Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.7% while the Hang Seng is down 0.2%. The Shanghai Composite is trading down by 0.1%. US stocks dropped, and the Nasdaq fell 1.7% on Tuesday.
Back home, India share markets have opened the day on a negative note. The BSE Sensex is trading down by 101 points while the NSE Nifty is trading down by 20 points. The BSE Mid Cap index opened up by 0.5% while BSE Small Cap index opened up by 0.3%.
Sectoral indices have opened the day on a mixed note with oil & gas stocks and healthcare stocks witnessing maximum buying interest. While metal stocks and IT stocks have opened the day in the red.
The rupee is currently trading at Rs 71.40 against the US$.
In the news from the pharma space, Dr. Reddy’s share price is witnessing buying interest today.
Reportedly, a court ruling allowed the company to sell a generic of Indivior Plc’s opioid treatment drug Suboxone in the US.
The US court appeals for the Federal Circuit which were set aside yesterday blocked Dr. Reddy’s from selling the generic in the country. The market comprising drugs that treat opioid abuse in the US during the past 12 months is worth $2.8 billion.
You can also read Dr. Reddy’s Q2FY19 result and Dr. Reddy’s annual report on our website.Dr. Reddy’s share price is trading up by 7.5%.
Moving on to the news from the commodity space, oil prices tumbled more than 6% on Tuesday in heavy trading volume, with US crude diving to its lowest level in more than a year, caught in a broader Wall Street selloff fed by mounting concerns about a slowdown in global economic growth.
Speaking of crude oil, India’s crude oil production was lower by 4.2% in September 2018 as compared to last year, as can be seen from the chart below.
