Sensex Opens Flat; Consumer Durables Stocks Under Pressure

Wed, 9 Oct 09:30 am

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Asian shares are mixed today. The Hang Seng is higher by 0.3% while the Shanghai Composite is even. The Nikkei 225 is trading down by 0.7%. US stocks ended down sharply and near the day's lows on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.

Back home, India share markets opened flat. The BSE Sensex is trading up by 6 points while the NSE Nifty is trading down by 9 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with capital goods and bank stocks witnessing maximum buying interest. Consumer durables and IT stocks are trading in red.

The rupee is currently trading at 71.21 against the US$.

The rupee depreciated by 14 paise to close at 71.02 against the US dollar on October 7 as profit booking in domestic equities kept market sentiment nervous.

Market sentiment remained fragile ahead of the US-China trade meeting.

Besides, rising crude oil prices also weighed on the domestic unit.

At the interbank foreign exchange market, the local currency opened on a weak note at 71.00 and fell further to a low of 71.09. It finally settled at 71.02, lower by 14 paise against its previous close.

Unabated foreign fund outflows also kept investors edgy.

Speaking of foreign funds, foreign money has once again made its way into Indian equities. For one, the tax on the super-rich was not applicable on domestic and foreign investors. The Finance Minister clarified this.

Foreign Money Returns to India Again

More importantly, they responded positively to the cut in corporate tax rates. The new rates now, makes India globally competitive. This strengthens the case for investing in India.

Therefore, foreign money flowed back into the Indian markets last month. They bought Indian equities to the tune of Rs 75 billion.

Essentially, there is no clear indicator that the slowdown is structural. So far, it appears cyclical.

Hence, when the cycle turns, the stock markets will move up too.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Aurobindo Pharma received 7 observations from the US health regulator for its unit-7 in Telangana.

The United States Food and Drug Administration (USFDA) conducted a Current Good Manufacturing Practices (CGMP) inspection at the company's unit-7 manufacturing facility from September 19 to 27.

Meanwhile, Glenmark pharma received a warning letter from the USFDA for its Baddi facility in Himachal Pradesh.

As per the reports, Baddi facility is expected to contribute US$30 million in total sales for this fiscal, which is around 7% of total US sales.

There are no major pending approvals from this facility for the next 12 months and there will be no financial impact on account of this development, the company stated.

The company currently has eight manufacturing facilities approved by the USFDA, five formulations facilities and three API facilities under Glenmark Life Sciences and none of these facilities except Baddi has any outstanding issues with the USFDA at this point in time.

Aurobindo Pharma share price opened up by 3.5% while, Glenmark Pharma share price opened down by 1.2%.

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