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Indian equity benchmarks declined for third straight session and the rupee dropped to a 10-week low on concerns that the nation’s fiscal deficit will widen after the government said it was considering measures to boost growth.
The S&P BSE Sensex was little changed at 32,370 while the NSE Nifty 50 Index slipped 0.2 percent to 10,122.
Sixteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty Index's 2.3 percent drop. On the flipside, the S&P BSE Healthcare Index was the top sectoral gainer, up 2.7 percent.
Pharma shares can go up 15-20 percent in the short term, says independent market expert Mehraboon Irani.
For the longer term Irani continues to hold his negative outlook on the sector citing valuations not justifying earnings outlook. Apart from regulatory concerns, he said the pricing power enjoyed by the drugmakers is also over.
Shares of the drugmaker rose as much as 6 percent to Rs 998.70, its highest level in nine months. The brokerage firm Axis Capital has upgraded the stock to buy and raised its target price to Rs 1,600.
The brokerage in a note said:
Shares of the state-run tourism company jumped as much as 13.6 percent to Rs 658 after the cabinet approved transfer of two hotel properties to state governments and divestment of stake in hotel joint venture.
The drugmaker extended gains and rose as much as 6.7 percent to Rs 2,470, its highest in nearly two months.
The company received an Establishment Inspection Report (EIR) from the U.S. FDA for its Srikakulam Plant in Andhra Pradesh.
Shares of the drugmaker jumped as much as 3.5 percent to Rs 2,396, its highest level in over one month after international brokerage firm Morgan Stanley upgraded the stock to 'Overweight' from 'Equalweight'.
Morgan Stanley on Dr. Reddy’s Labs:
#BQMarketsNow | Nifty headed towards 10,200, says Angel Broking's Ruchit Jain.https://t.co/twVJZIvfHw pic.twitter.com/IFKCnW6wtq
— BloombergQuint (@BloombergQuint) September 21, 2017
#BQMoney | Expect rupee to head towards levels of 65 against U.S. dollar, says India Forex Advisors' Abhishek Goenkahttps://t.co/twVJZIvfHw pic.twitter.com/fB2S5bRDgP
— BloombergQuint (@BloombergQuint) September 21, 2017
https://t.co/mzERvhDu8z to make its stock market debut today.https://t.co/8lqbvW0gE8 pic.twitter.com/AaB1XKQJSs
— BloombergQuint (@BloombergQuint) September 21, 2017
Here's a line up of all the major corporate/ investor meetings schedules for today.https://t.co/XKKDfjr8au pic.twitter.com/nUbVWWgZn1
— BloombergQuint (@BloombergQuint) September 21, 2017
Macquarie On United Spirits
Axis Capital On Divi’s Lab
Edelweiss On Tata Steel
IDFC Securities on Tata Steel
Axis Capital on Tata Steel
CLSA on Tata Steel
Macquarie on Tata Steel
Credit Suisse on Tata Steel
Morgan Stanley on Dr. Reddy’s
IDFC Securities on Zee
IDFC Securities Says
Jefferies Says
Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.24 percent to 10,143.
Asian equities open mixed with Japanese stocks advancing while the South Korean and Australian fluctuated. Most major currencies extended losses against the U.S. dollar as the Federal Reserve set an October start for shrinking its balance sheet and maintained a forecast for another rate increase this year.
Attention now turns to the Bank of Japan, which ends a two-day policy meeting on Thursday. All 45 economists surveyed by Bloomberg this month said they expect the BOJ to leave policy unchanged.
Commodities
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