Sensex Opens Over 100 Points Down; Metal and Energy Stocks Drag

Tue, 31 Dec 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.1% while the Hang Seng is down 0.5%. The Nikkei 225 is trading down by 0.8%. Wall Street's major stock indices slipped from record highs on Monday as investors booked profits from gains made this month after the United States and China reached a trade deal.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 100 points while the NSE Nifty is trading down by 32 points. Both, the BSE Mid Cap index and BSE Small Cap index opened the day flat.

Barring power stocks, telecom and FMCG, all sectoral indices have opened the day in red with metal stocks and energy stocks witnessing maximum selling pressure.

The rupee is currently trading at 71.26 against the US$.

The rupee appreciated by 4 paise to settle at 71.31 against the US currency amid weakening of the US dollar in overseas markets even as crude oil prices surged.

Subdued domestic equity markets and high crude oil prices restricted the gains in the rupee, the reports noted.

At the interbank foreign exchange market, the rupee opened at 71.36 against the US dollar.

During the day, the domestic unit saw a high of 71.30 and a low of 71.39. The domestic unit finally settled at 71.31, higher by 4 paise over the previous closing price.

On Friday the rupee had settled at 71.35 against the American currency.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on the news from the pharma sector. As per an article in a leading financial daily, Dr. Reddy's Laboratories has launched Sodium Nitroprusside Injection, 50 mg/2 ml (25 mg/ml) Single-dose Vial, the therapeutic generic equivalent of Nitropress (sodium nitroprusside) Injection.

The drug has been approved by the US Food and Drug Administration (USFDA).

The Nitropress brand and generics had US sales of approximately US$8 million MAT for the most recent twelve months ending in October 2019 according to IQVIA Health.

The company's Sodium Nitroprusside Injection is available in single-dose 50 mg/2 ml (25 mg/ml) vials.

Dr. Reddy's share price opened up by 0.6%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Meanwhile, in the video below, Tanushree talks in great detail about pharma sector. She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

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