Sensex Ends 101 Points Lower; Energy and Healthcare Stocks Witness Selling

Wed, 27 Mar Closing

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Indian share markets witnessed most of the selling pressure during closing hours and ended their trading session marginally lower. Sectoral indices ended on a mixed note with energy stocks and healthcare stocks witnessing maximum selling pressure while consumer durable stocks and banking stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 101 points (down 0.3%) and the NSE Nifty closed down by 38 points (down 0.3%). The BSE Mid Cap index ended the day up 0.6% and the BSE Small Cap index ended the day up by 0.7%.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up 0.6% and the Shanghai Composite was up by 0.9%. The Nikkei 225 was down 0.3%.

The rupee was trading at 68.87 against the US$.

In the afternoon session, Prime Minister Narendra Modi announced that India had demonstrated anti-satellite missile capability by shooting down a live satellite. Addressing the nation, the prime minister said India's action was not directed against any country.

As per an article in a leading financial daily, Mission Shakti, which was led by the Defence Research and Development Organization, was aimed at strengthening India's overall security.

Here's an excerpt from the article:

• Shooting down a low earth orbit satellite is a rare achievement for the country. The satellite was orbiting at an altitude of 300 km.
  
  Mission Shakti operation was a difficult target to achieve and was completed successfully within three minutes of launch. This was a test operation carried out by India and was not targeted against anyone
  
  India joins USA, Russia and China with the capability to hit Low Earth Orbit satellite with an A-SAT missile.

Following this news, defence stocks gained around 4%. Hindustan Aeronautics share price gained 3% while Bharat Dynamics share price rose 4%. Bharat Electronics share price also gained 3%.

Speaking of defence stocks, India's defence behemoth, Bharat Electronics, has little access to Defence Research and Development Organisation (DRDO).

And much of India's arms requirements are imported instead of being locally sourced from companies like Bharat Electronics.

Its fundamentals are improving.

It has a debt free balance sheet.

Yet, Bharat Electronics currently trades cheaper than any other defence manufacturing firm globally.

Contrast Between Bharat Electronics' Fundamentals and Valuations

Here's what Tanushree Banerjee, Co-head of research at Equitymaster, wrote about India's defence sector in one of the recent edition of The 5 Minute WrapUp...

• But a lot could change hereon.
  
  Will India's defence sector rise from this inflection point?
  
  Will Bharat Electronics get much better valuations?

She believes India is set to ride the defence wave that countries like US and China have seen in past few decades.

She has just published a premium report with details of 3 Bullet Proof Stocks that are all set to ride India's defence boom.

If you've subscribed to her premium stock recommendation service StockSelect, click here for the report.

Moving on, market participants were tracking Cadila Healthcare share price.

The US Food and Drug Administration (USFDA) has conducted a Pre-Approval Inspection (PAI) for Doxorubicin Liposomal, a complex oncological injectable at Alidac Pharmaceuticals, the injectable onco manufacturing facility, located at, Ahmedabad. The inspection concluded with one observation.

Alidac Pharmaceuticals is a 100% subsidiary of Cadila Healthcare. Reports state that the company is addressing these observations and is confident of getting the product approval at the earliest.

The company also launched Tadalafil Tablets USP upon receiving the final approval from the USFDA for marketing the product in the strengths of 2.5 mg, 5 mg, 10 mg, and 20 mg.

In another news, Strides pharma science has received the United States Food & Drug Administration (USFDA) approval for its greenfield oral dosage facility in Singapore.

The facility will complement Strides' existing manufacturing base and will help meet increased demand from its fast-growing regulated markets business across US, Australia, UK and Europe. The facility operating at its peak capacity will produce around 1.4 billion tablets and hard gelatin capsules.

Strides Pharma Science share price ended the day up by 3.4%.

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.

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.

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

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