Indian Indices Erase Gains; M&M, Bharti Airtel Among Top Losers

Thu, 24 Oct 12:30 pm

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Share markets in India have erased early gains and are presently trading on a flat note.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and oil & gas sector witnessing selling pressure, while realty stocks are witnessing buying interest.

The BSE Sensex is trading up by 22 points, while the NSE Nifty is trading down by 3 points. The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap index is trading up by 0.2%.

The rupee is currently trading at Rs 70.93 against the US$.

Speaking of the volatility witnessed in Indian share market lately, if you look at the stock market returns over the years, you will see that the markets have never moved in a linear fashion.

What do I mean by that?

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

Stock markets have always moved in cycles.

The Time to Buy Stocks is Now

Here's what Radhika Pandit wrote about this in a recent edition of The 5 Minute WrapUp...

• 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.
  
  Sarvajeet and I believe we are seeing a similar situation currently.
  
  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.

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

Also, amid the volatility witnessed in stock markets lately, Tanushree Banerjee, in the video below, talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

In news from the IT sector, the US Securities and Exchange Commission (SEC) has started an investigation on the whistleblower complaints against Infosys claiming malfeasance in accounting.

In a filing to exchanges, Infosys said that the company is in touch with the SEC and would cooperate with the investigation.

Yesterday, the Indian markets regulator had also requested additional information from the company concerning the anonymous complaints. Infosys said it is also aware of a class action lawsuit and "intends to defend itself vigorously in such a lawsuit."

Earlier this week on Monday, it was reported that a group terming itself as "ethical employees" had written to the company's board and to the USSEC alleging that the company's top managers were bending rules about accounting of revenue from large deals and their profitability.

On Tuesday, Infosys issued a statement attributing to chairman Nandan Nilekani and said the anonymous complaints were first received by an Infosys Board member on September 30.

The company's audit committee was made aware of the charges on October 10 and the company's non-executive board members discussed the matter on October 11.

BSE has asked Infosys to explain why it did not make appropriate disclosures about the whistleblower's complaint in late September.

Adding more challenges, a US law firm on Wednesday, filed a lawsuit seeking damages on behalf of the company's investors in a New York court.

The class action lawsuit filed by Rosen Law firm has demanded a jury trial and accused Infosys of making false and misleading statements, besides failing to make appropriate disclosures, according to a statement by the firm.

Note that shares of the company suffered their sharpest single day fall in six years on Tuesday, eroding Rs 460 billion worth of shareholders' wealth.

Infosys share price is presently trading down by 1.4%.

Moving on to news from the pharma sector, Alembic Pharma's joint venture (JV) Aleor Dermaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Desonide Ointment, 0.05%.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Desonide Ointment, 0.05%, of Perrigo New York, Inc.

Desonide Ointment is a low potency corticosteroid indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses.

Alembic Pharma share price is presently trading up by 1.3%.

Meanwhile, Aurobindo Pharma has received final approval from the USFDA to manufacture Guaifenesin extended-release tablets, 600 mg and 1200 mg (OTC).

The company's Guaifenesin extended-release tablets are the AB rated generic equivalent of RB Health (US) LLC's Mucinex tablets.

This is the 10th ANDA approved out of Unit X formulation facility in Naidupet, Andhra Pradesh, used for manufacturing oral products. The company now has a total of 419 ANDA approvals (392 Final approvals including 21 from Aurolife Pharma LLC and 27 tentative approvals) from USFDA.

Aurobindo Pharma share price is presently trading down by 0.8%.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers