Sensex Ends 143 Points Lower; Realty and Oil & Gas Stocks Witness Selling

Thu, 27 Feb Closing

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India share markets recovered some losses during closing hours today and ended their day marginally lower.

At the closing bell, the BSE Sensex stood lower by 143 points (down 0.4%) and the NSE Nifty stood down by 45 points (down 0.4%).

The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index stood down by 0.8%.

Stocks in the realty sector and oil & gas sector witnessed huge selling pressure, while healthcare stocks were trading in the green.

Note that Indian stock market fell for the fifth consecutive day in a row today tracking weak global cues.

The Sensex plunged as much as 400 points while the Nifty dropped more than 100 points to trade below 11,600 levels.

Market participants are worried whether the broader markets will fall further, or will there be a meaningful recovery?

When I asked Apurva Sheth, lead chartist and technical analyst at Equitymaster for his view, he told me that there are bright chances for Nifty to bounce back from here.

He explained further by saying:

• "Nifty bounced back after touching the day's low of 10,536. This level is very close to the 50% retracement level of 11,550.
  
  The 50% retracement is drawn from the low of 10,670 in September 2019 to the high of 12,430 in January 2020. The 50% retracement levels have acted as support for index and stocks on several occasions in the past. So, I expect a healthy upswing in the Nifty very soon."

So, make sure you stay on the look out for any opportunities to snag up some quick profits.

Keep watching this space for more updates.

The rupee was trading at 71.62 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.31% and the Shanghai Composite was up by 0.11%. The Nikkei 225 was down 2.13%.

European markets were also trading on a negative note. The FTSE 100 was down by 1.64%. The DAX was trading down by 1.84%, while the CAC 40 stood down 1.65%.

In news from the pharma sector, Dr Reddy's Laboratories share price was in focus today as the company announced the first-to-market launch of naproxen and esomeprazole magnesium delayed-release tablets.

The tablets are the therapeutic equivalent generic version of Vimovo, approved by the US Food and Drug Administration (USFDA).

The company management in a release said that this launch is a testament to the company's core strengths in the areas of research and development and intellectual property and it is excited to be a part of forming the first generic market for Vimovo tablets and to provide an affordable treatment alternative for patients.

The Vimovo brand had US sales of approximately US$ 414 million for the 12 months ended December 2019, according to IQVIA Health.

Also, in other news, the company announced that the audit of its Integrated Product Development Organization (IPDO) at Medchal-Malkajgiri, Telangana, by the US FDA, has been completed today, and no Form 483 was issued at the closure of the audit.

Speaking of pharma sector, in the video below, co-head of research, Tanushree Banerjee talks about where the sector stands now and its potential for a rebound.

Tune in to find out more...

Meanwhile, Tanushree is counting on 7 top stocks from the Indian stock market that will benefit from what she calls the Rebirth of India.

As per her, now is the right time to buy these stocks to profit from the Rebirth of India. You can read about them here.

Moving on to news from the commodity space, gold was witnessing buying interest today. The yellow-metal continued its uptrend seen this week as market participants rushed to safe haven assets as new coronavirus cases grew rapidly outside of China.

As per the news, the number of new infections inside China - the source of the outbreak - was for the first time overtaken by fresh cases elsewhere on Wednesday, with Italy and Iran emerging as epicentres of the rapidly spreading illness.

Italy has reported more than 400 cases and Iran has reported only 139 cases, but epidemiologists say the true number of cases must be many times higher.

Note that 2019 proved pretty good for gold, as gold surged amid fears of a possible slowdown in global growth and uncertainty surrounding geopolitical crisis in West Asia and Britain's divorce from the European Union.

The same uptrend is also seen in 2020 so far.

Gold prices are seen rising as the rapid spread of coronavirus cases outside of China and its potential negative impact on the global economy are prompting investors to take refuge in safe haven assets like gold.

Increase in the number of new coronavirus cases outside China over the past few days have bolstered the safe haven appeal of gold. South Korea, Italy and Iran have logged sharp increases in infections and deaths, while several countries in the Middle East reported their first cases of coronavirus.

The international spot gold prices have rallied to seven-year highs while India's domestic gold prices rallied to all-time highs.

Speaking of gold, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

Gold Has Been a Shining Long-Term Investment

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Here's what Ankit Shah wrote about this in one of the editions of The 5 Minute WrapUp...

• In fact, gold has delivered double-digit gains in 10 of the last 15 years.
  
  During the entire 15-year period, gold has shot up 555% (compounded annual return of 12.1%).
  
  During the same period, the Sensex surged 511% (compounded annual return of 12.0%). If you include dividends, the Sensex returns would be higher than gold by a couple of percentage points.
  
  One must note that the Sensex returns are not representative of the broader market returns. Moreover, gold was a no-brainer. You didn't have to study financial statements, business models and forecast future earnings growth to get a double-digit return on your investment.

Meanwhile, in his latest video, Vijay Bhambwani shares his view on gold and silver prices. He talks about how the bullion prices will move in the short term.

You can check the same here: Will Gold and Silver Prices Fall because of the Coronavirus?

And 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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