Sensex Ends the Day in the Red; Healthcare Stocks Slump

Wed, 6 Sep Closing

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After opening the day marginally lower, share markets in India continued to witness selling pressure in the afternoon session and ended the day in red. Losses were seen across most sectors with stocks in the pharma sector and stocks in the FMCG sector, leading the losses. While stocks in the witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 148 points (down 0.5%) and the NSE Nifty closed lower by 36 points (down 0.4%). The BSE Mid Cap index ended the day up by 0.2%, while the BSE Small Cap index ended the day up by 0.4%.

Asian stock markets finished lower over geopolitical tensions stemming from North Korea. As of the most recent closing prices, the Hang Seng was lower marginally by 0.5% and the Shanghai Composite was flat. The Nikkei 225 was down by 0.2%. European markets too were trading marginally in red. The FTSE was 100 off by 0.5%. The DAX was lower by 0.1% while the CAC 40 was down by 0.2%.

The rupee was trading at Rs 64.13 against the US$ in the afternoon session. Oil prices were trading at US$ 48.89 at the time of writing.

In news from pharma sector Dr. Reddy's Laboratories share price was in focus today> after it launched Metaxalone Tablets, USP 800 mg, approved by the US Food and Drug Administration (USFDA).

The tablets are a therapeutic equivalent generic version of Skelaxin (metaxalone) Tablets.

Meanwhile, the company has also launched Bupropion Hydrochloride Extended-Release Tablets, USP (XL), 150 mg and 300 mg.

The drug is a therapeutic equivalent generic version of Wellbutrin XL (Bupropion Hydrochloride Extended-Release) Tablets.

According to according to IMS Health sales data, the Skelaxin brand and generics had US sales of approximately US$139 million while Wellbutrin XL brand and generics had US sales of approximately US$754 million for the most recent twelve months ending in July 2017.

Speaking of the pharma space, in recent times, pharma companies were bogged down by mounting pressure from USFDA to adhere to quality standards at their manufacturing plants.

Returns of BSE Healthcare Index vis a vis Sensex

In the past three years, the USFDA raised numerous regulatory concerns resulting in import bans and suspension of new drug approvals from facilities of Indian pharma companies. But what has come as a breather is a sharp pick-up in new drug approvals in 2017.

However, the uncertainties make it important to be stock specific in the sector. It is important to look for companies that have the competence and staying power.

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finished down by 0.5%.

In news from stocks in the . was in focus today, and hit an all-time high after the company launched its Rs 45 billion worth Qualified institutional placement (QIP) today.

The company set the floor price of its proposed QIP Rs 1,771.9 per share.

The company is looking to sell 26.6 million shares and may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Bajaj Finance intends to use the net proceeds of the issue for augmenting the Tier I capital, as long-term resources for meeting funding requirements for business purposes, capital expenditure and for other general corporate purposes and to meet the capital adequacy norms laid down by the Reserve Bank of India.

To make the most of the market optimism, an increasing number of companies are opting to raise funds through the primary markets with the help of tools like QIPs.

QIPs are set to touch a record high in 2017. Since the beginning of 2017, QIPs have crossed Rs 340 billion. According to Prime Database, more than 60% of this amount has been raised by companies belonging to the BFSI (banking, financial services, and insurance) space. This includes the likes of State Bank of India and Kotak Mahindra Bank, which have raised Rs 150 billion and Rs 58 billion, respectively.

QIPs tend to be a faster way to raise capital as the dealing happens with a few investors - only institutions in this case. And this is why companies prefer this route - because of its convenience and fewer resource requirements compared to other methods of raising equity.

Buoyancy in the market and positive sentiment towards primary issuances are giving confidence to companies and investment bankers to push ahead with their capital-raising plans. With 17 offerings raising a little over Rs 340 billion in just seven months, fundraising through institutional placements will surpass the QIP record of Rs 346.7 billion set in 2009.

The Indian markets have rallied 19% in 2017. India remains one of the best performing markets in the world. The broader markets, particularly the small-cap and mid-cap stocks, have outperformed the benchmarks. The attractive valuations in the secondary market are encouraging a lot of promoters to go public.

The stock markets have picked up steam. But does it mean you should rush out to buy stocks?

The answer is no.

We believe it's important to not get swayed by the buoyancy. Instead, one should look for the fundamentals of the business and the attractiveness of valuations before buying any stock. The best thing to do in an overheated market is almost always to stay focused on value and take comfort in the safest stocks.

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