Sensex Ends Flat; IT and FMCG Stocks Drag

Fri, 3 May Closing

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Indian share markets ended flat after witnessing volatile trades throughout the day. At the closing bell, BSE Sensex ended down by 18 points, while, NSE Nifty ended down by 13 points.

Sectoral indices ended the day on a mixed note with telecom stocks and realty stocks witnessing maximum buying interest. FMCG and IT stocks ended the day in red.

Globally, Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.5% and the Hang Seng rose 0.5%. The Nikkei 225 lost 0.2%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.7% while Germany's DAX is up 0.4% and France's CAC 40 is up 0.3%.

Aviation stocks ended the day on a mixed note with SpiceJet & indigo leading the gainers. As per the credit rating agency ICRA, air traffic growth hit 5-year low in last financial year (FY19) at 11.6%, pulled down by low growth of 3.9% in the March quarter as against a healthy 14.9% in the first three quarters.

Cargo traffic growth also moderated in the year to 6%, as against double-digits growth witnessed over the past two years.

The slowdown was mainly driven by the international cargo segment, which accounts for 62% of the total cargo traffic, and grew only 2.6% in FY19 as against 15.6% in FY18. However, domestic cargo traffic had a robust growth of 12% in FY19 up from 8.1% in FY18.

As per the rating agency, domestic passenger traffic declined by 1.1% in March, overall traffic saw de-growth of 0.1% in the month as international aircraft movement dipped by 1% while domestic aircraft movement was flat.

De-growth in March was the first since February 2013. The passenger traffic movement at the four key airports reported a sharp decline in March as travel demand in the Delhi and Mumbai airports de-grew 9.4% and 16.2%, respectively. Similarly, Chennai saw a 7.4% de-growth and Kochi de-grew by 11.3% in March.

Air Passenger Growth is Tapering off

The agency highlighted that between FY15 and FY18, the air traffic grew an annualized rate of 17.5%. But this has been arrested of FY19.

This can impact revenue and margin of airports at a time when many of them are undertaking large capex. The decline in passenger traffic follows the increase in airfares due to lower number of flights.

A slowdown in passenger growth is due to several factors. These include frequent flight cancellations due to grounding of fund-starved Jet Airways' aircraft, pilot shortages faced by IndiGo, NOTAMs (notice to airmen) at various airports, and a rise in airfare etc.

In the last 5 years, we saw a surge of middle-class travelling by plane. But when the ticket price goes up, many of them prefer an alternate mode of transportation.

That shows the price sensitivity of the Indian consumer!

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Cipla and its subsidiary Cipla USA, Inc., are set for a phased launch of generic Cinacalcet Hydrochloride tablets (30mg, 60mg and 90mg) in the USA. The launch is a subject of ongoing litigation.

Cipla's cinacalcet hydrochloride tablets (30mg, 60mg and 90mg) is AB-rated generic therapeutic equivalent version of Sensipar, a branded drug marketed by Amgen, Inc.

Cinacalcet tablets are indicated for the treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease (CKD) on dialysis, for the treatment of hypercalcemia in adult patients with Parathyroid Carcinoma.

To know more about the company, you can access to Cipla's Q3FY19 result analysis and Cipla's Stock Analysis on our website.

In another development, Natco Pharma has received final approval of Abbreviated New Drug Application (ANDA) from the US Food and Drug Administration (USFDA) for Bosentan tablets in the strengths of 62.5 mg and 125 mg.

Bosentan is used for the treatment of patients with pulmonary arterial hypertension.

The tablets of Natco marketing by its partner Lupin are a generic version of Actelion Pharmaceuticals' Tracleer tablets in the same strengths.

As per IQVIA MAT March 2019 data, Bosentan tablets had an annual sale of around US$84.8 million in the US market.

Cipla and Natco pharma share price ended the day on a negative note.

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