Stock Market Today: Top 10 things to know before the market opens today
The market is anticipated to open down as SGX Nifty trends point to a negative start for the larger Indian index with a loss of 60 points. On July 26, the BSE Sensex dropped by roughly 500 points to 55,268 due to selling across the board.
To 16,483, the Nifty50 dropped 147 points. To find out what occurs in the currency and equity markets today, keep an eye on Moneycontrol. Chinese markets Ahead of Australia’s inflation report and with investors anticipating the US Fed’s policy decision, Asia-Pacific shares were neutral on Wednesday.
4 percent of India’s projected gross domestic product growth for the current fiscal year has been reduced by the International Monetary Fund by 80 basis points, to 7. The growth prediction for FY24, which is now at 6.9 percent before, has also been revised downward.
In an update to its World Economic Outlook report published on July 26, the IMF stated that “for India, the change reflects primarily less favorable external conditions and more rapid policy tightening.” US generics market revenue growth for Indian pharma companies is anticipated to be moderate in FY23: Icra According to rating agency Icra, price erosion pressure would likely cause Indian pharmaceutical companies to have reduced revenue growth from the US generics market in FY23.
The US has always been a significant market for Indian pharmaceutical companies, but in recent years, revenues from there have grown at a relatively slow rate because of persistent pricing pressure, the absence of significant generic product launches, and increased regulatory scrutiny, according to a statement from Icra. The rating agency reported that for its sample of eight top Indian pharmaceutical companies, US pharmaceutical market revenues fell just 0.1% in FY22.
Kinjal Shah, vice president of ICRA and co-group head, commented on the outlook, saying, “Icra expects mid to high single-digit price erosion to continue to exert pressure over the near term, resulting in muted revenue growth for the Indian pharmaceutical companies from the US generics market in FY23.”
According to brokerage houses, revenue for the quarter is forecast to decline sequentially by 1-3 percent, supported by price increases implemented by the company and negatively impacted by reduced volumes. However, year-over-year growth may exceed 45 percent. Oil prices decline as US consumer confidence declines As investors fretted about declining consumer confidence and readied themselves for the release of an additional 20 million barrels of crude oil from the US Strategic Petroleum Reserve, oil prices reversed early gains and ended down on Tuesday.
