Sensex Trades on a Dull Note; Realty Stocks Top Gainers

Mon, 27 Nov 01:30 pm

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After opening the day negative, share markets in India continued the downward spiral and are currently trading in red. Sectoral indices are trading on a mixed note, with stocks in the consumer durables sector and stocks in the realty sector witnessing maximum buying interest. While stocks in the metal sector are leading the losses.

The BSE Sensex is trading down by 120 points (down 0.4%) and the NSE Nifty is trading down by 50 points (down 0.5). Meanwhile, the BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.66 to the US$.

In news from stocks in the pharma sector. Sun Pharma share price is in focus today. The stock opened the day down by over 2%, however it recovered most of the losses in the morning session.

The drugmaker announced the recall of 325,000 cartons off Zenatane (isotretinoin) capsules, used for treatment of severe acne, from the US market due to failed dissolution specifications.

As per the US health regulator, a class II recall is initiated in a "situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote".

At the time of writing, Sun Pharma share price was trading up by 1.5%.

The Indian pharmaceutical industry has come under a lot of regulatory pressure in the past few years.

The sector has faced great volatility over the years.

We had written about the current predicament of Indian pharma companies in one of the premium editions of the 5 Minute WrapUp:

• Over the past few years, risk in the US markets has increased. The US Food and Drug Administration has become stricter on products entering US borders. Surprise inspections have increased and companies are being issued warning letters. This has impacted the business and earnings of Indian pharma players, causing major volatility for the sector.

'Safe Haven' Pharma Sector in Decline Since 2 Years

The list of pharma sector woes is long. So, is there light at the end of the tunnel? Girish Shetty, our research analyst thinks there is.

As per him, it doesn't make sense to paint all pharma stocks with the same brush. The leaders of the industry will certainly survive this phase. There are interesting, niche pharma stocks that are worth your attention.

Facing pricing pressures in the domestic and export markets, currency fluctuations, as well as manufacturing issues related to their plant, there is a transformation happening in the overall sector as to how business is done and will be done in the future.

Moving on to news from stocks in the engineering sector. L&T share price is in focus today after the company said that it's construction arm bagged orders worth Rs 35.7 billion across business segments.

The engineering conglomerate said its transportation and infrastructure business bagged an order worth Rs 13.6 billion from Bangalore International Airport Ltd.

Its metallurgical and material handling business received orders worth Rs12.6 billion in the domestic market.

While the company's power transmission and distribution business and building and factories business won orders worth Rs 5.9 billion and Rs 3.5 billion, respectively.

At the time of writing, L&T share price was trading up by 0.8%.

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