Sensex Opens Flat; Healthcare and IT Stocks Gain

Wed, 28 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 0.2% while the Hang Seng is down 0.1%. The Shanghai Composite is trading down by 0.4%. Wall Street slipped on Tuesday, weighed down by financial stocks as a deepening of the Treasury yield curve inversion raised US recession worries and uncertainty over any progress in trade negotiations between the United States and China took a toll.

Back home, India share markets opened flat. The BSE Sensex is trading up by 23 points while the NSE Nifty is trading up by 12 points. The BSE Mid Cap index and BSE Small Cap index opened on a flat note.

Sectoral indices have opened the day on a mixed note with healthcare stocks and IT stocks witnessing buying interest. While, automobiles and bank stocks have opened the day in red.

The rupee is currently trading at 71.48 against the US$.

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...

In the news from the banking sector. According to rating agency Moody's, the latest announcement by the Indian government that it will frontload its planned Rs 700 billion capital infusion into the public sector banks (PSBs) will allow them to grow loans by around 13-15% in the current financial year (FY20) compared with about 10% in fiscal 2019 and will also allow them to meet the final Basel III capital requirements.

The capital infusion is part of India's government budget for fiscal 2020.

The government's announcements of an upfront capital infusion of Rs 700 billion in PSBs will improve the bank's capitalisation and help them calibrate their balance sheet growth.

Besides, in order to boost lending and improving liquidity situation, Finance Minister Nirmala Sitharaman had announced upfront capital infusion of Rs 700 billion into public sector banks.

The move is expected to generate additional lending and liquidity in the financial system to the tune of Rs 5 trillion.

Speaking of banking sector, public sector banks have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks.

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals' subsidiary, Glenmark Pharmaceuticals Inc., USA (Glenmark) is recalling 31,224 tubes of Clotrimazole and Betamethasone Dipropionate cream USP, 1%/0.05%, 15-gram tubes.

The recall is a nationwide within the United States.

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.

Glenmark Pharma share price opened up by 1.1%.

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.

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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