Sensex & Nifty Remains Range-Bound Ahead of US Presidential Results

Tue, 8 Nov 01:30 pm

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The Indian share markets traded in a narrow range during the noon trading session over the caution on today's US Presidential elections amid mixed global indices. Sectoral indices are trading mixed with metal & auto stocks witnessing majority of the buying activity. While healthcare & realty sector leading the losses.

The BSE Sensex is trading lower by 19 points (down 0.1%) while the NSE Nifty is trading lower by 6 points (down 0.1%). The BSE Mid Cap index and BSE Small Cap index both are trading down by 0.2%. Gold prices, per 10 grams, are trading at Rs 30,146 levels. Silver price, per kilogram is trading at Rs 43,203 levels. Crude oil is trading at Rs 2,997 per barrel. The rupee is trading at 66.70 to the US$.

IT stocks are trading on a mixed note with HCL Technology Ltd and HCL Infosys leading the losses. As per an article in Business Standard, Wipro Limited has launched its offerings that use Open Banking application programming interface (API) technological platform.

As an emerging trend in financial technology, open APIs enable third-party developers build applications and services for financial institutions.

Reportedly, the Open API platform will enable banks and financial institutions to launch Open Banking initiatives. It will also create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces. Further, also comply with emerging regulatory norms through the standardization of APIs. Ankit Shah, our Research Analyst, has recently written an interesting piece on how banks are offering more services with the help of technology and how it might benefit the investors in future.

Wipro expects a large number of banks and financial institutions to adopt Open Banking initiatives to conform with evolving banking regulations. It will also help to meet customers' digital expectations, and stay ahead in an increasingly competitive Financial Technology industry.

Apart from accelerated time-to-value, the platform equips banks to create and manage an API-enabled ecosystem for new revenue streams and foster innovation. The platform leverages IBM API Connect. It offers capabilities to create, run, manage and secure APIs and micro services. It enables organizations to rapidly deploy and simplify the administration of APIs for both on premise and cloud environments, the reports noted.

India is an information technology powerhouse. In an extremely challenging global economy, western corporations are now expecting Indian IT firms to deliver a more compelling value proposition in terms of growth prospects. Going forward, whether the Indian IT firms are up to the task will be the key thing to watch out for.

Shares of Wipro were down by 0.7% while writing.

Moving on the news from stocks in pharma sector. Shares of Sun Pharma plunged 3.5% after it was reported by The Economic Times that the US Food & Drug Administration (USFDA) has commenced its scheduled inspection of the Mohali manufacturing site of Ranbaxy. Sun Pharma had acquired Ranbaxy in an all-stock transaction at an enterprise value of US$4 billion in April 2014.

Reportedly, USFDA had imposed an import alert on the facility following issues related to manufacturing violations. Further, USFDA had banned products from Ranbaxy's plants in Mohali, Dewas, Paonta Sahib in 2012, and Toansa in 2014, from exporting to the US. The company was found to have violated good manufacturing practices.

Mohali was the most modern facility of Ranbaxy and had shipped heart drug atorvastatin. This was the company's most prized opportunity in the US generics market. In 2013 the site was banned by the USFDA. The M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

Following this inspection, Sun Pharma's Halol site may also be inspected in a short time, the reports noted. Considering the pharma's regulatory distresses, are Indian pharma companies now adapting to the scrutiny by the USFDA? Bhavita Nagrani, our pharma sector analyst, shares her insights in one of our premium editions of The 5 Minute Wrap Up (Subscription required).

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