Sensex Ends Volatile Day Flat; Bank Stocks Top Losers -

Sensex Ends Volatile Day Flat; Bank Stocks Top Losers

Aug 30, 2018Jeremy ParkinsonFinance, No picture0

After opening the day in the red, share markets in India witnessed negative trading activity throughout the day and ended the day in the red. Sectoral indices ended the day mixed, with stocks in the banking sector and stocks in the auto sector leading the losses.

At the closing bell, the BSE Sensex stood lower by 33 points and the NSE Nifty closed down by 15 points. The BSE Mid Cap index ended the day up 0.4%, while the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.3% and the Shanghai Composite was down by 0.3%. The Nikkei 225 was up by 0.2%. Meanwhile, European markets were trading on a negative note. The FTSE 100 was down by 0.6%, The DAX, was down by 0.4% while the CAC 40 was down by 0.2%.

The rupee was trading at Rs 70.78 against the US$ in the afternoon session. Oil prices were trading at US$ 76.45 at the time of writing.

By the way, it’s Warren Buffet’s birthday today. The Oracle of Omaha turns 88 today. We at Equitymaster are big fans of Mr. Buffet.

In news from stocks in the pharma sector. Lupin share price was in focus after it received approval from the US Food and Drug Administration (USFDA) market its generic Gabapentin tablets used for the treatment of postherpetic neuralgia in the American market.

The approved product is a generic equivalent of Pfizer’s Neurontin tablets and is indicated for the treatment of postherpetic neuralgia in adults and adjunctive therapy in the treatment of partial onset seizures.

Quoting IQVIA MAT data, the company said the estimated market size of Neurontin tablets is US$180 million for the twelve months ending June 2018.

Lupin Pharma share price ended the day up 0.7%.

Indian pharma companies catering to international markets, and especially the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.