Sensex Opens Flat; Sun Pharma Gains Over 3% on USFDA Approval

Tue, 13 Jun 09:30 am

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Asian equity markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.04%, while the Hang Seng is down 0.29%. The Nikkei 225 is trading down by 0.11%. Overnight, the US markets closed lower, weighed down by selling in shares of technology firms.

Meanwhile, share markets in India have opened the day on a flat note with the positive bias. The BSE Sensex is trading higher by 43 points while the NSE Nifty is trading higher by 7 points. The BSE Mid Cap Index opened the day up by 0.4%, while BSE Small Cap index opened the up by 0.2%.

Barring IT stocks and FMCG stocks, all sectoral indices have opened the day in green with capital goods stocks and healthcare stocks leading the pack of gainers. The rupee is trading at 64.34 to the US$.

Pharma stocks opened the day on a mixed note with Sun Pharma and Dishman Pharma leading the gainers. Sun Pharmaceutical Industries today announced that one of its wholly owned subsidiaries has received final approval from US health regulator for its Abbreviated New Drug Application (ANDA) for the generic version of Zetia, (ezetimibe) Tablets 10mg.

Reportedly, generic ezetimibe tablets are therapeutic equivalents of Merck's Zetia tablet used for the treatment of high cholesterol.

According to IMS Health data for the 12-month period ending October 2016, annual US sales of Zetia 10 mg were approximately US$2.3 billion.

Speaking of pharma sector, once considered a safe haven for investors has been on a steady decline over the past two years.

'Safe Haven' Pharma Sector in Decline since 2 Years

The list of pharma sector woes (subscription required) is long. So, is there light at the end of the tunnel? Girish Shetty, our research analyst thinks there is.

As per him, it doesn't make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. And just like IT, there are interesting, niche pharma stocks that are worth your attention.

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

Sun Pharma share price opened up by 3.1%.

Moving on to the news from stocks in information technology sector. As per an article in Livemint, Wipro Ltd is yet to finalize the date for issuing bonus or stock dividend to the holders of its American Depository Receipts (ADRs). ADRs are witnessing steep fluctuations in pre-market trading on the New York Stock Exchange (NYSE).

ADRs are instruments denominated in US dollars and the underlying shares are that of a foreign company. According to reports, the exchange has suspended trading in Wipro ADRs.

The clarification came after its US-listed shares slumped nearly 49% to US$5.35 in premarket trading. The IT company's board of directors has fixed 14 June as the record date to determine eligible shareholders entitled to receive the bonus equity shares/stock dividend.

In April, the company announced the issue of bonus shares in 1:1 ratio and said that its board would also consider a proposal for buyback of shares around July.

Further, Wipro's US-listed shares have been down nearly 6% over the past four sessions, following media reports of a sale of a part or whole company.

Meanwhile, Wipro, like other Indian software exporters, has also been struggling with US President Donald Trump's tough stance on H1-B visa rules.

Wipro share price opened up by 1.3%.

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