Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.5% while the Hang Seng is up 1.2%. The Shanghai Composite is trading up by 0.9%. Wall Street rebounded on Tuesday in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China. All three major US indices closed higher following Monday’s sell-off.
Back home, India share markets have opened the day on a flattish note. The BSE Sensex is trading up by 54 points while the NSE Nifty is trading up by 27 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.4%.
Sectoral indices have opened the day on a mixed note with healthcare stocks and metal stocks witnessing maximum buying interest. While consumer durables stocks and power stocks opened the day in the red.
The rupee is trading at Rs 72.76 against the US$.
Noe that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.
Indian Rupee is the Worst Performing Currency in Asia
The rupee is under pressure due to a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey is weighing on the rupee.
The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.
Nevertheless, last week, the government announced several measures. This includes cutting down non-necessary imports, removal of withholding tax on rupee-denominated bonds, and easing overseas borrowing norms.
That said, in the near term, the rupee being under pressure could benefit export-oriented businesses.
Moving on to the news from the pharma sector. In the latest development, Sun Pharma said Spanish firm Almirall has received approval from the European Commission (EC) for Tildrakizumab (brand name Ilumetri in Europe). It is a drug used for treating psoriasis.
