After opening the day marginally lower, Indian share markets extended losses as the session progressed and ended the day in the red.

Indian shares struggled for direction today as investors digested the Federal Reserve agreement for a slower pace of rate hikes, while the continued slide in oil prices helped cap losses.

At the closing bell, the BSE Sensex stood lower by 304 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 51 points (down 0.3%).

Hero Motocorp, Cipla, and NTPC were among the top gainers today.

Bajaj Finance, Bajaj Finserv, and ICICI Bank, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,081, down by 31 points, at the time of writing.

Broader markets settled on a positive note. The BSE Midcap rose 0.3% while the BSE SmallCap index ended the day flat.

Sectoral indices ended on a mixed note with stocks in the energy sector, FMCG sector, and oil & gas sector witnessing most of the buying.

On the other hand, stocks from the finance sector, banking sector, and IT sector witnessed selling pressure.

Among the best finance stocks in India, the share price of Bajaj Finance and Bajaj Finserv dived over 5% today.

Shares of Abbott India, Apollo Tyres, and REC hit their 52-week highs today.

Asian stocks ended on a firm note.

The Hang Seng inched higher by 1.3%, while the Shanghai Composite index ended higher by 1%. The Nikkei edged 0.4% higher.

US stock futures are trading on a negative note. Dow futures are trading down by 0.1% while Nasdaq futures are trading lower by 0.2%.

The rupee is trading at Rs 82.5 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.4% at Rs 55,567 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 1.2% at Rs 68,500 per kg.

Speaking of stock markets, of late pharma stocks are rising.

Traders have jumped on the bandwagon and are buying pharma stocks in the same way they were buying PSU stocks a few weeks ago.
 

Bharat Forge inks pact with General Atomic

In news from the defense sector, shares of Bharat Forge climbed 2% today.

In a major move to boost manufacturing in India, US-based General Atomics Aeronautical Systems and Bharat Forge announced a partnership to manufacture main landing gear components, subassemblies, and assemblies of remotely piloted aircraft.

The move is expected to result in significant capability-building for both companies and provide an impetus to the Indian large, unmanned aircraft industry.

Further, the partnership will also help India to develop a manufacturing ecosystem for high-end drones.

Bharat Forge is part of the Kalyani Group and has a state-of-the-art, digitally integrated manufacturing, assembly, and testing facility for aerospace components and systems.

It manufactures structural and engine parts and subsystems for aircraft and engines for both civil and military applications.

It is among the top defense stocks in India with big growth stories.

Speaking of the defense sector, note that the government's Atmanirbhar Bharat Abhiyan has emphasized the need for self-reliance in security space.

Given the increasing focus on self-reliance, the Ministry of Defense (MoD) has set a target of doubling defense production to US$ 25 bn by 2025. To boost this, the Indian government is likely to spend a massive US$130 bn over the next 7-8 years on the modernization of the armed forces.

The increase in budgetary allocation, along with other factors, will ensure that India's top defense stocks remain in the limelight for the foreseeable future.

That is why we believe that the defense sector could produce the next set of multibagger stocks over the long run.
 

Lupin Pharma launches triple drug combination

In the news from the pharma sector, shares of Lupin Pharma climbed 1% today.

This rise in the stock came in after the global pharma major announced the launch of a novel fixed-dose triple drug combination (FDC) of Indacaterol, Glycopyrronium, and Mometasone.

The FDC will help in the management of inadequately controlled asthma among patients. This product has been launched under the brand name DIFIZMA by the company.

Lupin is the first company in the country that offers this FDC product which combines Indacaterol, Glycopyrronium, and Mometasone.

On the other hand, DIFIZMA is the only FDC approved by the Drug Controller General of India (DGCI) to treat inadequately controlled asthma.

The product will help by improving lung function, providing better symptom control, and reducing exacerbations.

Lupin is a leading pharmaceutical company from India and is among the top 10 generic companies in the world.
 

RBI lifts loan recovery ban on M&M Financial

Moving on to news from the finance sector, shares of M&M Financial Services climbed 3% intraday.

This sudden jump in the stock was on the back of the RBI (Reserve Bank of India)restriction lift on the recovery of loans through third-party agents.

The decision came after submissions were made by the financial firm amid its commitment to strengthening its recovery practices and outsourcing arrangements.

Apart from this, the company also committed to tightening the process of onboarding third-party agents and strengthening the accountability framework approved by the board.

In September, the RBI had asked M&M Financial services to immediately cease carrying out any recovery or repossession activity through outsourcing arrangements.

The company was allowed to carry out recovery or repossession activities through its employees.

The central bank said the action was based on certain material supervisory concerns observed in the company's management of its outsourcing activities.

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