Sensex Trades Lower; IT & Power Stocks Drag

Stock markets in India continued trading lower in the afternoon session weighed down by IT stocks and power stocks.

The BSE Sensex is trading lower by 133 points (down 0.4%), and the NSE Nifty is trading lower by 39 points (down 0.4%). Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.5% & 0.2% respectively. The rupee is trading at 73.38 to the US$.

In the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, 0.01% (Body Oil).

It is a generic version of Derma-Smoothe/FS Topical Oil, of Hill Dermaceuticals, Inc.

According to IQVIA sales data for the 12-month period ending August 2018, the Derma-Smoothe/FS Topical Oil market achieved annual sales of around US$14.5 million.

Glenmark’s current portfolio consists of 140 products authorized for distribution in the US marketplace and 60 ANDAs pending approval with the USFDA.

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

To know more about the company, you can access to Glenmark Pharma’s latest result analysis and Glenmark Pharma’s Stock Analysis on our website. Glenmark pharma share price was trading down by 2.6% at the time of writing.

To know what’s moving the Indian stock markets today, check out the most recent share market updates here.

In the news from the economy. As per India Ratings and Research (Ind-Ra), Indian rupee may recover to 69.79 per dollar in the second half of 2018-19 (H2FY19), down 8.3% from the first half. The recovery could come if the monetary authority props it up by mobilizing at least US$30 billion from Non-resident Indians (NRIs) as it has done in 2013.