Sensex Opens Higher; Banking and Metal Stocks Rally

Mon, 26 Aug 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.2% while the Hang Seng is down 2.9%. The Nikkei 225 is trading down by 2.2%. Wall Street opened lower on Friday, as China revealed retaliatory tariffs against about US$75 billion worth of US goods that intensified trade tensions ahead of a much-anticipated speech by Federal Reserve Chair Jerome Powell.

Back home, India share markets opened higher on the back of stimulus measure announcement by the Finance Minister Nirmala Sitharaman on Friday. The BSE Sensex is trading up by 302 points while the NSE Nifty is trading up by 108 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.9% and 1.2% respectively.

Except IT stocks and metal stocks, all sectoral indices have opened the day on a positive note with bank stocks, capital goods stocks and realty stocks witnessing buying interest.

Amid all gloom and doom in the economy, Richa Agarwal reveals her investing strategy.

She also talks about the stock she is looking at in such times. She is very cautious in her approach and looks for the stocks that survive in all the market cycles.

Tune in to find out...

The rupee is currently trading at 71.49 against the US$.

In the news from the financial markets. Overseas investors have pulled out a net amount of Rs 30.1 billion from the Indian capital markets this month so far.

According to depositories data, foreign portfolio investors (FPI) withdrew a net amount of Rs 121.1 billion from equities but pumped in Rs 90.9 billion into the debt segment during August 1-23.

This has translated into a total net outflow of Rs 30.1 billion from the capital markets (both equity and debt).

Out of 15 trading sessions, foreign investors were net buyers in only two sessions. The selloff in equities continued due to a mix of factors including US Fed rate cut, US-China trade war and the post Budget tax hike on high income investors, the reports noted.

The Centre on Friday announced a slew of measures to revive growth momentum, including rollback of enhanced super-rich tax on foreign and domestic equity investors imposed in the Budget.

Prior to the announcement of enhanced super-rich tax in the Union Budget for FY20 in July, FPIs were net buyers for five consecutive months.

FPIs had infused a net Rs 103.8 billion in June, Rs 90.3 billion in May, Rs 160.9 billion in April, Rs 459.8 billion in March and Rs 111.8 billion in February into the Indian capital markets.

However, the position reversed in July, when FPIs turned net sellers to the tune of Rs 29.9 billion.

One of the reasons for the weakness in rupee is also FPIs pulling out funds.

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, Glenmark Pharma is recalling over 31,000 tubes of anti-fungal Clotrimazole and Betamethasone Dipropionate cream from the US market.

The company's US-based arm is recalling the lots.

According to the latest Enforcement Report by the US Food and Drug Administration (USFDA), Glenmark Pharmaceuticals Inc USA is recalling 31,224 tubes of Clotrimazole and Betamethasone Dipropionate cream USP, 1%/0.05%, 15-gram tubes, manufactured by Glenmark Pharmaceuticals Ltd at its Baddi facility in Himachal Pradesh.

The ongoing voluntary class III recall is on account of temperature abuse: complaints received of liquidy texture.

Clotrimazole and Betamethasone Dipropionate cream is used on the skin to treat fungal infections of the feet, genitals, inner thighs and buttocks, arms and legs and other body parts.

As per USFDA, a class III recall is initiated in a situation in which use of or exposure to a violative product is not likely to cause adverse health consequences.

Glenmark Pharma share price opened flat.

To know more about the company, you can access to Glenmark Pharma's latest result analysis and Glenmark Pharma's Stock Analysis on our website.

Meanwhile, Lupin's arm, Lupin Pharmaceuticals Inc, is also recalling 39,216 bottles of Lisinopril and Hydrochlorothiazide tablets USP, 10 mg/12.5 mg, 100 tablet bottles manufactured at its Pithampur facility from the US market.

The reason for the recall is presence of foreign substance; product complaints received related to brownish/blackish stains on the tablets and brownish/blackish powder observed inside the bottles.

The current voluntary class II recall is for the product that was distributed to wholesalers/distributors and supermarket and drug chains throughout the United States.

The tablets are used for treatment of hypertension.

Lupin share price opened the day up by 0.7%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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