Sensex Opens Flat; Telecom and Automobiles Stocks Lose

Fri, 18 Oct 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.1%. The Nikkei 225 is trading up by 0.6%. Wall Street advanced on Thursday as investor sentiment was buoyed by a string of corporate earnings beats and encouraging geopolitical developments.

Back home, India share markets opened in red. The BSE Sensex is trading down by 68 points while the NSE Nifty is trading down by 24 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 stocks and power stocks witnessing maximum buying interest. Automobiles stocks and telecom stocks are trading in red.

The rupee is currently trading at 71.12 against the US$.

The rupee darted up 27 paise to close at 71.16 against the US dollar on Thursday, led by optimism over the Brexit deal amid softening crude oil prices.

At the interbank foreign exchange market, the rupee opened at 71.38 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.14 and a low of 71.47, before finally ending at 71.16, up 27 paise over its previous close.

Persistent foreign fund inflows and robust buying in domestic equity markets added to the momentum.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, infusing Rs 11.6 billion on Thursday.

Now, let's have a look at the monthly foreign investor inflow trend over the last five years.

Will Foreign Investors Make a Comeback Now?

During the entire period, the net foreign investor inflows into Indian equities are worth Rs 1,182.8 billion. For a five-year period, that's not a significant amount at all. The reason being that, foreign investors have also done some heavy selling during this period.

Foreign investors have been net sellers in 27 out of the last 61 months. Even in the ongoing financial year, foreign investors have been net sellers.

Will that change after the latest announcement by the Finance Minister?

Research analyst at Equitymaster, Ankit Shah believes that corporate tax cuts have the potential to revive the business and investment climate in the economy.

In his premium newsletter Insider, Ankit focuses on cherry-picking the best investing opportunities. Even after the jump in stock prices on Friday, many stocks are still trading below their best buy prices.

He believes, the best strategy in the current market is to accumulate quality stocks in a staggered manner as and when prices are attractive.

Also, amid such volatile times in stock markets, Richa Agarwal reveals her investing strategy in the video below.

She also talks about the type of small cap stocks she is looking at during such times.

Tune in...

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Cipla on has acquired a novel and patented anti-infective product, Elores, from Venus Remedies Ltd (VRL) for the Indian market.

The acquisition is aimed at further strengthening the firm's presence in branded Indian critical care space, and as a part of its agenda to contribute to the fight against anti-microbial resistance (AMR).

Elores is indicated for the treatment of life-threatening infections caused by gram-negative bacteria.

The product was launched in India across select tertiary care hospitals in the country in 2013 after approval from the Drug Controller General of India.

The company had recently acquired Zemdri, and with the acquisition of Elores, Cipla has added to its offering of new generation antibiotics.

Cipla share price opened down by 0.5%.

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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