After trading on a volatile note during the start of the day, stock markets in India witnessed buying interest and went on to trade on a positive note in the noon session. Sectoral indices are trading firm with stocks in the FMCG sectorand auto sector witnessing maximum buying interest.

The BSE Sensex is trading up 178 points (up 0.6%) and the NSE Nifty is trading up 48 points (up 0.5%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 1%. The rupee is trading at 64.21 to the US$.

Moving onto the news from pharmaceuticals sector. Cadila Healthcare has received the US Food and Drug Administration's (USFDA) final approval to market Tiadylt ER capsules and Azelastine Hydrochloride Nasal Spray.

The company will manufacture Tiadylt ER capsules at its formulations manufacturing facility at Ahmedabad. The capsules are used to treat hypertension, angina and certain heart rhythm disorders.

On the other hand, Azelastine Hydrochloride is used to relieve nasal symptoms such as runny/itching/stuffy nose, sneezing and post-nasal drip caused by allergies or other conditions. The product will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.

Speaking of USFDA approvals, there's a sharp pick-up in new drug approvals in 2017. During the period January-July 2017, 129 approvals for generic drugs were made. This is evident from the chart below:

USFDA sweetener for Indian Pharma

This is 45% higher from 89 approvals made in the corresponding period last year.

As per the Indian Pharmaceutical Alliance, the pace of drug approvals has gained momentum after they complained to FDA about delays last year.

Approvals for drugs have also picked up after USFDA concerns at some of the manufacturing units were addressed. Companies such as Divi's Laboratories, Cadila Healthcare got regulatory clearances for some of their plants during the year. But several companies are still struggling to resolve FDA concerns. Some facilities of Wockhardt, IPCA and Sun Pharma are still under import alert whereas a few units of Divi's Laboratories and Dr Reddy's have received warning letters.

However, FDA's move to speed up generic drug approvals in a bid to reduce healthcare costs is likely to provide some earnings relief to domestic pharma companies.

In the news from commodity space, crude oil is witnessing buying interest today. Most of the gains came after a decline in US crude inventories.

As per the data, US crude inventories fell by 9.2 million barrels in the week to August 11.

Market participants are now keeping tabs on the release of official Energy Information Administration (EIA) data due later today for a further update on inventories.

While the above gains come as a welcome breather, one shall note that crude oil has been witnessing losses lately on concerns regarding the rising output from OPEC. Owing to the supply glut, crude oil prices have been remarkably subdued over the last two years. Prices have remained within a tight range, rarely dropping below US$40 or rising above US$60. Volatility has crashed.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

On the domestic front, falling oil prices bode well for the Indian economy. This we say because India is hugely dependent on petroleum imports.

India is the world's third-largest oil consumer. And energy consumption in India is set to grow as our economy remains one of the few 'bright spots' in a slowing, aging world economy. And India could face a potent risk with a rise in crude oil prices.

The only way out for India is to reduce its dependence on oil imports and achieve fuel-sufficiency.