A trader works at the office of Motilal Oswal Financial Services Ltd. in Mumbai, India (Photographer: Vivek Prakash/Bloomberg)

Stocks Radar: ICICI Bank, Cipla, Oberoi Realty And Kansai Nerolac

Indian equity benchmarks edged lower in today’s session, mirroring losses in other Asian markets after the U.S. Federal Reserve raised the benchmark rates by 25 basis points and upgraded forecast to four total hikes in 2018.

The S&P BSE Sensex fell 0.3 percent, or 117 points, to 35,625, and the NSE Nifty 50 Index declined 0.3 percent, or 32 points, to 10,825.

Sixteen of the 19 sector gauges compiled by the BSE were trading lower, led by a 0.6 percent drop in the S&P BSE Information Technology Index. The S&P BSE Healthcare Index was the top gainer, up 0.4 percent.

Here Are The Stocks Moving The Markets This Morning

HDFC Bank Gains On Cabinet Approval

Shares of HDFC Bank Ltd. rose as much as 0.55 percent today to Rs 2,042 apiece after the Cabinet on Wednesday allowed an additional Rs 24,000 crore foreign direct investment into the Mumbai-based lender.

HDFC Bank’s stock has risen 9.1 percent in 2018 compared with a 5.6 percent gain in the Sensex. The NSE Nifty Bank Index rose 4.2 percent during the same period.

Also read: HDFC Bank Gets Cabinet Nod For Rs 24,000 Crore FDI

ICICI Bank Falls After Stake Sale In Life Insurance Arm

Shares of ICICI Bank Ltd. fell as much as 1 percent in today’s session to Rs 288 piece after the private lender said its board has approved the sale of up to 2 percent stake, or nearly 2.87 crore shares, in ICICI Prudential Life Insurance Company Ltd. through stock exchange mechanism.

The company’s stock fell 7.5 percent this year so far compared with a 5.6 percent rise in the Sensex.

Also read: ICICI Bank To Sell 2% Stake In Life Insurance Arm

Lupin Gains On New Drug Launch

The drugmaker gained as much as 1.5 percent to Rs 885 apiece after it launched its antibiotic Tobramycin Inhalation Solution USP—the generic equivalent of Novartis Pharmaceutical’s Tobi 300 mg/5 ml—in the U.S.

The drug is used to treat cystic fibrosis patients with P. aeruginosa, the company said in an exchange filing.

Lupin’s stock trades at a 23.6 times estimated forward earnings per share against a 20.3 times two-year historical average.

Cipla Rises On Approval From U.S. FDA

Cipla Ltd. rose as much as 1.9 percent today to Rs 592 apiece after it received the final approval from the U.S. Food and Drug Administration for its generic Isuprel injection. The company’s Ugandan unit, Cipla Quality Chemical Industries Ltd., is exploring an initial public offer and has appointed Renaissance Capital Kenya as the book runner.

The stock has fallen 2.8 percent in 2018 compared with a 6.5 percent decline in the NSE Nifty Pharma Index.

Kansai Nerolac Gains On New Manufacturing Unit

The paint manufacturer rose as much as 0.9 percent today to Rs 486 apiece after its new manufacturing unit at Sayakha Industrial Estate in Gujarat began commercial production.

Kansai Nerolac Paints Ltd.’s stock has fallen 15.3 percent this year so far compared with a 5.6 percent rise in the Sensex. The scrip, however, has gained 17.5 percent over the last 12 months compared with a 16 percent rise in the Sensex.

Oberoi Realty Falls Close To 4%

The real estate developer declined as much as 3.7 percent in today’s trade to Rs 508 apiece, as its qualified institutional placement opened with a floor price of Rs 509.29 a share.

Oberoi Realty trades at a 14.1 times estimated forward earnings per share compared with its two-year historic average of 31.1 times.

Hindusthan National Glass Gains On Stake Sale

Shares of the container maker gained as much as 3.8 percent today to Rs 80.95 apiece, the highest in a week, after it decided to sell a 11.23 percent stake in HNG Float Glass joint venture for $19.3 million.

The stock has fallen 47 percent so far this year compared with a 5.6 percent rise in the Sensex. It dropped 10.1 percent in the last 12 months.