Sensex Trades Lower; ONGC & HDFC Top Losers

Share markets in India are presently trading on a negative note. Barring FMCG stocks and realty stocks, all sectoral indices are trading in the red with stocks in the oil & gas sector, metal sector and energy sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 241 points (down 0.7%), while the NSE Nifty is trading down by 86 points (down 0.8%). The BSE Mid Cap index is trading down by 0.5% and the BSE Small Cap index is trading on a flat note.

The rupee is currently trading at 70.34 against the US$.

Rupee fell for the second successive session after global crude oil prices rallied after plunging in the past few sessions.

In the news from the pharma space, Alembic Pharma share price is in focus today as the company has received approval from the USFDA (United States Food & Drug Administration) for Pramipexole Dihydrochloride extended-release tablets, 0.375 mg, 0.75 mg, 1.5 mg, 2.25 mg, 3 mg, 3.75 mg, and 4.5 mg.

The company has a cumulative total of 82 ANDA approvals (69 final approvals and 13 tentative approvals) from USFDA.

To know more about the company, you can access to Alembic Pharma's Q2FY19 result analysis and Alembic Pharma's Stock Analysis on our website.

In the news from the airline's sector, Jet Airways share price is in focus today after rating agency ICRA downgraded the airline's loan and debenture ratings.

On Tuesday, the airline delayed on debt payments to banks led by SBI. According to reports, ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short-term rating has been revised to D from A4.

The debt-laden airline has delayed the payment to a consortium of Indian banks, led by State bank of India.

According to reports, the payment of interest and principal installment was delayed "due to temporary cash flow mismatch" and the company is in talks with the consortium. The deadline for the payment was December 31, 2018.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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