After opening the day on a positive note, Indian share markets continued their momentum as the session progressed and ended on a firm note.

Despite a tepid global mood, domestic markets edged higher after wholesale inflation dropped to a 2-year low of 4.9% in December and oil refiners rose in trade after the government slashed windfall tax on crude and aviation fuel.

FIIs have continued to move out of India for the 17th day in a row till Monday and data would reveal later if the trend continued on Tuesday.

At the closing bell, the BSE Sensex stood lower by 563 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 0.9%).

L&T, HUL, and HDFC were among the top gainers today.

SBI, Bajaj Finserv, and Wipro on the other hand were among the top losers today.

The SGX Nifty was trading at 18,083, up by 138 points, at the time of writing.

Broader markets settled on a negative note. The BSE Midcap and BSE SmallCap index ended 0.1% lower.

Sectoral indices ended on a mixed note with stocks in the healthcare sector and consumer durables sector witnessing heavy selling pressure.

While stocks in the energy sector, power sector, and realty sector witnessed buying.

Shares of L&T, IDFC, and Jindal Stainless hit their 52-week highs today.

Asian share markets ended the day on a mixed note.

The Hang Seng ended lower by 0.8%, while the Shanghai Composite index ended 0.1% lower. The Nikkei edged 1.2% higher.

US stock futures are trading on a negative note. Dow futures are trading lower by 0.2% while Nasdaq futures are trading low by 0.5%.

The rupee is trading at 81.78 against the US$.

Gold prices for the latest contract on MCX are trading lower by 0.2% at Rs 56,372 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading down by 0.5% at Rs 69,434 per kg.
 

Glenmark Pharma launches drug

In news from the pharma sector, shares of Glenmark Pharma were among the top buzzing stocks today.

Glenmark Pharmaceuticals today launched the generic version of Novartis heart failure drug.

The company's sacubitril + valsartan tablets for the treatment of heart failure will be marketed under the brand name Sacu V.

It has an established role in treating patients with heart failure with reduced ejection fraction and has been endorsed by the latest heart failure treatment guidelines in Europe and the US.

According to IQVIA sales data for the 12 months ending 31 December 2022, the total cardiology market is estimated to be Rs 207.3 bn. The ARNI market (sacubitril + valsartan) size is estimated to be Rs 5.1 bn, with an annual growth of 37.2%.

Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.

Glenmark occupies a leadership position in the Indian market for the discovery of new molecules.

The company has operations in more than 80 countries around the globe.

In 2022 so far, shares of Glenmark are down by 16.1%. While in the past five years, the stock has experienced a fall of 22.3%

It is amongst the top 4 pharma stocks in India.
 

Why Bank of India share price is falling

In news from the banking sector, shares of Bank of India plunged 5% today.

The shares of the company saw this steepest fall in five-week after it reported divergence in its asset classification for the December quarter, resulting in lower net profit.

The state lender reported just a 12% rise in net profit for the December quarter to Rs 11.5 bn from a year ago.

Net interest income, or the income a bank earns by giving loans, jumped 64% YoY to Rs 55.9 bn. Other income dropped nearly 22% YoY to Rs 14.3 bn from Rs 18.3 bn.

Provisions and contingencies rose 461% YoY to Rs 18.7 bn versus Rs 3.3 bn a year back.

Gross non-performing assets (NPAs) fell 15% to Rs 388.8 bn at the end of the December 2022 quarter from Rs 457.6 bn in the same quarter of the previous year.

Net NPAs were at 1.6% in the December quarter compared to 1.9% in the previous quarter and 2.6% last year.

In December 2022, shares of the lender declined 12% in a week, and we covered the reasons explaining Why the Bank of India's share price is falling.
 

Blue Jet Healthcare IPO gets Sebi's nod

Moving on to news from the IPO space, Blue Jet Healthcare has received market regulator Sebi's approval to raise funds from an initial public offering (IPO).

Blue Jet's issue is entirely offered for sale (OFS). The selling shareholders will offload up to 2.1 m equity shares.

Of the total, promoter Akshay Bansarilal Arora will sell 1.8 m equity shares, and Shiven Akshay Arora to sell 0.3 m equity shares.

Since the IPO is entirely OFS, the company will not receive any proceeds from the offer and will go to the promoter-selling shareholder.

The company filed for an IPO in September last year. Blue Jet offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical firms.

Kotak Mahindra Capital Company, ICICI Securities, and JP Morgan India are the book-running lead managers for the IPO.

The firm offers niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies.

Its business model focuses on collaboration, development, and manufacturing of complex chemistry categories.

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