Sensex Opens in Red; Banking and Metal Stocks Drag

Thu, 10 Oct 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite and the Hang Seng are up 0.2%. The Nikkei 225 is trading higher by 0.5%. Wall Street rose on Wednesday on hopes of progress in US-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week.

Back home, India share markets opened lower. The BSE Sensex is trading down by 130 points while the NSE Nifty is trading down by 37 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.3% and 0.1% respectively.

Sectoral indices have opened the day on a mixed note with telecom stocks witnessing maximum buying interest. Banking stocks and metal stocks are trading in red.

The rupee is currently trading at 70.98 against the US$.

The Indian rupee weakened against the US dollar on Wednesday, tracking subdued domestic equities and other Asian currencies.

Rupee closed at 71.07 a dollar, down 0.1%, from Monday's close of 71.03.

The Indian unit had opened at 71.19 a dollar. On Tuesday, markets were shut due to Dussehra.

Most Asian currencies declined after tension between US and China escalated ahead of Chinese Vice Premier Liu He leading a delegation for two days of talks in Washington beginning Thursday.

The White House has slapped visa restrictions on Chinese officials, citing the mistreatment of Uighur Muslims in China.

Meanwhile, the rupee has weakened 1.8% in the year so far, while foreign investors have bought nearly US$7.7 billion in Indian equities and US$4 billion in debt during the period.

Foreign money 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.

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.

Foreign Money Returns to India Again

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.

Amid such volatile times, Richa Agarwal reveals her investing strategy in the video below.

She also talks about the type of small cap stocks 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.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, the US Food and Drug Administration (FDA) issued a warning letter to Torrent Pharmaceuticals's Indrad plant in Gujarat on Tuesday following an inspection of the facility in April.

This action follows the earlier intimation received from USFDA in August 2019, wherein the agency had classified its inspection as Official Action Indicated (OAI).

The US regulator classifies its observations as OAI when it believes that violations of current good manufacturing practices are severe and require urgent remedial measures.

If the company fails to assure the regulator of undertaking remedial measures, the USFDA issues a warning letter to the plant. New product approvals are usually not given to a plant under warning letter.

After the regulator inspected the Indrad facility in April, it had issued a Form 483 with four observations, three for the finished drug product unit and one for active pharmaceutical ingredients (API) unit.

The US FDA had inspected the company's other facility in Dahej in March, after which it had issued certain observations which were later categorized as OAI.

Both the plants manufacture active pharmaceutical ingredients as well as medicine formulations.

Now how this pans out going forward remains to be seen.

Torrent Pharma share price opened the day down by 5.3%.

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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