Sensex Trades Flat; HCL Tech and Reliance industries Top Losers

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Stock markets in India are presently trading flat. The BSE Sensex is trading down by 29 points and the NSE Nifty is trading down by 8 points. Both, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.1%.

Among the sectoral indices, IT stocks and capital goods stocks are witnessing selling pressure. Power stocks and Telecom stocks are trading in green.

In the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals and Mankind Pharmaceuticals have inked a sub-licensing agreement to co-market sodium glucose co-transporter-2 (SGLT2) inhibitor, Remogliflozin Etabonate (Remogliflozin) in India.

Under the agreement, Mankind will market the drug under its own trademark while Glenmark will manufacture and supply Remogliflozin to Mankind.

In April 2019, Glenmark received approval from the Drugs Controller General of India (DCGI) for Remogliflozin Etabonate after successfully completing Phase-3 clinical trials.

During the trials Remogliflozin demonstrated good efficacy and safety profile in a head-to-head comparison against Dapagliflozin.

Subsequently, Glenmark launched Remogliflozin indicated in the treatment of Type 2 diabetes mellitus in adults under the brand names 'Remo' and 'Remozen'.

At the time of writing, Glenmark pharma was trading down by 0.2%.

In another development, Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Travoprost Ophthalmic Solution.

The approved ANDA is therapeutically equivalent to the reference listed drug product, Travatan Ophthalmic Solution of Alcon Pharma.

The drug is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension.

Note that, Alembic has a cumulative total of 110 ANDA approvals (97 final approvals and 13 tentative approvals) from USFDA.

Alembic pharma share price was trading up by 0.3% at the time of writing.

Moving on to the news from the economy. The International Monetary Fund (IMF) in its latest report has said that India is now in the midst of a significant economic slowdown and urged the government to take urgent policy actions to address the current prolonged downturn.

It also said that India's rapid economic expansion in recent years has lifted millions of people out of poverty. However, in the first half of 2019, a combination of factors led to subdued economic growth in India.

On the growth front, it said India's gross domestic product (GDP) growth is projected at 6.1% for fiscal year FY20, reflecting the primarily cyclical slowdown, which would be the lowest in 7 years, and is expected to rebound to 7% in FY21.

With risks to the outlook tilted to the downside, the IMF called for continued sound macroeconomic management. They saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth.

The report pinned the slowing growth of the Indian economy on the deceleration of consumption and investment that was made worse by regulatory uncertainty. It said the relatively low food prices contributed to 'rural distress'.

On a positive note, the IMF report said over the medium term, growth is projected to gradually rise to its medium-term potential of 7.3% helped by a firming in investment and private consumption in the second half of the fiscal year.

This is expected to be supported by the lagged effects of monetary policy easing, recent measures to facilitate monetary policy transmission and address corporate and environmental regulatory uncertainty, and government programs to support rural consumption being rolled out.

The report said that the other contributing factors to an improvement would include continued commitment to inflation targeting, gradual macro-financial and structural reforms, including implementation of reforms initiated earlier, such as the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC), as well as ongoing steps to liberalise FDI (foreign direct investment) flows and further improve the ease of doing business.

Notably, volatile markets and some recent economic numbers have confused investors.

In this video below, Tanushree Banerjee decodes a few economic myths and reveals three big trends of Rebirth of India.

Tune in...

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