Sensex Ends 237 Points Higher; Metal and Power Stocks Witness Buying

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Indian share markets traded on a positive note throughout the day and ended higher, tracking strong cues from global equities.

Benchmark indices reversed losses of the previous two sessions as investors comforted from the decline in the rate of newly reported cases of Coronavirus in China.

Gains were largely seen in the power sector and metal sector, while telecom stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 237 points (up 0.6%) and the NSE Nifty closed higher by 76 points (up 0.6%).

The BSE Mid Cap index ended the day up by 0.4%, while the BSE Small Cap index ended down by 0.2%.

Asian stock markets ended on a positive note as investors weighed the latest developments in the coronavirus outbreak and waited for an expected new round of economic stimulus measures by China.

As of the most recent closing prices, the Hang Seng was up 1.2% and the Shanghai Composite was up 0.4%.

The rupee was trading at 71.28 to the US$ at the time of writing.

In news from the pharma sector, shares of Wockhardt surged over 10% today, extending their gains to the third straight day, on back of heavy volumes.

Last month, the Mumbai-based company became the first Indian pharmaceutical company to get the drug regulator's nod for two novel antibiotics, which it plans to launch in the next few months in the domestic market.

For the first time in the past 3 years, the company bounced back to net profit in the December 2019 quarter, owing to marked improvement in operational performance and cost rationalisation.

Meanwhile, Granules India's wholly owned foreign subsidiary - Granules Pharmaceuticals, Inc., has received tentative approval from US Food & Drug Administration (USFDA) for the Abbreviated New Drug Application (ANDA) for Colchicine Capsules, 0.6 mg.

It is bioequivalent to the reference listed drug product (RLD), Mitigare Capsules, 0.6 mg, of Hikma International Pharmaceuticals LLC.

The company now has a total of 22 ANDA approvals from USFDA (21 Final approvals and 1 tentative approval).

Granules India share price ended the day down by 1%.

Speaking of pharma sector, co-head of research Tanushree Banerjee talks in great detail about pharma sector in the video below. She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

Moving on to news from the realty sector, Indiabulls Real Estate on Monday reported a 75.7% decline in consolidated net profit at Rs 492.7 million for the quarter ended December 2019, mainly due to higher expenses.

The company had reported a profit after tax (PAT) of Rs 2,049 million in the corresponding quarter last fiscal.

Total income for Q3FY20 increased marginally by 2.3% to Rs 13,177 million as compared to Rs 12,875.9 million in Q3FY19.

In a BSE filing, the company said that its board has considered the proposal of reorganization of the business, and in-principally approved the proposal of the merger of certain ongoing, completed and planned residential and commercial projects of Embassy Property Developments (Embassy).

The Embassy is in discussions with financial investors such as The Blackstone Group and others to raise up to US$ 200 million before the merger. This equity investment of US$ 200 million will bring significant cash in the merged entity for expanding its business operations.

Indiabulls Real Estate share price ended the day up by 1%.

To know more, you can read Indiabulls Real Estate's Q3FY20 result analysis on our website.

In other news, DLF share price was in focus today. The company is eyeing around Rs 50 billion revenue over the next two years from sale of independent floors in Gurugram and Panchkula in Haryana. The company plans to construct 7 million sq ft area of independent floors on its existing plotted inventory.

DLF is also planning to launch 3 million sq ft in DLF city, Gurugram and expecting sales value of around Rs 30 billion by 2021-22 financial year.

Speaking of the real estate sector, note that this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

Real Estate - The Sector to Bet on After the Budget?

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

• Demonetisation, RERA, and the IL&FS crisis have hit the sector hard.
  
  The BSE Realty Index has had a tough time in the last few years.
  
  But there are signs of a turnaround. The government's Rs 250 billion package was a much need boost for the sector and homebuyers.
  
  A real estate revival is important for the steel, cement, and many other sectors. It is also an important job creator for India's young population.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

To know what's moving the Indian stock markets today, 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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