Sensex Opens Higher; Oil & Gas Stocks Rally

Tue, 1 Oct 09:30 am

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Global shares ticked up today as some investors clung to hopes that China and the United States could work towards reaching a deal on trade and other issues in the fourth quarter. US stocks climbed on Monday, helped by gains in Apple, Microsoft and Merck & Co, as investors set aside worries about the US-China trade war. The Dow Jones Industrial Average rose 0.4%, while the S&P 500 gained 0.5%.

Back home, India share markets opened on a positive note. The BSE Sensex is trading up by 156 points while the NSE Nifty is trading up by 54 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.5% and 0.2% respectively.

Barring telecom stocks, IT stocks, realty and metal stocks, all sectoral indices have opened the day on a positive note with oil & gas stocks and bank stocks witnessing maximum buying interest.

The rupee is currently trading at 70.79 against the US$.

In the news from the economy. According to a government data released on Monday, the eight core industries in August recorded a 0.5% decline in output of coal, crude oil, natural gas, cement, and electricity.

The eight core sector had expanded by 4.7% in August last year.

Coal, crude oil, natural gas, cement, and electricity recorded a negative growth of 8.6%, 5.4%, 3.9%, 4.9% and 2.9%, respectively, in August.

However, fertiliser and steel production grew by 2.9%, and 5%, respectively during the month under review.

During April-August, growth in the eight core industries grew by 2.4% from 5.7% in the year-ago period.

In another development, the country's fiscal deficit touched Rs 5.5 trillion at the end of August, which was 78.7% of the Budget Estimate for 2019-20.

In absolute terms, the fiscal deficit or the gap between expenditure and revenue was Rs 5,538.4 billion as on August 31.

The deficit was at 86.5% of the 2018-19 Budget Estimate (BE) in corresponding month a year ago.

The government has pegged the fiscal deficit for the current financial year at Rs 7 trillion, while aiming to restrict the deficit at 3.3% of the gross domestic product (GDP).

However, the government has let go of its revenues to the tune of Rs 1.5 trillion by announcing cuts in corporate tax, aimed at boosting the faltering economy.

One way of gauging the government's financial health is by looking at the fiscal deficit as a percentage of GDP.

Will the Deficit Continue Declining?

The good news is that this number has been declining.

Thus, it has been in line with the government's stated aim of bringing the fiscal deficit down.

But how it pans out going forward remains to be seen.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Lupin has launched Sildenafil Tablets USP, 25 mg, 50 mg, and 100 mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier.

Reportedly, the company's Sildenafil Tablets are the generic version of Pfizer Inc's Viagra Tablets, 25 mg, 50 mg, and 100 mg.

These tablets had annual sales of approximately US$16 million in the US (IQVIA MAT July 2019).

In another development, USFDA has completed a cGMP inspection at Cipla's Goa manufacturing facility.

The inspection was conducted from September 16 to September 27.

The inspection ended with 12 observations, none of which are related to data integrity, the reports noted.

Lupin share price and Cipla share price opened up by respectively.

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