Sensex Trades Rangebound; Telecom & Healthcare Stocks Gain

Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the power sectorcapital goods sector and oil & gas sector witnessing maximum selling pressure while healthcare stocks and telecom stocks are witnessing buying interest.

The BSE Sensex is trading up by 15 points while the NSE Nifty is trading down by 5 points. The BSE Mid Cap index is trading down by 0.2% and the BSE Small Cap index is trading on a flat note.

The rupee is trading at Rs 69.98 against the US$.

In the news from the commodity space, oil prices remained stable supported by hopes that talks underway in Beijing involving US and Chinese officials could end trade disputes between the world's biggest economies, while OPEC-led supply cuts also tightened markets.

Reportedly, there is also concern that a worldwide economic slowdown will dent fuel consumption, resulting in a reduction of bullish positions the hedge fund industry holds in crude futures.

Looking at oil supplies, 2019 crude prices have been supported by supply cuts from a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

Crude oil prices, however, are on a decline over the last few weeks over concerns of a supply glut.

OPEC oil supply fell by 460,000 barrels per day (bpd) between November and December, to 32.7 million bpd, as top exporter Saudi Arabia made an early start to a supply-limiting accord, while Iran and Libya posted involuntary declines.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

Moving on to the news from the pharma spaceLupin share price is in focus today as the European Commission (EC) has approved NaMuscla (mexiletine) for the symptomatic treatment of myotonia in adults with nondystrophic myotonic (NOM) disorders.

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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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