Sensex Opens Lower; Realty and Metal Stocks Drag

Thu, 22 Aug 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.1% while the Hang Seng is down 0.9%. The Shanghai Composite is trading down by 0.2%. Wall Street's main indices rose on Wednesday as upbeat earnings from retailers pointed to strength in US consumer demand and held gains after minutes from last month's Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 117 points while the NSE Nifty is trading down by 41 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.5% and 0.4% respectively.

Sectoral indices have opened the day on a mixed note with FMCG stocks and capital goods stocks witnessing buying interest. Realty stocks and metal stocks have opened the day in red.

The rupee is currently trading at 71.67 against the US$.

The Indian rupee on August 21 clawed back some lost ground to close at 71.55, up 16 paise against the US dollar in line with stronger emerging market currencies.

Starting off on a bullish note, the rupee surged to a high of 71.36 per dollar during the day before settling at 71.55, clocking a gain of 16 paise.

On Tuesday, the Indian unit had closed at a six-month low of 71.71 a dollar.

The recovery in the Indian unit was seen despite headwinds in form of economic uncertainties, FDI outflows and rise in global crude oil prices, the reports noted.

Indian rupee became Asia's worst performing currency this month. For the common man, the falling rupee is going to hit where it hurts the most-the pocket.

Vijay Bhambwani, the editor of Weekly Cash Alerts, had pointed out last week that the rupee will fall further.

In the video below, Vijay explains what's behind the fall in rupee and how much can it fall further.

Emerging market currencies advanced as investors assessed the latest remarks from the US on trade talks with China, he said adding that trading was muted ahead of the US Federal Reserve's July meeting minutes and Jackson Hole symposium later in the week.

Meanwhile, foreign investors pulled out Rs 7.7 billion from Indian equities on Wednesday, as per exchange data.

One of the reasons for the weakness in rupee is FPIs pulling out funds. FPIs have pulled out Rs 123 billion till date in July.

The reason for this are many.

From slowdown in the economy to the budget...

But, can the real reason be external?

In March this year, the Morgan Stanley Capital International (MSCI) announced it would increase the weightage of Chinese A shares (stocks trading in mainland China) by 4 times. These shares form around 10% of total Chinese shares in the index.

FPIs investing in passive funds follow the MSCI EM index for investments in emerging markets.

A comparison of India's weightage with China in the MSCI EM index provides us clues on the recent outflows from FPIs.

It also explains the announcement to reduce promoter shareholding in the budget.

Will we see a similar FPI inflow into Indian stocks?

Will India be the Next Hot FPI Destination?

Looking at the recent inflow into the Chinese stock markets, it seems very likely.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Ranolazine Extended Release Tablets (US RLD- Ranexa), 500 mg and 1.000 mg.

The drug is used to treat chronic angina and may be used with other medicines that are used for heart problems and blood pressure control.

Reportedly, it will be manufactured at the group's formulations manufacturing facility at Baddi.

The group now has 271 approvals and has so far filed over 360 ANDAS since the commencement of the filing process in FY 2003 -04.

To know more about the company, you can access to Cadila Healthcare's 1QFY20 result analysis and Cadila Healthcare's stock analysis on our website.

Cadila Healthcare share price opened the day down by 2.5%.

And 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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