Sensex Trades Marginally Lower; Energy and Telecom Stocks Witness Selling

Mon, 23 Dec 12:30 pm

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Share markets in India have continued to trade on a volatile note and are presently trading marginally lower.

Sectoral indices are trading mixed with stocks in the telecom sector and energy sector witnessing selling pressure, while automobile stocks and metal stocks are witnessing buying interest.

The BSE Sensex is trading down by 40 points, while the NSE Nifty is trading down by 3 points.

The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.2% and 0.1%, respectively.

The rupee is trading at 71.14 against the US$.

In the news from the macroeconomic space, amid factoring in significant deceleration in past few quarters on account of credit squeeze and deterioration in business and consumer confidence, Fitch Ratings has cut its growth forecast for India to 4.6% for the current financial year (FY20) from the previous estimation of 5.6%.

However, it expects growth to gradually recover to 5.6% in FY21 and 6.5% in FY22 with support from easing monetary and fiscal policy and structural measures that may also support growth over the medium term.

It reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.

Meanwhile, it said its rating for India incorporates the expectation of moderate slippage in the fiscal deficit target of 3.3% of GDP in FY20.

Besides, the Fitch's FY2020 growth forecast is lower than 4.9% projection by Moody's and 5.1% by Asian Development Bank.

The Reserve Bank of India (RBI) has also revised GDP growth forecast to 5% for FY20 from 6.1% projected in October.

Recently, even ratings agency Moody's Investors Service lowered GDP growth projection for India to 4.9% from 5.8% for FY20.

Note that the Moody's indicator is typically very late to caution on risks. So late in fact, that now it is time to look forward to the upside.

As our co-head of research, Tanushree Banerjee says, investors who take Moody's downgrade of India too seriously, will either suffer losses or miss the bus on the upside.

Take a look at this chart.

Terrible Track Record of Rating Downgrades

Every time, Moody's has slashed India's rating below the 'stable' category, the economy has bottomed out.

And a stock market boom followed.

So, smart investors who bought stocks after Moody's rating downgrade in 1992 and 2002, created life-changing wealth for themselves.

You need to do the same today.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Glenmark Pharma' subsidiary, Glenmark Pharmaceuticals Inc., USA is voluntarily recalling all unexpired lots of its ranitidine tablets from the US market.

These tablets are used to treat ulcers of the stomach and intestines.

The tablets are being recalled because of the presence or potential presence of N-nitrosodimethylamine (NDMA) levels above the acceptable daily intake levels established by the United States Food and Drug Administration (USFDA).

Reportedly, the affected ranitidine tablets were distributed directly to wholesalers, distributors, retailers and repackagers nationwide.

The company's Ranitidine tablets 150 mg and 300 mg are manufactured at two approved manufacturing facilities. Of the 928 recalled lots of ranitidine tablets, USP, 16 lots were manufactured by Glenmark Pharmaceuticals, Goa, and 912 lots were manufactured by Strides Pharma Science, Puducherry.

At the time of writing, Glenmark Pharma share price was trading up by 0.7% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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