Sensex Opens Marginally Up; Power and IT Stocks Gain

Tue, 20 Aug 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite and the Hang Seng are up by 0.1%. The Nikkei 225 is trading up by 0.4%. US stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn in the global economy that were stoked last week as bond yields fell.

Back home, India share markets opened on a flat note. The BSE Sensex is trading up by 90 points while the NSE Nifty is trading up by 16 points. Both, the BSE Mid Cap index and BSE Small Cap index opened on a flat note.

Sectoral indices have opened the day on a mixed note with power stocks and information technology stocks witnessing maximum buying interest. Consumer durables stocks and metal stocks have opened the day in red.

The rupee is currently trading at 71.62 against the US$.

On Monday, the Indian rupee tumbled 29 paise to close at an over six-month low of 71.43 against the US dollar on Monday amid growing worries over an economic slump and sustained foreign fund outflows.

Further, rising crude oil prices and strengthening of the US dollar vis-a-vis other currencies overseas also took toll on the Indian currency.

At the interbank foreign exchange market, the rupee opened on a weak note and fell to a day's low of 71.48 against the US dollar.

The domestic currency finally settled at 71.43 against the US dollar, slipping 29 paise over the previous close. This is the lowest level for the local unit since February 7, when it had closed at 71.45 a dollar.

On Friday, the rupee had settled at 71.14 against the US dollar.

Indian rupee became Asia's worst performing currency this month. For the common man, the falling rupee is going to hit where it hurts the most-the pocket.

In the video below, Vijay Bhambwani explains what's behind the fall in rupee and how much can it fall further.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Dr. Reddy's Laboratories has launched Versavo (bevacizumab), a biosimilar of Roche's Avastin in India, indicated for the treatment of several types of cancers.

The company's Versavo is available in strengths of 100mg and 400mg single use vials.

The company now has six biosimilar products commercialized in India and various emerging markets and an active development pipeline of several biosimilar products in the oncology and immunology space.

Speaking of the biosimilars, note that, Biosimilars and Biologics are burgeoning sectors. Also, major scientific and technological advances, coupled with socio-demographic changes and increasing demand for medicines will revive the pharma industry's fortunes in another 10 to 20 years.

But given the complexity of biologics, will Indian companies be able to break some ground in this space? Going forward, whether the monetization of biosimilars prove to be a big growth driver for the company will be the key thing to watch out for.

Dr. Reddy's Lab share price opened up by 1.1%.

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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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