Sensex Trades Higher; Realty Stocks Lead

Wed, 3 Apr 12:30 pm

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Stock markets in India are presently trading higher. The BSE Sensex is trading up by 131 points and the NSE Nifty is trading up by 25 points. Meanwhile, both the BSE Mid Cap index and the BSE Small Cap index are trading up by 0.3%.

Among the sectoral indices, healthcare stocks and energy stocks are witnessing selling pressure, while realty stocks and metal stocks are leading the pack of gainers.

In the news from the currencies space. The rupee appreciated by 9 paise to 68.65 against the dollar in opening trade today, driven by weakening of the greenback in overseas markets and sustained foreign inflows.

The rupee opened at 68.72 at the forex market, then gained further ground and touched a high of 68.56.

The local unit, however, pared some gains later today and was quoted at 68.65 against the American currency, displaying gains of 9 paise over its last close. On Tuesday, the rupee had settled at 68.74 against the dollar.

Reportedly, selling of the American currency by exporters, fresh foreign fund inflows and positive opening in domestic equities supported the rupee.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 5.4 billion on a net basis on Tuesday, the reports noted.

Interestingly, foreign investors are back in the news.

The recent surge in the Indian stock markets can be also attributed to the strong foreign investor inflows into Indian equities.

The chart reveals the monthly trend in foreign investor flows into Indian equities over the last five years. The period almost coincides with the term of the Modi government.

Are Foreign Investors Coming Back to Indian Equities?

During this period, you can see that foreign investor participation in Indian equities shrank.

Over the last five years, foreign investors were net sellers in 24 months. Effectively, foreign investors were net sellers 40% of the time.

The chart shows that the highest monthly net foreign investor inflow over the last five years was recorded in March 2017 at Rs 337.8 billion.

However, foreign investor flows are influenced by a myriad of global factors and are susceptible to change course anytime.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, the United States Food and Drug Administration has given Lupin an Establishment Inspection Report (EIR) for its Pithampur facility. The facility was slapped with five observations in an inspection in October.

The receipt of an EIR is considered good news as it means that the company can now use the facility to manufacture items that are meant to be sold in the US.

Lupin's Pithampur facility manufactures dermatological products, dry product inhalers and metered dose inhalers.

Reportedly, the inspection at the site was carried out for 10 days between October 8 and October 18 last year.

Lupin had, at the time, said the inspection had led to 5 observations that were procedural in nature.

Procedural observations are referred to as deficiencies in standard operating procedures in production, testing and hygiene. They are considered relatively easy to address than critical and mildly critical observations.

As per the reports, the inspection of the plant was triggered after the company filed application for the sales of Tiotropium dry powder inhalation drug.

Tiotropium dry powder inhalation drug is sold by Boehringer Ingelheim Pharmaceuticals under the brand Spiriva.

It is a patented drug and was approved by the USFDA in 2004. Boehringer Ingelheim Pharmaceuticals is also in a litigation battle against Lupin over Spiriva.

Note that, innovators in the pharmaceutical industry make use of patents largely. They make heavy use of patents whenever they create a new drug. In one of the articles, we have spoken everything that you need to know about patented drugs, its advantages and its implications. Here's a snippet:

• "That's how the innovators in the pharmaceutical industry work. They make heavy use of patents whenever they create a new drug. The patent allows them to recoup the high capital expenditure that goes into the research and development (R&D) of new drugs. Companies that have a patent on a particular product are immune from competition for the duration of the patent."

Notably, a number of patent infringement cases have been filed against leading Indian pharma companies and their counterparts in other countries over the last few years.

To know more about the company, you can access to Lupin's Q3FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

At the time of writing, Lupin share price was trading up by 0.4%.

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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