Banking Stocks Lead the Gains

Mon, 14 Mar 11:30 am

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After opening the day on a positive note, the Indian Markets have continued to trade in the green. Sectoral indices are trading on a positive note with stocks from the banking and auto sectors leading the gains.

The BSE Sensex is trading up 131 points (up 0.5%) and the NSE Nifty is trading up 41 points (up 0.6%). The BSE Mid Cap index is trading up by 0.5% while the BSE Small Cap index is trading up 0.7%. The rupee is trading at 66.97 to the US$.

Stocks in the automobile space are trading on a positive note with Maharashtra Scooters and Tube Investments leading the gains. As per a leading financial daily, passenger car shipments from India declined 3.71% to 4,84,602 units in April-February period of this fiscal. This was witnessed on the back of challenges in top export markets like Algeria, Europe and neighbouring countries.

During the April-February period this fiscal, biggest exporter Hyundai Motor India Ltd shipped 1,35,267 units as against 1,81,006, down 25.3%. Maruti Suzuki India exported 1,04,117 units during the period as against 1,02,590 units in the same period of previous fiscal.

However, Exports of passenger vehicles, including vans, utility vehicles and cars rose 3% to 5,91,878 units in April-February, from 5,73,842 units a year earlier.

According to industry body Society of Indian Automobile Manufacturers (SIAM), the decline in car exports from India is due to issues in one of the biggest markets Algeria, which has brought in changes in technical regulations. Furthermore, Indian car exporters are facing high taxation issues in Sri Lanka while Europe, the biggest market for compact cars from India, is still struggling economically.

Stocks in the pharma space are trading on a mixed note with Sanofi India leading the gains and Pfizer leading the losses. In another news update, US pharmaceutical giant Pfizer's India unit has reported that it had stopped selling its popular Corex cough syrup. This came after the regulators banned it saying that it was likely to pose a risk to people.

The decision on Corex is likely to hit Pfizer's revenue and profit. This is because the brand in the past has brought in sales of about Rs 1.7 billion to Pfizer in the nine months ended December 2015.

The company said that Corex had a well-established efficacy and safety profile in India for more than 30 years and it is exploring all possible options at its disposal.

Corex is a combination of chlopheniramine maleate and codeine syrup. It is one of 344 drug combinations India banned over the weekend after a government panel of experts found they had no therapeutic justification. All these medicines have entered the market over the years based on approval from regulators of individual states, rather than the central government, as legally required. Presently the stock of Pfizer is trading down by 5.2%.

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