Sensex Ends Volatile Day in Red; IT Stocks Top Losers

Wed, 29 Aug Closing

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After opening the day in green, share markets in India witnessed volatile trading activity throughout the day and ended the day in red. Sectoral indices ended the day mixed, with stocks in the IT sector and stocks in the healthcare sector leading the losses.

At the closing bell, the BSE Sensex stood lower by 173 points and the NSE Nifty closed down by 47 points. The BSE Mid Cap index ended the day up 0.5%, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.3% and the Shanghai Composite was down by 0.3%. The Nikkei 225 was up by 0.2%. Meanwhile, European markets were trading on a negative note. The FTSE 100 was down by 0.7%, The DAX, was down by 0.1% while the CAC 40 was down by 0.1%.

The rupee was trading at Rs 70.53 against the US$ in the afternoon session. Oil prices were trading at US$ 76.45 at the time of writing.

In news from stocks in the auto sector. Mahindra & Mahindra (M&M) share price is in focus today after the company said that Fiat Chrysler Automobile US has filed a patent violation complaint against M&M. Fiat has filed the complaint with US-based International Trade Commission (ITC).

The complaint says that certain design features of the details of Mahindra ROXOR infringe the intellectual property rights of Fiat's Jeep design as it was modelled after the original Willys Jeep.

However, M&M in a regulatory filing said that the complaint is without merit and the company and its US subsidiary Mahindra Automotive North America (MANA) has filed a public interest statement with the ITC.

Fiat is seeking an order for permanently restraining the company from exporting, and compensation and penalty; MANA from importing, any parts or components which are infringing upon Fiat's intellectual property rights in to the US.

However, Fiat is able to get a permanent injunction from the company exporting infringing parts or components to the US and MANA importing the same in to the US, then M&M will not be able to sell such parts or components to the US.

M&M share price ended the day up by 0.3%.

Moving on to news from stocks in the pharma sector. Sun Pharma share price was in focus today after the company launched a new product.

Sun Pharma Consumer Healthcare, a division of Sun Pharma launched Volini Maxx, a pain relief spray.

Volini Maxx is a new variant of Sun Pharma's popular brand, Volini. Volini Maxx is targeted for severe pains including musculoskeletal, joint and low back.

According to AC Nielsen MAT data, the overall topical analgesic market in India is valued at Rs 33.8 bilion growing at 11%. Out of this, the spray category is around Rs 3.5 billion growing at 18%.

The Roller Coaster Ride of the BSE Healthcare Index

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.

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.

No wonder, the US regulatory authority (USFDA) took strict action. Sun Pharma received a warning letter for its Halol manufacturing facility in 2015. It was like a bolt out of the blue. Since then, the downward spiral began and has continued till date.

Lupin, was also issued a warning letter for two of its plants last year.

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

The recent regulatory clearance for Sun Pharma's Halol plant has led to hopes of a revival in the sector.

But the diverse business models of pharma players make it necessary to adopt a stock specific approach. One such pharma stock is under our watchlist for ValuePro.

The stock has an impeccable track record. Unlike other pharma players, it has grown without much exposure to the US and European markets. In fact, entry in to the US market could be the next big trigger for the stock.

It has also faced recent headwinds in some of its geographies. But we are confident the management is more than capable of coming out of this situation strongly.

Sun Pharma share price ended the day flat.

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