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Indian Markets open in deep red
Mon, 17 Aug 09:30 am

The major Asian stock markets have opened the day weak, with Hong Kong market (down 0.97%) and Singapore market (down 0.65%) being the top losers in the pack. European markets closed their session in red however US stock markets closed marginally up. The rupee is trading at 65.22 per US dollar.

Indian stock markets have started the week on a pessimistic note owing to negative sentiments across the peers. The BSE-Sensex is trading down by 306 points (down 1.1%) and NSE-Nifty is trading down by 90 points (down 1%). Both mid cap and small cap stocks are also witnessing selling pressures . Both S&P BSE Midcap is trading and S&P BSE Smallcap indices are trading down by approx 0.7% each. Major sectoral indices are witnessing selling pressures with stocks oil and gas and automobile sectors being the top losers in the apck.

Major stocks in the pharmaceutical sector have opened their day in red. Cipla Ltd has declared its results for the quarter ending June 2015. Revenue surged by 41.6% YoY and the profits for the quarter zoomed up by 120.8% YoY. The stupendous performance was led by robust growth in the Exports of formulations which grew by 78.5% YoY for the quarter. Major part of the growth in this segment was driven by non recurring sales in the US market. The Cipla's board had approved the divestment of its consumer healthcare business to a wholly owned subsidiary for a consideration of Rs 1 bn. Stock of Cipla is trading down by 3.7%.

Stocks in the banking sector have opened their day on a mixed note. As per an article in a financial daily, the country's largest lender State Bank of India (SBI) will launch its m-wallet 'SBI Buddy' on Tuesday. The wallet will compete directly with ICICI Banks Pocket, HDFC Bank's PayZapp and Paytm. M-wallets are similar to savings bank accounts that can be accessed through mobile phones. The wallet will enable customers to have access to thousands of merchants in travel, hotel, entertainment, fashion and would be able to make remittances without downloading their app. SBIs m-wallet will be available to existing as well as non-SBI customers. Stock of SBI is trading up by 2.9%.

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