Sensex Finishes Flat; Pharma & FMCG Stocks Fall

Tue, 4 Jul Closing

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Indian share markets continued to swing between gains and losses in the afternoon session as market participants booked profit in recent outperformers.

At the closing bell, the BSE Sensex stood lower by 12 points, while the NSE Nifty finished down by 2 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 0.3% and 0.1% respectively. Losses were largely seen in pharma stocks, auto stocks and FMCG stocks.

Asian stock markets finished broadly lower today with shares in Hong Kong leading the region. The Hang Seng is down 1.53% while China's Shanghai Composite is off 0.41% and Japan's Nikkei 225 is lower by 0.12%. European markets are lower today with shares in France off the most. The CAC 40 is down 0.19% while Germany's DAX is off 0.18% and London's FTSE 100 is lower by 0.07%.

The rupee was trading at Rs 64.81 against the US$ in the afternoon session. Oil prices were trading at US$ 46.95 at the time of writing.

To increase foreign capital inflows in the country, the Reserve Bank of India (RBI) has increased the foreign portfolio investor (FPI) investment limit in Central Government Securities (G-secs) as well as in State Development Loans (SDLs) for the quarter July-September 2017, which will be effective from July 4, 2017.

According to the RBI's notification, the limit for investment by FPIs in G-secs will move up to Rs 2,420 billion from earlier Rs 2,310 billion, while in SDLs, the limit will go up to Rs 331 billion from Rs 270 billion. Hence, the total limit for FPIs will increase to Rs 2,751 billion from Rs 2,580 billion.

Besides, future increases in the limit for FPI investment in G-secs will be allocated in the ratio of 75% for long-term category of FPIs & 25% for general category.

As per the RBI notification, the central bank has done away with the practice of transferring unutilised limits of long-term category to general category of FPIs. The revised limit comes in to force as per RBI's review of the medium-term framework with relation to investment of FPIs in government securities.

Rising Foreign Direct Investments Augurs Well for India

FDI plays an important role in the economic development of a country. It is a source of long term capital that helps build critical infrastructures in the economy. It also aids in technology knowledge transfers, fosters innovation and helps raise productivity too. In short, having a steady flow of FDI inflows would help India to achieve necessary investments that will help accelerate economic growth and development.

In news from pharma sector, ICRA in its latest report has said that the growth momentum of the Indian pharmaceutical industry is likely to witness moderation in the next three years, largely owing to slowdown in revenues from the United Sates, increasing competition and adoption of generics reaching a saturation level.

Apart from this, it also noted that increased regulatory scrutiny and consolidation of supply chain in the US market along with increased R&D expenses will also have an impact on profitability of Indian drug companies.

The rating agency has pointed out that the overall aggregate revenues of 21 leading players increased only by 7.4% in FY17 as compared to 10.1% posted in the previous fiscal year. For the period between FY18 to FY20, it noted that the Indian pharma sector is expected to surge at 7-10% after mid to high double-digit growth over the last five years.

The report further said that the continued regulatory interventions in domestic market are expected to put some pressure in near term though long-term growth prospects for domestic pharmaceutical market remain healthy given increasing penetration, accessibility and continued new launches.

Pharma stocks finished in red with Natco Pharma share price and Divi's Lab share price leading the losses.

Meanwhile, IDFC share price finished the trading day on a firm note (up 1.2%) after it was reported that the company is planning to raise Rs 100 billion by issuing debt securities on private placement basis for which it will seek its shareholders' approval.

The company is eyeing to raise funds as it needs money to augment its business.

Also, JSW steel share price finished up by 1.4% as the company received shareholders' approval to raise over Rs 140 billion through various securities. The company has received consent for private placement of redeemable non- convertible debentures aggregating up to Rs 100 billion.

Besides, an approval was also given for issuance of non- convertible debentures with warrants for an amount not exceeding Rs 40 billion and/or issue of equity shares or fully, partly or optionally convertible debentures or any other convertible securities (other than warrants).

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