Indian Indices Open Marginally Lower; Consumer Durables & Energy Stocks Drag

Mon, 18 Feb 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. US stocks rallied on Friday with the Dow and the Nasdaq posting eighth straight weekly gains.

Back home, India share markets have opened the day marginally lower. The BSE Sensex is trading down by 142 points while the NSE Nifty is trading down by 45 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.2% & 0.4% respectively.

Sectoral indices opened on a mixed note with stocks in the consumer durables sector and energy sector witnessing selling pressure while realty stocks, power stocks and metal stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.36 against the US$.

In the news from the commodity space, oil prices rose to their highest levels since November last year, lifted by OPEC-led supply cuts and US sanctions on Iran and Venezuela.

Last Friday, Brent crude futures recorded fresh 2019 highs on back of the above news. Brent pushed above $65 per barrel for the first time in 2019.

The Organization of the Petroleum Exporting Countries (OPEC), as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling more.

The US-China trade row has surely been a concern for oil bulls, lowering global economic gain and thereby restricting new oil demand.

Reportedly, the two nations met on Friday and have more talks coming this week. The most bearish oil factor out there is the booming production coming from the US shale industry.

Also at the radar are hopes expressed by US and Chinese officials that a new round of talks, which began in Beijing on Monday, would bring them closer to easing their months-long trade war.

Speaking of crude oil, almost every time, a rise or fall in the stock markets is invariably linked to crude oil prices. Have a look at the chart below:

Are Stock Market Returns Really Linked to Crude Oil Prices?

Here's what Girish Shetty wrote about it on one of the recent editions of The 5 Minute WrapUp...

• In the short-term: Yes.
  
  But in the long run, as we can see, Sensex returns have been independent of crude oil prices or even positively co-related!
  
  Crude oil prices doubled from US$ 41 in December 2008 to US$84 in April 2010. In the same time, Sensex also doubled from 8,800 levels to 17,600 levels.
  
  So, please don't fret unnecessarily about crude oil.
  
  Check if your business has a moat that helps it pass on input price increases to its customers. In the long run, they will survive and also gain market share from those that can't pass on prices. Short term pessimism due to rising crude oil prices provides a buying opportunity in these stocks.

As per him, focusing on quality stocks rather than crude oil will matter more in the long run.

Moving on to the news from the pharma space, Glenmark pharma share price is in focus today as the company's subsidiary - Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Clobetasol Propionate Foam, 0.05%, a generic version of Olux Foam, 0.05%, of Mylan Pharmaceuticals, Inc.

According to sales data for the 12-month period ending December 2018, the Olux Foam, 0.05% market achieved annual sales of approximately $50.9 million.

In another news, Alembic pharma share price will also be in focus today as the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vigamox Ophthalmic Solution USP, 0.5%, of Novartis Pharmaceuticals Corporation.

Alembic pharma share price has opened the day up by 0.6%.

Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

We believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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