Sensex Finishes Flat; Dr Reddy's Slump 3%

Wed, 3 Jan Closing

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Indian share markets witnessed selling pressure in the afternoon session hour of trade and finished on a flat note. At the closing bell, the BSE Sensex closed lower by 19 points and the NSE Nifty finished flat. The S&P BSE Mid Cap finished up by 0.5% while S&P BSE Small Cap finished up by 1%. Gains were largely seen in capital goods sector, metal sector and consumer durables' sector. Auto stocks and software stocks finished in red.

Asian stock markets continued their positive start to the year following more record closes on Wall Street, but the dollar faced further selling pressure. The Shanghai Composite gained 0.62% and the Hang Seng rose 0.15%. European markets are mixed today. The CAC 40 is up 0.38% while the DAX gains 0.27%. The FTSE 100 is off 0.04%.

Rupee was trading at Rs 63.48 against the US$ in the afternoon session. Oil prices were trading at US$ 60.52 at the time of writing.

Bitcoin prices advanced over 10% in two trading sessions after The Wall Street Journal reported Peter Thiel's Founders Fund has amassed hundreds of millions of dollars of the volatile cryptocurrency.

The report further said that the fund bought US$15 to US$20 million worth of the cryptocurrency and multiplied the principal investment by over 5 times.

Bitcoin jumped to US$14,951 on January 3 from US$13,354 on January 1. During the period, the digital currency hit a high and low of US$15,300 and US$12,787, respectively.

Titan share price finished on an encouraging note (up 1.1%) after the company said its third-quarter jewellery retail growth is in-line with the company's expectation.

Jewellery sales were supported by the government's decision to suspend the application of stringent customer information norms under the Prevention of Money Laundering Act.

As per an article in The Livemint, Titan's main business segments-jewellery and watches-performed well in the October-December festive season quarter.

Titan's watches segment posted healthy same-store-sales growth in Q3 2017-18 across all retail formats and its end-of-season sale, which began towards the end of the quarter, is expected to boost sales further. The watches business also benefited from a regulatory change during the period, with the government lowering the goods and service tax (GST) rate on the category to 18% from 28%.

Moving on to news from pharma sector. Dr Reddy's Lab share price plunged 3% on fears that clearance for the company's injectables unit in Duvvada, Andhra Pradesh, may get delayed from the US Food and Drug Administration (USFDA).

USFDA had issued a warning letter for the company's unit in 2015. The unit was issued an establishment inspection report in which the US regulator did not clear the unit but pointed out areas of concern that the company needed to address.

The total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year. While, faster approvals expedite the commercialisation of product pipelines of domestic pharma companies spurring growth. At the same time however, it has raised the intensity of competition resulting in pricing pressures. The price erosion has been further compounded by a consolidation among US distributors and the decline in the number of products going off-patent over the past few years.

Generic Drug Approvals Hit The Roof

Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

With an aim to lower the overall healthcare costs in the country, the USFDA approved a record 763 generic drugs for the financial year ending 30th September.

Power stocks finished the day on a strong note with NHPC share price and KSK Energy share price leading the gains.

As per a leading financial daily, India's renewable energy installed capacity has surpassed 62 gigawatt (GW) mark as on November 30, 2017. The country's renewable energy capacity stood at 62.05 GW, which comprises 32.75 GW of wind energy, 16.61 GW of solar power, 8.29 GW of bio-power and 4.40 GW of small hydro power (up to 25 MW).

The government has already up-scaled the target of renewable energy capacity to 175 GW by the year 2022 which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power.

Power and New & Renewable Energy Minister RK Singh has said that the power generated from these sources is fed into the grid and then utilised by distribution companies to provide the same to consumers.

The minister further highlighted that the peak power supply deficit in April-November 2017 was 2% in the country as 160.75 billion units (BU) was supplied against the peak demand of 164.06 BU.

According to the Central Electricity Authority (CEA) 2017 Load Generation Balance Report, India would become power surplus nation. It said that all India power supply position indicates that the India is expecting a power surplus of 8.8% and peak surplus of 6.8% in the country during 2017-18.

And here's a note from Profit Hunter:

The Indian indices traded strongly in the first hour of the trading session earlier today. But later, they witnessed selling pressure and gave all of its gain to trade in the negative territory. Despite this, Tata Chemicals witnessed buying interest throughout the day.

The last time we reviewed the stock, it had broken out of its 590 - 660 range with healthy volumes. This indicated a resumption of the uptrend. As a result, the stock rallied more than 15% from the break out level to touch a new life-time high of 765. It went on to consolidate for a while, finding resistance from the falling trendline (blue line).

Today, Tata Chemicals is up 3% with strong volumes and touched a new life-time high of 766. Consequently, it broke above the falling resistance line.

Is this an indication that the stock will again resume its up move?

Let's keep a track of it...

Tata Chemical Hits New Life-time High

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