Sensex Extends Gains; Vedanta & Yes Bank Lead the Rally

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Stock markets in India are trading higher taking cues from their Asian peers, which rebounded today following a strong lead in Wall Street. The gains came after a Thursday rebound in US markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in US-China trade talks all boosting investor sentiment. Gains are largely seen in healthcare stocks and metal stocks.

The BSE Sensex is trading up by 300 points and the NSE Nifty is trading up by 89 points. Meanwhile, the BSE Mid Cap index is trading up by 0.8% while, the BSE Small Cap index is trading up by 0.9%. The rupee is currently trading at 70.23 to the US$.

In news from the pharma sector. As per an article in a leading financial daily, AstraZeneca Pharma India has received Import & Market permission for olaparib (Lynparza) 100 mg and 150 mg tablets in India by the Drug Controller General of India (DCGI).

The receipt of this permission paves way for the launch of olaparib (Lynparza) in India, subject to the receipt of further related statutory approvals and licenses.

For ovarian cancer, olaparib is indicated for the maintenance treatment of adult patients with recurrent epithelial ovarian, fallopian tube or primary peritoneal cancer, who are in a complete or partial response to platinum-based chemotherapy.

For breast cancer, olaparib is indicated for patients with deleterious or suspected deleterious gBRCAm, human epidermal growth factor receptor 2 (HER2)-negative metastatic breast cancer who have previously been treated with chemotherapy in the neoadjuvant, adjuvant or metastatic setting.

AstraZeneca Pharma India is a global biopharmaceutical company. The company is engaged in the discovery, development and commercialization of medicines for core areas of healthcare, including cardiovascular/metabolic disease, cancer and respiratory, inflammatory and autoimmune disease.

Speaking of the pharma sector, the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

The Roller Coaster Ride of the BSE Healthcare Index

Since then it has been a painful ride downwards.

Pre-2015, pharma companies enjoyed a fairytale ride in the US market. Low labor costs, good chemistry skills, along with efficiency, ensured Indian companies could copy innovator drugs to make generic drugs at a fast pace.

The generic business had lucrative margins for all major pharma players. But the party did not last long. In the quest to supply drugs quickly, they compromised on quality at their manufacturing facilities.

The regulatory issues coupled with price erosion in US markets has impacted the business of major pharma players.

At the time of writing, AstraZeneca Pharma share price was trading up by 2.9%.

In the news from the bank sector. The Reserve Bank of India (RBI) in its latest data has showed that Bank credit surged by 12.7% to Rs 86,797.4 billion in the fortnight to 3 August 2018.

In the year-ago fortnight, bank advances were at Rs 77,019.3 billion. The increase in advances in the reporting fortnight was higher than the growth registered in the previous fortnight ending July 20 when it had risen by 12.4% to Rs 86,131.6 billion.

During the reporting fortnight, bank deposits grew by 8.2% to Rs 1,15,830.6 billion from Rs 1,07,041.1 billion in the period ending 4 August 2017.

In the fortnight ended 22 June 2018, RBI's data had highlighted that Bank credit grew by 12.8% to Rs 86,164.1 billion in the fortnight ended June 22.

In the year-ago fortnight, bank loans stood at Rs 76,356.9 billion. The growth in advances was slightly higher than the growth registered in the previous fortnight ended June 8. It had risen by 12.7% to Rs 85,987 billion.

Bank credit growth rate is continuously improving. The rise in bank credit growth will be positive for India's banking sector facing lower loan demand and severe capital constraints.

Bank stocks are presently trading in green with Bank of India & Union Bank leading the pack of gainers.

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

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