Asian share markets fell sharply once again as traders kicked off a fresh day today, tracking losses in New York and Europe fuelled by long-running recession fears.
The Nikkei fell by 2.1% while the Hang Seng was down 2.2%. The Shanghai Composite is trading lower by 0.7%.
Wall Street indices sank deeper into a bear market on Tuesday, with the S&P 500 recording its lowest close in almost two-years as Federal Reserve policymakers showed an appetite for more interest rate hikes, even at the risk of throwing the economy into a downturn.
The Dow Jones fell by 0.4% while the tech heavy Nasdaq ended higher by 0.3%.
Back home, Indian share markets are trading on a negative note.
Benchmark indices opened on a flat note with a negative bias today following the trend on SGX Nifty. However, as the session progressed some of the losses were erased.
At present, the BSE Sensex is trading lower by 262 points. Meanwhile, the NSE Nifty is trading down by 80 points.
Sun Pharma and Dr Reddy’s Laboratories are among the top gainers today.
NTPC and IndusInd Bank are among the top losers today.
Broader markets are trading on a flat note. Both the BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.1%.
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Sectoral indices are trading on a mixed note. Stocks in the metal sector and energy sector witness selling.
Meanwhile, stocks in the IT sector and telecom sector witness buying.
Shares of EP Biocomposites and Cipla hit their 52-week high today.
In the commodity markets, gold prices fall. Today, gold prices are trading lower by Rs 92 at Rs 49,227 per 10 grams.
Note that gold prices have fallen and have taken quite a knock in recent weeks.
Meanwhile, silver prices are trading lower at Rs 59,420 per kg. Silver prices too have fallen a lot in recent days.
The rupee is trading at 81.9 against the US dollar.
Rising interest rates creates a lot of problem since it increases the borrowing cost for companies, and hence the profit margins are impacted.
But did you know that rising interest rates does not always mean losses? To know how rising interest rates can also result into profit read out editorial on 5 ways to profit from higher interest rates.
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In news from the power sector, India’s principal power transmission company, Power Grid share price is falling.
Power Grid share price has fallen more than 15% in last one week.
REC has asked the government to consider selling Power Finance Corp’s (PFC) stake in the company to PGCIL.
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This would give Power Finance and REC exposure to different credit limits as separate companies, potentially resulting in higher project funding.
However, the government has rejected this proposal. It argued the move will hurt the two companies in the otherwise ailing sector and operational and administrative issues that might crop up after the deal.
The share price has also taken a hit on account of high debt and poor quarterly results.
In other news, Bharat Heavy Electricals (BHEL) bags a big order.
State-owned BHEL on Tuesday said it has bagged an order from National Thermal Power Corporation NTPC to set up a 2×660 megawatt thermal power project.
The project is to be constructed on an Engineering, Procurement and Construction (EPC) basis.
Moving on to news from the pharma sector, among the best pharma stocks in India, Torrent Pharma share price is in focus today.
Torrent Pharmaceuticals has agreed to acquire Sequoia-backed skincare product manufacturer Curatio Healthcare for Rs 20 bn.
As part of the deal, Torrent will pay Rs 1.2 bn in cash and cash equivalent upfront for the 100% stake. Curatio will be valued at Rs 18.9 bn. The transaction is likely to close within one month.
Curatios’ team of 600 medical representatives will join Torrent Pharma and it will add a distribution network of 900 stockists.
In March, it was reported that Dr Reddy’s Laboratories, Torrent Healthcare, JB Chemicals and Warburg Pincus were shortlisted to buy Curatio.
Founded in 2005, Curatio is backed by venture capital and private equity firms Sequoia, Anicut and ChrysCapital. The company has strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands. Besides India, it also has operations in Nepal, Srilanka and the Philippines.
Sequoia Capital acquired a 33% stake in Curatio Healthcare in 2014, while ChrysCapital picked up a stake in 2018 from Fulcrum Capital, when it exited partially. Anicut owns about 1% stake in the company.
Curatio’s portfolio consists of brands such as Tedibar, B4 Nappi, Atogla, Spoo, and Permite, with the top 10 brands accounting for 75% of its revenue. The firm expects revenue to increase from Rs 2.2 bn in the financial year 2021-22 to Rs 2.8 bn in the current financial year.
Since you are interested in the pharma sector, read our editorial on the top 4 pharma stocks to add to your watchlist.
And to know what’s moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns,
Indian Share Market Update: Top Gainers and Losers
What else is happening in the markets today? Dig in…
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( With inputs from equitymaster)