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Sensex Finishes Marginally Higher; Biocon Rallies 7%
Tue, 10 Oct Closing | Karan Janani, TM Team

Indian share markets continued to trade marginally higher but broader gains were limited before corporate results kick in this week. At the closing bell, the BSE Sensex closed higher by 78 points. While, the NSE Nifty finished higher by 28 points. Meanwhile, the S&P BSE Midcap Index finished up by 0.6% while the S&P BSE Small Cap Index ended up by 1%.

Barring realty stocks and FMCG stocks, BSE sectoral indices ended the day on a positive note. Among them, power sector gained the most by 1.5%, followed by IT sector 1.4%,

Overseas, Asian equity markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 0.64% while Hong Kong's Hang Seng is up 0.58% and China's Shanghai Composite is up 0.26%. European markets are mixed. The FTSE 100 is higher by 0.10%, while the DAX is leading the CAC 40 lower. They are down 0.16% and 0.06% respectively.

The rupee was trading at Rs 65.26 against the US$ in the afternoon session. Oil prices were trading at US$ 49.94 at the time of writing.

In news from pharma sector, India's pharmaceutical exports has registered a negative growth of 4% during the first five months of the financial year 2017-18, mainly due to increased regulatory issues along with pricing pressure in global markets.

Udaya Bhaskar, the Director General of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), has said that the pharma exports to other countries declined by 7.9% during the April-July period, while recovered to 4% in the month of August leaving the overall growth at minus 4% till August this year.

Bhaskar has pointed out that pricing pressure is one of the factors for decline in exports. He also noted that factors such as import alerts by US Food and Drug Administration (USFDA) on Indian plants, regulatory issues and currency fluctuation, also contributed to downward growth. However, he hoped that the overall exports will recover and come into positive zone for the full year as exports are expected to take an uptick from September.

Pharmexcil's Director General further said that initially, rollout of Goods and Services Tax (GST) regime also created some confusion among the manufacturers leading to stoppage of production by some companies, but now they are seeing some growth. According to statistics, India exported US$16.90 billion worth of pharma products during 2015-16 and the same was slightly declined to US$16.64 billion in 2016-17.

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Pharma stocks finished on a strong note with Strides Shasun share price and Indoco Remedies share price leading the gains.

Biocon share price rallied 7% in today's trade after the US drug regulator issued a complete response letter (CRL) for Mylan's Biologics License Application (BLA) for MYL-1401H, a proposed biosimilar Pegfilgrastim. This product is a part of the biosimilars portfolio being developed jointly by Biocon and Mylan.

Software stocks finished on an encouraging note with NIIT Ltd share price and HCL Infosys share price leading the gains.

Tech Mahindra has entered partnership pact with medical devices company Terumo BCT. As Terumo's global Innovation and Development (I&D) partner, Tech Mahindra will provide medical device engineering services out of a dedicated Offshore Development Centre (ODC) at its Bengaluru campus.

This partnership extends Tech Mahindra's existing relationship with Terumo BCT. This initiative with Tech Mahindra is designed to extend Terumo BCT's global development capabilities with a particular focus on India.

Tech Mahindra share price finished the trading day up by 0.1% on the BSE.

The top 4 IT companies have underperformed the benchmark. With the sector, heavily dependent on US customers, Trump's protectionist policy announcements have further dampened the mood in this sector.

Underperformance of Top IT Stocks

Also, with automation on the horizon, Indian IT companies' low cost labor outsourcing is turning into a thing of the past. IT companies need to re-invent itself.

Automation is needed in their traditional businesses like BPO, application management, and infrastructure management.

While near term challenges are there, current valuations of top IT companies are at multi-year lows. But is this the new normal? The challenge is to find the companies better placed than others to adapt to this structural change.

Moving on to news from engineering sector. L&T share price finished in green after it was reported that the company has emerged as the lowest bidder for the tender issued by Energy Efficiency Services Ltd to procure 5 million smart meters.

The tender floated by EESL, a company under the administrative control of Ministry of Power, Government of India. The company has been selected through an international competitive bidding. The meters will be installed over a period of three years in a phased manner in Uttar Pradesh and Haryana.

And here's a note from Profit Hunter:

Havells India is the most active stock in the market today. Take a look at its chart below.

The stock bottomed out at 300 level after forming a double bottom pattern on the daily chart. It traded in a strong uptrend to hit a lifetime high of 526 in May 2017. Since then, the stock has been consolidating to find resistance from 520 level and support from the rising trendline.

Today, the stock is up 5% with above average volumes. It broke above the 520 resistance level to mark a new lifetime high of 534. It seems like bulls are once again in the driving seat.

So, will the stock sustain this current momentum or will it find selling from its lifetime high?

Let's wait and watch...

Havells at its Lifetime High
Havells at its Lifetime High 

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Mar 20, 2018 (Close)