Sensex Opens in Green; Banking and Pharma Stocks Lead

Tue, 30 Jul 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.7% while the Hang Seng is up 0.5%. The Shanghai Composite is trading up by 0.6%. US stocks stepped back from peak levels on Monday as investors took a breather as they anticipated a US Federal Reserve interest rate cut this week and looked for signs of progress from US-China trade negotiations, currently under way in Shanghai.

Back home, India share markets opened the day on a higher note. The BSE Sensex is trading up by 155 points while the NSE Nifty is trading up by 38 points. Both, the BSE Mid Cap index and BSE Small Cap index opened on a flat note.

Barring IT stocks, all sectoral indices have opened the day on a positive note with bank stocks, metal stocks and capital goods stocks witnessing maximum buying interest.

Speaking of the bearish mood of the markets, master trader Vijay Bhambwani talks to us about stocks, gold, silver, interest rates, crude oil, and how this bear market will come to an end.

The rupee is currently trading at 68.78 against the US$.

The Indian rupee today morning was little changed against the US dollar as traders exercised caution ahead of the resumption of US-China trade talks and the outcome of Federal Reserve's policy review meeting this week.

Having opened at 68.75 a dollar, the Indian unit was traded at 68.72, in early deals, up 0.02% from its previous close of 68.73.

The yield on the 10-year government bond was at 6.419% compared with Monday's close of 6.412%.

The US Federal Reserve will meet on 30-31 July to review monetary policy and is widely expected to cut interest rates by a quarter percentage point.

The rupee has risen 0.9% against the greenback in the year so far.

The dollar index, which measures the US currency's strength against a basket of major currencies, was at 98.097, down 0.1% from its previous close of 98.044.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative trader's association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the pharma sector. Dr Reddy's Laboratories on June 29 reported a net profit of Rs 6.6 billion in the quarter-ended June 31, a jump of 45% year-on-year basis, led by a one-time gain.

The net profit increase is due to a one-off receipt of Rs 3.5 billion from Celgene, pursuant to settlement agreement related to Revlimid brand capsules in Canada.

Revenues grew 3% YoY at Rs 38.4 billion.

Global generics revenue, which contributed little over 80% to total income, grew 8% to Rs 33 billion.

North America, which is largely the US generics business, grew 3% at Rs 16.3 billion.

The company said growth was led by contribution from new products and increase in volumes but was partly offset by price erosion and adverse foreign exchange movement.

The company launched five new products Daptomycin, Testosterone gel, Tobramycin, Vitamin K and OTC calcium carbonate, and re-launched lsotretinoin during the quarter under review.

Revenue from emerging markets grew 10% to Rs 7.3 billion, with much of that accruing from Russia (5%).

India business grew 15% to Rs 7 billion driven by volume traction and improved realisations in base business and new product launches.

Sales from Europe rose 19% to Rs 2.4 billion primarily on account of new products and volume traction due to improvement in supplies.

Pharmaceutical Services and Active Ingredients (PSAI) revenues dropped 16% to Rs 4.5 billion due to decline in sales volume of certain products.

Sales in its proprietary products division fell 61% to Rs 0.3 billion as the company divested its key derma products.

Meanwhile, the company on Monday elevated Erez Israeli as its chief executive officer.

Israeli will report to GV Prasad, who has been re-designated from CEO to co-chairman and managing director of the the drug maker

The appointment will be effective from August 1.

Dr. Reddy's Lab share price opened down by 1.3%.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Tanushree has explained this historic opportunity in detail at the Rebirth of India summit.

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

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