Indian Indices Close in the Red

Mon, 22 Aug Closing

   Previous Close   

   Pre-Open   

   09:30 am   

   11:30 am   

   01:30 pm   

Indian equity markets headed for a weak close, remaining rooted in negative territory with most of the stocks seeing some selling pressure. At the closing bell, the BSE Sensex closed lower by 91 points, the NSE Nifty finished lower by 38 points. The S&P BSE Midcap & the S&P BSE Small Cap finished down by 0.4% and 1% respectively. Losses were largely seen in auto and IT stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.32% and the Hang Seng rose 0.26%. The Shanghai Composite lost 0.75%. European markets are mixed today. The CAC 40 is up 0.78% while the DAX gains 0.42%. The FTSE 100 is off 0.20%.

The rupee was trading at 66.86 against the US$ in the afternoon session. Oil prices were trading at US$ 48.29 at the time of writing.

As per an article in a leading financial daily, Lupin Ltd has received approval to launch Acotiamide 100 mg indigestion tablets in India from the Central Drugs Standard Control Organization (CDSCO). Lupin will commence promoting the product in India shortly.

Acotiamide is a drug which could benefit patients suffering from Dyspepsia or Indigestion. Acotiamide enhances gastric accommodation and gastric emptying.

One shall note that, Acotiamide is approved by PMDA Japan and is actively marketed in Japan.

According to IMS MAT June 2016, the current market for Gastrointestinal prokinetics and combinations is estimated to be around Rs 26.4 billion growing at 14%. Approval of Acotiamide would go a long way in addressing an otherwise common but unmet medical need for an effective drug for the management of dyspepsia and help Lupin to widen its footorints, the reports noted.

Our pharma sector analyst, Bhavita Nagrani, is of the opinion that Lupin was able to insulate its growth despite rising pressures in the sector. She has recently shared a detailed view on the company and valuations in the latest recommendation report of The India Letter. Click Here to know more.

Notably, the pharmaceutical sector, which is an important contributor to India's exports has stood out in terms of export performance. Geographies such as Europe and emerging markets like Brazil, Mexico, Russia, South Africa and South-East Asia regions too are important buyers of Indian drugs.

Lupin finished the day down by 2% on the BSE.

Moving on to the news from auto sector. Mahindra & Mahindra (M&M) has been reportedly planning to launch an affordable electric SUV via its Mahindra Electric Unit (previously known as Mahindra Reva).

The idea is to fuse Mahindra's special expertise in the SUV space with that of the Reva's expertise in making electric cars.

Meanwhile, Ford is also likely to chip in with the launch of an electric version of its successful compact SUV Ford EcoSport.

Mahindra has been making its foray into the electric vehicle segment quite early in hopes of selling high volumes and working out economies of scale. It is also expecting to sell initially about 6,000 units each year of the electric, hybrid and CNG models. In the meantime, Mahindra will also try to boost its export market for the Mahindra Electric range of vehicles, the reports noted.

M&M finished the day the day down by 0.9%.

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