Indian Indices Recover; Healthcare & IT Stocks Witness Buying

Tue, 11 Dec 12:30 pm

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Share markets in India have trimmed their early losses and are presently trading marginally lower. Sectoral indices are trading mixed with stocks in the healthcare sector and IT sector witnessing maximum buying interest while oil & gas stocks and realty stocks are witnessing selling pressure.

The BSE Sensex is trading down by 41 points (down 0.1%), while the NSE Nifty is trading on a flat note. The BSE Mid Cap index is trading up by 1.1% and the BSE Small Cap index is trading up by 0.6%.

The rupee is trading at Rs 71.88 against the US$.

In the news from the pharma space, Strides pharma science is witnessing buying interest today as the company's joint venture firm has received approval from the US health regulator for Albendazole tablets, used in the treatment of certain infections caused by tapeworm.

Strides Vivimed Pte Ltd, Singapore, a 50-50 joint venture with Vivimed Labs, has received approval from the United States Food & Drug Administration (USFDA) for Albendazole tablets in the strength of 200 mg.

Strides Pharma Science is presently trading up by 5.4%.

To know more about the company, you can read Strides Pharma Q2FY19 result analysis and Strides Pharma annual report on our website.

In another news, Lupin is also in focus today as the company has received tentative approval for its Apixaban tablets, 2.5 mg and 5 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Bristol-Myers Squibb Company's Eliquis Tablets, 2.5 mg and 5 mg.

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.

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.

Moving on to the news from the commodity space, oil prices edged up after Libya's National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.

Overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

The rise came after crude prices dropped by 3% the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.

Speaking of crude oil, oil prices have been pulled down sharply since October by signs of an economic slowdown. Meanwhile the two world's biggest economies, the United States and China, are locked in a trade war which is threatening to slow global growth and battering investor sentiment.

Richa Agarwal, editor of Hidden Treasure, tracks the oil and gas sector very closely. She believes the rise in crude oil prices is a bearish sign for stock markets globally. At the same time, any market correction, will throw up interesting buying opportunities in small-cap stocks.

This is what she wrote...

• After hitting a low of US$ 30 per barrel in January 2016, prices have more than doubled this year.
  
  While the Hidden Treasure team looks for long-term wealth creators, such macro situations can help to recommend such stocks at a bargain. The ones who keeps calm, when everyone else is losing their heads, will gain the most when the tide turns.

Also, it's interesting to note that whenever oil prices have surpassed US$ 100/barrel, they didn't stay there for very long. In technical term, it is sort of 'resistance level'.

Resistance Kicks in Once Crude Touches US$ 100/barrel

This is what we wrote about this in one of the editions of The 5 Minute WrapUp...

• Oil prices have collapsed thrice because of demand destruction: in 1979, 2008, and 2014.
  
  In 1979, the trigger for oil price increase was the Iranian Revolution and the Iran-Iraq war. Due to this, oil prices rose from US$ 50/barrel to above US$ 100/barrel between January 1979 and April 1981.
  
  Then, new production from the North Sea, Mexico, Alaska, and Siberia flooded the market. By March 1986, prices had fallen to US$ 27/barrel.
  
  In 2008, when oil touched US$ 150/barrel, it was quickly followed by the financial crisis and recession.
  
  Then, between 2011 and 2014, when oil was above of US$ 100/barrel, several years of triple-digit oil prices led to a near doubling of shale production in the US, a volume that helped trigger the crash in 2014.

It would be interesting to see how this pans out. Meanwhile, we will keep you posted on all the updates from this space.

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