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Markets at a Glance:
Markets close for the week in red with Sensex falling by 134 points and settling at 38846, while Nifty contracted by 11 points and maintained its 11500 level. Nifty Pharma was the biggest winner today by rising almost 5% led by Dr. Reddys Labs and Cipla. Realty and Auto sectors also had some gains, while the remaining sectors were either in red or ended flat.
Top Gainers/Losers:
Pharma Majors Dr. Reddys Labs and Cipla along with Adani Ports, Bharti Airtel and Mahindra & Mahindra were the top gainers in today’s session. On the other side, HDFC Bank, Shree Cement, Bajaj Finserv, Kotak Bank and Maruti Suzuki were among the top losers today.
DII/FII Data:
DIIs kept their sell-off and divested Rs.100.83 crore, while FIIs showed their confidence in Indian markets and invested a net sum of Rs.205.15 crore, as per the NSE website.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 18-Sep-20 | 6,248.89 | 6,349.72 | -100.83 |
| FII/FPI | 18-Sep-20 | 19,932.30 | 19,727.15 | 205.15 |
Along with CAMS and Chemcon, Angel Broking also hitting the primary market through its IPO:
Domestic brokerage firm, Angel Broking is coming with an IPO between Sept 22 and 24 with a price band of Rs.305 – 306. Incorporated in 1996, Angel Broking is India’s fourth largest broking firm with 7.7 lakh active customer base. The offer comprises a fresh issue of Rs.300 crore and an offer for sale aggregating to Rs.300 crore making total IPO size of Rs.600 crore. Minimum lot size is decided as 49 shares, making it cost around Rs.14994.
Two US law firms filed class action suits against HDFC Bank:
US-based Rosen Law Firm and Schall Law Firm have filed class action suits against HDFC Bank alleging misleading public statements and for failing to inform investors about the bank’s improper internal controls on vehicle loans. Both law firms filed the suit on behalf of investors who bought HDFC Bank shares during July 31, 2019 to July 10, 2020. They alleged that the bank maintained improper lending practices in its vehicle-financing operations and thus, the earnings generated from HDFC Bank’s vehicle-financing operations were unsustainable. Moreover, HDFC bank’s public statements were false and misleading, as per the law firms.
Thus investors acquired shares at inflated prices, during the above period have suffered significant losses. Shares of HDFC bank fell by 2.28% on NSE based on the news.
Lot of action in Pharma:
Cipla and Lupin are expected to gain in Asthama Drug business in U.S. where their ark rival Perrigo recalled its Asthama drug and even stopped its production & distribution due to clogging of its drug devices. There have been no sales of same drug by Perrigo since August and company don’t expect further sales till end of this year. Shares of Cipla and Lupin grew by 7% and 5% respectively.
Along with the production of 10 crore Russian COVID vaccine, Dr. Reddys settled a patent litigation with Celgene in U.S., for Revlimid (lenalidomide) capsules, used to treat various kinds of cancer. Now, Dr. Reddys labs will be able to sell generic version of the medicine for cancer in U.S. markets. Stock gained by almost 10% over this positive development is U.S. market.