Sensex Trades Weak; Realty Stocks Fall

Wed, 8 May 12:30 pm

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Stock markets in India are presently trading on a negative note. The BSE Sensex is trading down by 335 points and the NSE Nifty is trading down by 95 points. Meanwhile, both, the BSE Mid Cap index and the BSE Small Cap index are trading down by 0.9%.

Among the sectoral indices, realty stocks and healthcare stocks are witnessing maximum selling pressure.

Speaking of stock markets and gold, gold has always been a staple investment for Indian households. More so on occasions like Akshaya Tritiya.

There are various opinions on what proportion of the portfolio could be allocated to the yellow metal.

Stocks versus Gold Over Past 5 Years

Here's what co-head of research at Equitymaster, Tanushree Banerjee wrote in the latest edition of The 5 Minute WrapUp:

• "the magical metal will be no match for the Indian mettle over the next decade.
  
  So, by all means buy some gold for inflation hedge.
  
  But don't lose sight of the Rebirth of India opportunity."

In the news from the currencies space. Indian rupee weakened against the US dollar today amid weak global cues.

Further, losses in the domestic equity market and a strengthening dollar against major currencies overseas amid trade worries also weighed on the rupee.

Reportedly, Chinese Vice Premier Liu will travel to US for two days of trade talks this week setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President.

During a 10-month US-China trade war, US tariffs have been imposed on US$250 billion worth of Chinese goods, and retaliatory Chinese tariffs slapped on US$110 billion worth of American products.

On the global front, growing fears about the impact of a worsening US-Sino trade conflict on global growth lifted the safe-haven Japanese yen to a six-week high against the dollar today.

The partially convertible currency is currently trading at 69.59, weaker by 16 paise from its previous close of 69.43 on Tuesday. The currency touched a high and low of 69.6400 and 69.5350 respectively.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Alembic Pharmaceuticals has entered into a Joint Venture Agreement (JVA) with SPH SINE Pharmaceutical Laboratories, China (SPH Sine) & Adia (Shanghai) Pharma, China (Adia) to promote and sell pharmaceutical products for the Chinese market.

Initially this JV will commercialize products manufactured by Alembic Pharmaceuticals. Subsequently the JV plans to set up a manufacturing facility in China.

The JV will commercialize products in the Chinese market which has an increasing demand for generic drugs.

It will initially launch with a portfolio of oral solids and is expected to widen to other areas like injectable, ophthalmology, dermatology & oncology which are being currently developed and manufactured by Alembic.

Reportedly, SPH Sine, Alembic & Adia shall hold 51%, 44% & 5% equity in the JVA. The JVA has standard terms including management functioning, restriction on transfer of shares, non-compete and termination events and consequences.

To know more about the company, you can access to Alembic Pharma's Q3FY19 result analysis and Alembic Pharma's 2018-19 Annual Report Analysis on our website.

At the time of writing, Alembic Pharma share price was trading up by 1.2%.

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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