Sensex Finishes on a Strong Note; Tata Global Beverages Surges 8.3%

Wed, 16 Aug Closing

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Indian share markets snapped their losing streak of last week and finished the trading day on a strong note due to strong buying momentum in FMCG stocks, metal stocks and auto stocks.

At the closing bell, the BSE Sensex closed higher by 322 points and the NSE Nifty finished up 107 points. The S&P BSE Mid Cap finished up by 1.3% while & S&P BSE Small Cap too finished up by 1.3%.

Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.86%, while the Shanghai Composite & the Nikkei 225 fell 0.15% and 0.12% respectively. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.05% while Germany's DAX is up 0.83% and London's FTSE 100 is up 0.61%.

The rupee was trading at Rs 64.24 against the US$ in the afternoon session. Oil prices were trading at US$ 47.87 at the time of writing.

Biocon share price plunged 6.1% in intraday trade on the back of heavy volumes on reports of withdrawal of Trastuzumab application.

On status of the European Medicines Agency (EMA) Dossiers, Biocon said that the European regulatory authorities had informed the company the need for a re-inspection of drug facility for Trastuzumab and Pegfilgrastim products.

Biocon has developed the biosimilar in collaboration with US drug maker Mylan. Developed originally by Roche, Trastuzumab is one of the most commonly used drugs to treat HER2-positive breast cancer.

Pharma stocks finished the day on a firm note with Torrent Pharma share price and Sun pharma share price leading the gains.

Since the start of 2017, the BSE Pharma Index has fallen 20%. The combined market capitalisation of the top pharma stocks is now less than that of Reliance Industries.

Key World Markets During the Week

Over the last three years, the USFDA raised numerous regulatory concerns, resulting in import bans and suspension of new drug approvals from facilities of Indian pharma companies. This has hurt the sector's revenues and earnings and is behind much of the pessimism surrounding the sector.

But amid this pessimism, a smart pick-up in new drug approvals has provided some solace. There has been a 45% YoY jump in approvals for generic drugs in the first seven months of 2017 as the FDA aims to bring down healthcare costs.

But consolidation of suppliers in the US has resulted in greater bargaining power for distributors and pharmacies, which has led to price erosion for generic drug manufacturers.

In news from economic sector, after hitting a record low in June, India's retail inflation jumped to 2.36% in the month of July 2017, on the back of hardening of prices in sugar and confectionery items, pan, tobacco and intoxicants.

But, on a year-on-year basis, it was lower than the 6.07% CPI rate reported for the corresponding month of last year. Also, the retail inflation remained within the lower end of the central bank's forecast range of 2-3.5% for the first half of the current fiscal. Besides, the consumer price index (CPI) for the month of June was revised downwards to 1.46%.

As per the data of the Central Statistics Office (CSO), Ministry of Statistics and Program, the Consumer Price Index (CPI) (Rural, Urban, Combined) on Base 2012=100 for July 2017, stood at 2.41%, 2.17% and 2.36% respectively, compared to 6.66%, 5.39% and 6.07% respectively in July 2016.

Moving on to news from automobile sector. TVS Motor Company share price surged 5.5% in today's trade after the company has earmarked a capex of Rs 4.5 billion for the current fiscal for various activities including expansion of production capacity to around 4.5 million units per annum.

The company aims to increase annual production capacity across its three manufacturing plants in the country from the present around 4 million units to 4.5 million units. The two-wheeler major also aims to introduce various refreshes of its existing product portfolio in the period leading up to the festive season.

Meanwhile, Tata Global Beverages share price rose 8.3% after the company's premium natural mineral water brand 'Himalayan', will now enter the USA market in a phased manner. The company will enter through an agreement signed by its subsidiary with Talking Rain Beverage Company.

This agreement will give Himalayan the benefit of Talking Rain's extensive go to market and execution capabilities in the US, which synergize well with TGB's product expertise and marketing capability.

The premium end of the water market in the country is growing rapidly and Himalayan is well positioned to leverage the growth in this segment. This makes it the first premium Indian FMCG brand to target the broader American audience.

And here's a note from Profit Hunter:

Tata Global is the most active stock in the market today - up 8%. Let's have a look at its chart.

The stock had formed a base this past one year in a head and shoulder pattern. The stock broke out of the pattern last month with strong volumes. It corrected a bit towards the neckline of the head and shoulder pattern when the company announced its Q4FY17 results on 11 August.

The stock traded very intensely after the result announcement. It rallied 24% in just three trading sessions to trade at a new life high after five years. The volumes during this up move were also strong indicating buying interest.

So will the stock maintain its momentum taking cues from the quarterly results? Let's wait and watch.

Tata Global up 8% for the Day

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