Sensex Tanks ahead of Election Results; Realty Stocks Plummet

Mon, 10 Dec Closing

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Indian share markets settled around 2% lower today following a sell-off in the global markets and due to uncertainty over the outcome of state assembly elections tomorrow. At the closing bell, BSE Sensex ended down by 714 points, while, NSE Nifty ended down by 205 points.

Sectoral indices ended on a negative note with realty stocks, and capital goods stocks witnessing maximum selling pressure.

Globally, Asian stock markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 2.1% while Hong Kong's Hang Seng is off 1.2% and China's Shanghai Composite is lower by 0.8%. European markets are lower today with shares in Germany off the most. The DAX is down 0.8% while France's CAC 40 is off 0.6% and London's FTSE 100 is lower by 0.3%.

In the news from the currencies space, the Indian rupee slipped to its three-week lows against the US dollar today.

Last week too, the rupee finished the week with a loss of 124 paise or 1.8% against the greenback.

Note that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

This selling pressure was seen on the back of a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey weighed on the rupee.

However, in the near term, the rupee being under pressure could benefit export-oriented businesses.

The recent Smart Money Secrets recommendation will benefit from the rupee depreciation.

The company derives around 65% of the revenue from exports. The icing on the cake is the company's focused entry into the B2C segment, which provides it a long runway for future growth.

If you're a Smart Money Secrets subscriber, read the detailed report here.

From the banking space, market participants were tracking Kotak Mahindra Bank share price today. The scrip of the company witnessed selling pressure as the bank moved the Bombay High Court seeking legal relief against RBI on the promoter shareholding issue. The bank in its filing said that it has been left with no option but to protect its interest and by way of abundant caution, the bank has today filed a writ petition with the Hon'ble Bombay High Court to validate the bank's position.

The issue at the center of the debate is completion of the Perpetual Non-Convertible Preference Shares (PNCPS) on August 2, which resulted in dilution of promoter stake to 19.7% of paid up capital.

In the news from the pharma sector, Jubilant Life Sciences share price was in focus today. The stock of the company witnessed selling pressure after the US health regulator recommended a regulatory or an administrative action after the inspection of Roorkee manufacturing facility of the company.

The company in its filing added that this will not have any impact on the existing revenues from operations from this facility.

Alembic Pharmaceuticals share price was also in focus today as the company announced it has received approval from the US health regulator for Olopatadine Hydrochloride ophthalmic solution, used to treat allergic conjunctivitis.

The company said that it has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Olopatadine Hydrochloride ophthalmic solution USP, 0.1%.

Last week, the company also received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Candesartan Cilexetil tablets USP, 4 mg, 8 mg, and 16 mg.

This approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Atacand Tablets, 4 mg, 8 mg, and 16 mg, of ANI Pharmaceuticals, Inc.

These tablets are indicated for the treatment of hypertension in adults and in children to lower blood pressure. They are also indicated for the treatment of heart failure.

Candesartan Cilexetil Tablets have an estimated market size of US$22 million for twelve months ending December 2017 according to IQVIA.

The company has a cumulative total of 82 ANDA approvals (69 final approvals and 13 tentative approvals) from USFDA.

To know more about the company, you can access to Alembic Pharma's Q2FY19 result analysis and Alembic Pharma's Stock Analysis on our website.

Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

And since then it has been a painful ride downwards, as can be seen from the chart below:

The Roller Coaster Ride of the BSE Healthcare Index

As we wrote in one of our editions of The 5 Minute WrapUp...

• Pre-2015, pharma companies enjoyed a fairytale ride in the US market. Low labor costs, good chemistry skills, along with efficiency, ensured Indian companies could copy innovator drugs to make generic drugs at a fast pace.
  
  The generic business had lucrative margins for all major pharma players. But the party did not last long. In the quest to supply drugs quickly, they compromised on quality at their manufacturing facilities .
  
  No wonder, the US regulatory authority (USFDA) took strict action. Sun Pharma received a warning letter for its Halol manufacturing facility in 2015. It was like a bolt out of the blue. Since then, the downward spiral began and has continued till date.

We believe that 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 as well as in the overall industry.

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

Speaking of stock markets, with the state and general elections ahead, market participants expect the stock markets to remain volatile. So, what should you as an investor do in such times? In our latest episode of Indian Stock Market Podcast, Rahul Shah talks about his mantra to ride out the volatility in times like these. Listen in... visit SoundCloud, iTunes or Stitcher.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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