Sensex Opens Marginally Up; IT & FMCG Stocks Gain

Thu, 22 Nov 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is trading flat while the Hang Seng is down 0.2%. The Shanghai Composite is trading down by 0.3%. The S&P 500 ended higher on Wednesday after a brutal two-day selloff, but the market faltered towards the session's end as Apple shares surrendered gains.

Back home, India share markets have opened the day on a flat note with a positive bias. The BSE Sensex is trading up by 62 points while the NSE Nifty is trading up by 14 points. The BSE Mid Cap index opened up by 0.2% while BSE Small Cap index opened up by 0.3%.

Sectoral indices have opened the day on a mixed note with information technology stocks and FMCG stocks witnessing maximum buying interest. While bank stocks and PSU stocks have opened the day in red.

The rupee is currently trading at Rs 71.13 against the US$.

In the news from the economy. As per the rating agency ICRA, India's GDP growth for second quarter of current financial (Q2FY19) is expected to dip to 7.2% on account sluggishness in agriculture and industry.

The fall in the growth number will be mainly due to a pull down from industry where growth is expected to slow down to 7.1% in the in second quarter as compared to 10.3% in first quarter.

Note that, the GDP had grown by a higher than expected 8.2% in the first quarter of the current financial year as compared to the year-ago period.

The report further highlighted that higher fuel prices and the weak rupee were pointed out as the primary factors dragging the industrial growth, while an uneven and sub-par monsoon will impact the farm sector.

Besides, ICRA also stated that the pre-tax margins for companies have declined on a quarter-on-quarter basis because of a rise in the input and energy costs and the rupee depreciation.

Moreover, ICRA expects manufacturing GVA (gross value added) growth to ease to 7% in Q2FY19 from the healthy 13.5% expansion in Q1FY19.

Speaking of macroeconomic woes, cratering currencies, rising oil prices and rising interest rates have put the economy under pressure. Global investors couldn't have asked for more excuses to pull their money out of the so-called fragile merging markets. India is certainly one amongst them.

But if investors were to rank countries based on their debt levels or even the level of forex debt, India would literally appear to be the safest haven.

Unlike China and Brazil, India's debt to GDP has hardly gone up in the past decade. And its amongst the least exposed to forex debt.

The Worst Amongst Fragile Emerging Markets

What that tells you is that while the correction is imminent, India may be the first amongst emerging markets to see a sharp recovery too.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Lupin has launched Tetrabenazine Tablets, 12.5 mg and 25 mg. It had received an approval from the United States Food and Drug Administration (USFDA) earlier.

Reportedly, Lupin's Tetrabenazine Tablets are the generic equivalent of Valeant Pharmaceuticals North America, LLC's Xenazine tablets.

It is indicated for the treatment of chorea associated with Huntington's disease.

Xenazine tablets had annual sales of US$153 million in the US (IQVIA MAT September 2018).

To know more about the company, you can access to Lupin's Q1FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

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

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