Sensex Opens Higher; Telecom and Realty Stocks Lead

Thu, 16 Jan 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.4% while the Hang Seng is up 0.1%. The Nikkei 225 is trading flat. The Dow ended above 29,000 for the first time on Wednesday and the S&P 500 also closed at a record high after the United States and China signed a Phase 1 trade agreement and pledged to resolve a tariff dispute that has roiled Wall Street for over a year.

Back home, India share markets opened higher. The BSE Sensex is trading up by 99 points while the NSE Nifty is trading up by 25 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.5%.

Except metal stocks, all sectoral indices have opened the day on a positive note with telecom stocks and realty stocks witnessing maximum buying interest.

The rupee is currently trading at 70.77 against the US$.

Speaking of Indian stock markets, as the new year has kickstarted, there is hardly any cheer among investors despite Sensex touching new highs.

The reason: The rally is driven by a few large caps and has left most of the stocks untouched. The blow was specially felt by small caps, most of which remained untouchables.

This isn't the first time smallcaps are witnessing correction. And yet, this was once in a decade kind of event.

That's because it was for the first time that the smallcaps remained in the red in two successive years.

The Divergence between Smallcap and Sensex

Here's what our smallcap research analyst Richa Agarwal wrote about it in of the edition of the Profit Hunter:

• "The mutual fund reclassification, liquidity squeeze, global trade tensions and recent reforms and policy changes kept investors on guard and away from smallcaps. It did not help that the economy growth itself slowed down to six-year low.
  
  But amid all this macro data, a few interesting details are missing.
  
  Ignoring these could deprive you of possibly the best money-making opportunity in 2020."

As the divergence between the Sensex and Small cap index widens, Richa answers why small cap rebound is just around the corner and why this could be the right opportunity to buy quality smallcap stocks.

Watch the video here.

In the news from the economy. India's merchandise exports shrank 1.8% in December, falling for the fifth straight month, while the trade deficit narrowed to US$11.3 billion from a year ago, helped by lower oil imports.

Merchandise exports fell to US$27.4 billion in December compared with a year earlier, while imports were down 8.8% to US$38.6 billion.

India's trade deficit stood at US$14.5 billion in December 2018.

Imports declined by 8.8% to US$38.61 billion, bringing down the trade deficit to US$11.25 billion during the month under review.

The trade deficit during December 2018 was US$14.5 billion.

Oil imports contracted by 0.8% to US$10.7 billion, while gold imports dipped by about 4% to US$2.5 billion.

During April-December 2019-20, exports slipped 2% to US$239.3 billion, imports declined by 8.9% to US$357.4 billion, leaving a trade deficit of US$118.1 billion.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Alembic Pharmaceuticals has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Empagliflozin Tablets, 10 mg and 25 mg.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Jardiance Tablets, 10 mg and 25 mg, of Boehringer lngelheim Pharmaceuticals, Inc. (Boehringer).

Emapgliflozin Tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus.

Emapgliflozin Tablets have an estimated market size of US$ 3.4 billion for twelve months ending September 2019 according to IQVIA.

Alembic Pharma share price opened the day flat.

Meanwhile, in the video below, Tanushree talks in great detail about pharma sector. She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

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