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Morning gains eroded by the end
Wed, 25 Feb Closing

After starting the day on a firm note, selling activity intensified during the final two hours thereby wiping out all of the gains seen at the start of the day. The BSE-Sensex closed flat, up by about 3 points while the NSE-Nifty closed higher by about 5 points. Stocks from the healthcare and banking spaces were amongst the key losers today. Midcaps and smallcaps closed the day on a weak note with the indices ending lower by about 0.2% to 0.4%.

Asian stocks ended the day on a firm note; stocks in Europe were trading mixed at the time of writing. The rupee was trading at Rs 62.05 to the dollar.

Auto stocks ended the day on a weak note with Eicher Motors, Hero Motocorp and Bajaj Auto leading the pack of losers. The stock of TVS Motor Company has been under pressure of late. The stock has fallen by about 17% from its 52-week high which it touched around mid January this year. While the company reported as strong set of numbers in its results (revenues and profits up by 30% YoY and 31% YoY respectively) for the quarter ended December 2014, the stock continues to witness selling pressures over the past few weeks. It seems one of the concerns of the investors has been the sale of 1.5 m shares, amounting to Rs 45 crores, by the company's promoter Venu Srinivasan recently. This represents about 0.32% of the company's total shares. The transaction was done at a price of Rs 298. Today, the stock closed at about Rs 273, a figure lower by 8% from the sale price. At the end of December 2014, the company's promoters held 57.4% stake in the business.

Stocks of pharmaceutical companies ended the day on a weak note with Strides Arcolab, Dr. Reddy's and Apollo Hospitals leading losses. As reported by the Hindu Business Line, pharma major Glenmark Pharmaceuticals has announced that it has received USFDA approval to launch the generic version of Ashlyna contraceptive pills in the US market. These tablets are generic equivalents of Teva Women's Health's Seasonique tablets. The total annual sale of the latter stood at about US$ 159 m as on Dec 2014. The company plans to begin shipping the product immediately. Glenmark already has an established portfolio in oral contraceptive space in US. Glenmark's current US portfolio consists of 94 products authorised for distribution in the US and 75 ANDA's are still pending for approval with the US health regulator. The stock ended the day lower by about 2.4%.

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Jan 17, 2018 (Close)