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Sensex Finishes Marginally Lower; Pharma Stocks Continue to Rally
Thu, 5 Oct Closing | Karan Janani, TM Team

Indian share markets came under pressure in the afternoon session and finished below the dotted line. At the closing bell, the BSE Sensex closed lower by 80 points and the NSE Nifty finished down by 26 points. The S&P BSE Mid Cap finished up by 0.5% while S&P BSE Small Cap finished up by 0.8%. Gains were largely seen in pharma stocks and realty stocks. Meanwhile, energy stocks and consumer durables stocks witnessed majority of the selling activity.

Asian stock markets finished mixed as of their recent closing prices. The Hang Seng gained 0.73% while the Shanghai Composite was higher by 0.28%. The Nikkei 225 was even. European markets are mixed. The FTSE 100 is higher by 0.10%, while the DAX is leading the CAC 40 lower. They are down 0.27% and 0.07% respectively.

Rupee was trading at Rs 65.17 against the US$ in the afternoon session. Oil prices were trading higher at US$ 50.08 at the time of writing.

As per a leading financial daily, International Energy Agency (IEA) in its latest report has said that capacity for renewable energy in India is expected to more than double by the end of 2022. It also pointed out that this growth would be sufficient to overtake European Union in renewable energy expansion.

Besides, it found that wind and solar PV together accounted for more than 90% of India's capacity growth as auctions yielded some of the world's lowest prices for both technologies.

The agency further highlighted that earlier this year, the solar and wind power tariffs dropped sharply to an all-time low of Rs 2.44 per unit and Rs 3.46 per unit in tariff based competitive bidding conducted by Solar Energy Corporation of India (SECI).

Besides, it said that India's move to address the financial health of its utilities and tackle grid-integration issues drive a more optimistic forecast. It also observed that the renewables will continue to have a strong growth in coming years and will grow by about 1,000 GW by 2022, which equals about half of the current global capacity in coal power, which took 80 years to build.

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In news from airlines sector, SpiceJet Ltd share price finished on a strong note (up 2.4%) after it was reported that the company is in talks with Japan's Setouchi Holdings Inc. to buy seaplanes to increase remote area connectivity in India.

The company said that it is looking at ordering small ten and fourteen seater amphibious aircrafts from Japanese aircraft maker Tsuneishi Group for providing air connectivity to the remotest parts of the country.

The advantage of amphibious planes over regular aircrafts is that they can take off from both land and water bodies and therefore, they can connect small cities where airstrips are not ready. Transport minister Nitin Gadkari has been pushing for making seaplanes in India.

Meanwhile, the aviation industry has been on a high the past year. Crude prices had crashed. And lower cost of air turbine fuel suddenly changed the economics of the aviation business. In India, fuel costs account for a lion's share of operating expenses for companies like Spicejet and Jet Airways. Lower costs therefore meant the possibility of the companies reporting profits at least at the operating level.

Market Share of Indian Domestic Airlines - 2017 (%)

Warren Buffett invested upwards of US$2 billion a piece into the four largest US airline stocks - American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co, and United Continental Holdings Inc.

Despite recent positives, the airlines industry back home is plagued by cutthroat competition and rock-bottom fares. As a result, Indigo has been the only profitable airline in India in the recent past.

In news from software sector, as per a leading financial daily, Wipro has acquired US-based design and business consultancy firm Cooper for US$8.5 million. The company counts Google and Starbucks as clients, as Wipro looks to strengthen its digital offerings to clients globally.

The acquisition of US-based Cooper, which will become a part of Designit, will further strengthen Wipro's design and innovation capabilities. Wipro said the transaction will also expand the company's reach in North America and add capabilities in professional design education.

Wipro share price finished the trading day up by 0.3% on the BSE.

Meanwhile, Infosys share price rose 0.4% after huge block deal. Reportedly, around 1.10 million shares of the company changed hands in a block deal.

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Moving on to news from pharma sector. Natco Pharma share price continued to surge in today's trade as well and finished up by 3% as its partner Mylan N.V. has received approval from the US Food and Drug Administration (FDA) for generic version of multiple sclerosis drug copaxone in two strengths, which has a combined market size of more than US$4 billion.

Meanwhile, Glenmark Pharma share price finished on an encouraging note (up 1.8%) after it was reported that UK drug regulator has renewed a manufacturing certificate for Glenmark's Baddi unit.

Furthermore, Czech drug body has also renewed the manufacturing certificate for Glenmark's Fibichova Unit

Recently, Glenmark said the company as part of a strategic blue print for the next decade plans to transition from being a pure generics-driven company to being an organization built on three pillars - global generics, specialty products and innovative products.

The sentiments also remained upbeat post the buzz that it will limit spending on research and development (R&D) to 11-12% of sales. The move comes as the company confronts a challenging business environment in key markets, specifically in the US. Glenmark has been raising spending on R&D annually over the last six years.

And here's a note from Profit Hunter:

Tata Chemicals, one of the most active stock in the market today, is up 4%. Let's have a look at its chart.

The stock bottomed out at 310 with the broader market indices in February 2016. It traded in a strong uptrend before finding resistance at 590. The stock eventually broke above this level in March 2017 to touch a lifetime high of 666 in May. Thereafter, the stock consolidate in a range of 590 - 660. It broke below this range in August, but did not sustain down for long only to recover immediately to trade again.

Today, the stock rallied 7% intraday to break the range on the upside with healthy volumes. The volumes has been heavy since the second week of September. By the end of the session, the stock ended just above the range.

So, it will be interesting to see if the stock can sustain above the 660 level to continue its uptrend or if it will slip back into the range.

Tata Chemical Range Break-out
Tata Chemical Range Break-out 

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Apr 13, 2021 11:57 AM