Sensex Extends Losses; Tata Motors and ICICI Bank Top Losers

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Stock markets in India continue trading lower. The BSE Sensex is trading down by 453 points and the NSE Nifty is trading down by 135 points. The BSE Mid Cap index is trading down by 1%, while the BSE Small Cap index are trading down by 0.7%.

Among the sectoral indices, capital goods stocks and bank stocks are witnessing maximum selling pressure.

If you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion.

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.

The Time to Buy Stocks is Now

The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

The real question is - Are you taking advantage of these price declines to buy quality stocks?

In the news from the economy. According to data released by the ministry of Commerce and Industry, the growth of eight core infrastructure industries slowed down to 2.1% in July 2019 as compared to 7.3% in the same month a year ago, on the back of contraction in coal, crude oil and natural gas production.

The combined Index of eight core industries was 2.1% higher compared to the index of July 2018. Its cumulative growth during April to July, FY20 was 3%.

The Eight Core Industries, coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity comprise 40.3% of the weight of items included in the Index of Industrial Production (IIP).

Among eight core sectors, coal production having 10.3% weight declined 1.4% in July 2019 over July 2018. Petroleum Refinery production having 28% weight fell 0.9% in July 2019 as compared to same month last year.

The Natural Gas production having 6.9% weight declined by 0.5% percent in July 2019. Steel production having 17.9% weight increased by 6.6% in July this year. Electricity generation having 19.9% weight jumped by 4.2% in July 2019.

Cement production rose by 7.9%, fertilizer production surged by 1.5%, while crude oil production declined by 4.4% in July this year.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Zydus has received marketing authorization for Twinrab (RabiMabs) from the Drug Controller General of India.

Reportedly, the novel biologic which will be marketed under the brand name, Twinrab, is indicated in combination with rabies vaccine for rabies post-exposure prophylaxis. The United States Food and Drug Administration (USFDA) has granted an orphan drug status to this candidate.

In 2008, Zydus had entered into an agreement with the World Health Organization (WHO) to explore opportunities in the development of a cocktail of monoclonal antibodies for the treatment of rabies.

Cadila Healthcare share price was trading up by 2.1% at the time of writing.

In another development, Aurobindo Pharma's wholly owned subsidiary, Helix Healthcare S.V, Netherlands, has entered into an agreement with Shanghai LongJin Investment Company, China and Sveva Capitals, Hongkong to establish a Joint Venture Company in China.

The JV will be set up under the name of 'Longxiang Pharma Taizhou Co. for development, manufacturing, marketing and sale of pharmaceutical products for China excluding Taiwan, Hongkong and Macau.

While Helix will have 57% shareholding in the JV, LongJin will have 40% and Sveva will have 3% shareholding.

Aurobindo Pharma share price was trading up by 1.6%.

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

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