

Strides Pharma share price opened the day up by 0.5%.

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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Indian Share Market Update: Top Gainers and Losers