Indian Markets Open Flat

Mon, 21 Dec 09:30 am

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Major Asian stock markets have opened the day on mixed note, with stock markets in Indonesia (down 1.2%). However, stock markets in China are trading higher by 1.4%. Major stock indices in Europe and US ended their previous session on a dismal note. The rupee is trading at 66.42 per US dollar.

Indian stock markets have opened the day on a flattish note. BSE Sensex is trading marginally lower by 18 points (down 0.07%) and NSENifty is trading lower by 6 points (down 0.08%). However, both S&P BSE Midcap and S&P BSE Smallcap have surged upwards and are trading higher by 0.4% and 0.3% respectively. Major sectoral indices have opened on a mixed note with stocks from pharmaceutical sector facing the maximum heat. However stocks from metal and banking sector are facing buying interest.

As per an article in leading financial daily, Centre could raise service tax rates by 2% in the upcoming Union Budget. The proposed rate hike is largely to meet higher capital expenditure mainly on account of the seventh pay commission and the implementation of the one-rank-one-pension plan (OROP). Government officials have indicated that services are one of the areas where they have room to increase rates. Service tax rate was already increased from 12.36% to 14% in June 2015. In addition to increase in rates, Swachh Bharat cess of 0.5% was also imposed on all the services.

The government has seen sharp increase in its indirect tax revenues recently, helping it meet the fiscal deficit target.

As per an article in leading financial daily, Sun Pharma received a warning letter from US Food and Drug Administration (USFDA) on its Halol plant in Gujarat. USFDA had conducted an inspection at its Halol plant in September 2014. The inspection report stated various adverse observations in relation to this plant. In order to rectify these deficiencies, the company had been taking various remedial steps since then. Quite recently, the company also received OAI (Official action indicated) from the US regulators. The warning letter reiterates the earlier observation which was made in the inspection report. The company will have to respond to the warning letter within a specified period of time.

The stock prices of various pharma companies have witnessed sharp correction owing to compliance issues. And even Sun Pharma is facing similar challenges. So could such sharp declines offer buying opportunity? We have discussed about this in one of our recent edition of >The 5 Minute WrapUp Read on this article to know more!

Sun Pharma is trading down by 7%.

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