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Sensex Trades in Green; Bajaj Finance & Sun Pharma Top Gainers

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Share markets in India are presently trading on a positive note, after Prime Minister Narendra Modi assured that India would get its growth back.

Speaking at CII's annual session, Modi said making the economy strong post Covid-19 is the top priority now and that the government is making planned and systematic reforms.

Benchmark indices edged higher today even as Moody's Investors Service downgraded country's sovereign credit rating by a notch to the lowest investment grade with negative outlook.

The BSE Sensex is trading up by 229 points, up 0.7%, at 33,500 levels.

Meanwhile, the NSE Nifty is trading up by 71 points.

The BSE Mid Cap index is trading up by 0.9%.

Meanwhile, the BSE Small Cap index has extended early gains and is presently trading up by 1.6%.

On the sectoral front, gains are largely seen in the realty sector and telecom sector.

On the other hand, metal stocks are witnessing selling pressure.

The rupee is trading at 75.60 against the US$.

Gold prices are trading down by 0.1% at Rs 47,074 per 10 grams.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide. After all, 2020 has already seen one of the worst market crashes in history.

Will the 2020 Market Crash Be Worse than 2009?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

Moving on, market participants are tracking Hero MotoCorp share price as the company on Monday reported 82.7% decline in total sales at 1,12,682 units in May.

The company had sold 6,52,028 units in the corresponding month of the previous year.

In news from the pharma sector, Biocon share price is in focus today.

The company's biologics partner Mylan has received a favourable ruling from the US Patent and Trademark Appeal Board (PTAB) in its dispute with Sanofi over four patents of their insulin injection pen.

Sanofi had challenged that Mylan's device for insulin glargine product Semglee infringed the company's patents for Lantus SoloSTAR.

However, the PTAB found Sanofi's claims unpatentable.

Reports state that Mylan and Biocon previously obtained a covenant not to sue from Sanofi on the patent and therefore this ruling does not impact Biocon and Mylan's ability to commercialise Semglee upon final approval from the US Food and Drug Administration (USFDA).

The USFDA is currently reviewing Biocon and Mylan's application for Semglee.

Yesterday, shares of Biocon had rallied 6% to hit a record high of Rs 377 on back of the above news.

The company said the positive patent review developments will aid greater competition in the US insulin market and rationalize the cost of therapy.

Speaking of the pharma sector, in December 2019, co-head of Research at Equitymaster, Tanushree Banerjee had predicted that pharma could be the sector to see a big rebound in 2020.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil.

In April, the Indian rupee touched a new record low of Rs 76.92 against the US dollar. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

As per Tanushree, in a post Covid-19 world, healthcare expenditures globally will see a big rejig.

Tanushree has her eyes on an exciting tech stock. The company in question is developing its medical division. It's focusing on telemedicine, which Tanushree believes will be a huge growth driver in a post Corona world.

Moving on to news from the mutual funds space, the markets regulator has hired the services of a chartered accountant and forensic audit firm to probe into the dealings of six mutual fund schemes that were shut down by Franklin Templeton.

The Mumbai-based Chokshi & Chokshi LLP, which advises on tax, accounting, risk, and due diligence among other things, has been given the assignment.

The firm is likely to investigate if there were collusion between the fund house and bond-issuing corporates, instances of conflicts of interest of directors or senior officials, and transactions that were prejudicial to the interest of investors in the schemes.

The regulator has asked the audit firm to submit its report in 30 working days.

On April 23, Franklin Templeton Mutual Fund announced the winding up of six of its yield-oriented debt schemes, in light of heightened redemption pressure and lack of liquidity in debt markets, following the Covid-19 outbreak.

According to estimates, around 3,00,000 investors are impacted by Franklin Templeton's move to wrap up six of its yield-oriented debt schemes.

We will keep you updated on the latest developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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