Sensex Slips 450 Points; SBI & IndusInd Bank Top Losers

Share markets in India fell nearly 1% today tracking weakness in global markets owing to the rapid spread of coronavirus beyond China.

Heavy foreign fund outflows too weighed on market sentiment. Foreign portfolio investors offloaded shares worth Rs 33.8 billion on Wednesday, taking their total sales to over Rs 69 billion in past three days.

Barring consumer durable stocks, all sectoral indices are trading on a negative note with stocks in the realty sector, metal sector and power sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 391 points (down 0.9%), while the NSE Nifty is trading down by 123 points (down 1%).

The BSE MidCap index is trading down by 1.2%, while the BSE SmallCap index is trading down by 1.5%.

The rupee is currently trading at 71.61 against the US$.

In news from the pharma sector, Sun Pharma's wholly owned subsidiary has launched Riomet ER in the US as an adjunct to diet and exercise to improve glycemic control in patients 10 years of age and older with type 2 diabetes mellitus.

Riomet ER was approved by the US Food and Drug Administration (USFDA) on August 29, 2019.

Riomet ER is the first and only FDA-approved liquid formulation of extended-release metformin.

Sun Pharma share price is presently trading up by 1.7%.

Moving on to news from the insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to study the feasibility of allowing life insurers to sell indemnity-based health products.

Until now, these companies were allowed to sell only benefits-based health products.

As per an article in The Economic Times, if the nine-member panel recommends the move and the Centre gives the green light, this will pave the way for Life Insurance Corporation (LIC) to further consolidate its dominance of the country's insurance landscape using its expansive distribution network to potentially seize market share from health insurers ahead of its IPO next year.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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