Sensex Trades Lower; Sun Pharma & Tata Steel Top Losers

Fri, 15 Feb 12:30 pm

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Share markets in India are presently trading on a negative note. Sectoral indices are trading mixed with stocks in the healthcare sector, metal sector and finance sector witnessing maximum selling pressure, while power stocks and oil & gas stocks are witnessing buying interest.

The BSE Sensex is trading down by 313 points (down 0.9%), while the NSE Nifty is trading down by 99 points (down 0.9%). The BSE Mid Cap index is trading down by 1.5% and the BSE Small Cap index is trading down by 0.9%.

The rupee is trading at Rs 71.31 against the US$.

The domestic currency weakened by 17 paise in early trade today amid foreign fund outflow and rising global crude prices.

As per an article in The Economic Times, the rupee swung back to become the second best performing emerging market currency this month as foreign fund flows surged amid equity and bond valuations turning attractive following a selloff.

Here's an excerpt from the article:

• An interim budget that wasn't too extravagant ahead of the general election, coupled with the Reserve Bank of India's perceived increasing focus on growth are aiding the rupee's rise against the dollar after hitting its lowest ever in 2018.

In the news from the commodity space, oil prices rallied today amid US sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures recorded fresh 2019 highs on back of the above news. Brent pushed above $65 per barrel for the first time in 2019.

Reportedly, OPEC and some non-affiliated suppliers including Russia are withholding supply to tighten the market and prop up prices.

The producer group known as OPEC+ has agreed to cut crude output by 1.2 million barrels per day (bpd). Top exporter Saudi Arabia said it would cut even more in March than the deal called for.

Russia has also cut its oil production by 80,000-90,000 barrels per day from its level in October.

Note that crude oil prices inched up 1.5% yesterday as the Organization of the Petroleum Exporting Countries (OPEC) said it had deeply cut supply in January.

Saudi Arabia, the world's top exporter and de facto leader of OPEC, said on Tuesday that it would reduce oil production to nearly 9.8 million barrels per day (bpd) in March, about half a million bpd more than it originally pledged.

Also at the radar are hopes expressed by US and Chinese officials that a new round of talks, which began in Beijing on Monday, would bring them closer to easing their months-long trade war.

It will be interesting to see how this pans out. Meanwhile, we will keep you updated on the latest news from this space.

Moving on to the news from the pharma space, Dr Reddy's share price is witnessing selling pressure today on reports that the company's formulations manufacturing plant 3 at Bachupally, Hyderabad had been inspected by the US Food & Drug Administration (USFDA).

Reportedly, it has been issued a Form 483 with 11 observations, out of which four are repeat observations. The observations are around lack of thorough investigations, written records lacking details, employees not being trained and lack of infra.

Shares of the company fell nearly 30% on back of the above news.

Dr. Reddy's share price is presently trading down by 8%.

To know more about the company, you can read Dr Reddy's latest Result Analysis on our website.

In another news, Alembic Pharmaceuticals share price has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%.

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 more on what moved the Indian stock markets today, you can check out the most recent share market updates here.

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

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