Sensex Ends 732 Points Higher; Realty and Metal Stocks Gain the Most

Fri, 12 Oct Closing

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Indian share markets continued their momentum seen during the day and ended their session on a positive note today. Gains were largely seen in the stocks from the realty sector and metal sector.

At the closing bell, the BSE Sensex stood higher by 732 points (up 2.2%) and the NSE Nifty closed higher by 237 points (up 2.3%). The BSE Mid Cap index ended the day up by 2.4%, while the BSE Small Cap index ended the day up by 2.6%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 2.1% and the Nikkei was trading up by 0.5%. The Shanghai Composite stood higher by 0.9%.

The rupee was trading at 73.66 to the US$ at the time of writing.

In the news from the banking space, as per a leading financial daily, the recent correction in stock markets has given a blow to the government as the value of government holdings in listed PSUs has reduced by Rs 6 trillion from their one-year highs.

Also, it's interesting to compare how these stocks performed compared to the frontline index - BSE Sensex.

The BSE-PSU index, which includes many companies from the PSU space, considerably underperformed the BSE Sensex.

Underperformance of BSE PSU Index

For three out of five years, the BSE-PSU index considerably underperformed the BSE Sensex. From 2014 till date, the BSE-PSU index gave a meagre annualised return of 3%. Whereas, the BSE Sensex delivered 14%.

This underperformance can be attributed to sector specific events such as non-performing assets (NPAs) in the banking space and rising oil prices that impacted OMCs, among others.

In the news from pharma space, as per a leading financial daily, drug firm Zydus Cadila said it has received tentative approval from the US health regulator to market Linagliptin and Metformin Hydrochloride tablets, used to control of blood sugar levels in diabetic patients.

The company said the drug will be produced at the group's formulations manufacturing facility at special economic zone (SEZ), Ahmedabad.

The group has more than 221 approvals, and so far has filed over 330 abbreviated new drug applications (ANDAs) since it started filings in 2003-04.

Speaking of drug approvals, note that Indian pharma companies catering to the US markets are breathing a sigh of relief. After being adversely affected by import bans and the suspension of new drug approvals from manufacturing facilities in the past three years, there has been a sharp pick-up in new drug approvals in FY17.

Even the total filings of abbreviated new drug applications (ANDAs) for generic drugs rose to 1,292 in FY17 from 852 in the previous year. Faster approvals expedite the commercialisation of product pipelines of domestic pharma companies spurring growth. At the same time, however, it has raised the intensity of competition resulting in pricing pressures. The price erosion has been further compounded by a consolidation among US distributors and the decline in the number of products going off-patent over the past few years.

In other words, acceleration in generic drug approvals is like a double-edged sword. The growth boost can be quickly offset by the ensuing pricing pressures. Pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market.

Moving on, stocks from the power sector were in focus today on news that the Supreme Court agreed to hear plea on tariff hike after two weeks and will examine them for Adani Power and Tata Power.

As per the news, hopes are that the Gujarat government's panel may bring Rs 1.29 trillion relief to state's three stranded power projects.

Following the above news, shares of Tata Power and Adani Power witnessed buying interest and soared as much as 16% in today's trade.

In the news from the commodity space, gold continued its uptrend and witnessed buying interest for the third day today. Gains were seen on the back of increased buying by jewelers to meet the festive demand and positive cues from the global financial markets.

Also, the weakness in the US dollar also meant gold prices trade on a positive note.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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