Sensex Ends 140 Points Higher; Banking and Oil & Gas Stocks Witness Buying

Wed, 22 May Closing

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Indian share markets ended their day on a positive note today ahead of counting of Lok Sabha Election 2019 to be done tomorrow.

Gains were largely seen in the banking sector, oil & gas sector, and capital goods sector.

At the closing bell, the BSE Sensex stood higher by 140 points (up 0.4%) and the NSE Nifty closed higher by 28 points (up 0.3%).

The BSE Mid Cap index ended down by 0.2%, while the BSE Small Cap index ended the day up by 0.5%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.2% and the Nikkei was trading up by 0.1%, while the Shanghai Composite was trading down by 0.5%.

European markets were trading on a positive note. The FTSE 100 was up by 0.4%. The DAX was trading up by 0.3%, while the CAC 40 was up by 0.1%.

The rupee was trading at 69.69 to the US$ at the time of writing.

Speaking of Indian share markets, if the India Volatility Index (VIX) score is anything to go by, we are in for a turbulent ride ahead.

The VIX stood nearly at 4-year high today.

The India VIX Index measures the volatility expected over the next 30 days. It touched an all-time high this month.

Market Volatility Highest in Years

Uncertainty over the general elections, trade war threats between US and China and rising crude oil prices have all contributed to widespread fear among investors.

While the 2018 correction was mainly due to corporate governance issues back home, the threat of macro issues looms large in 2019.

For you, dear reader, it is important to ignore the short-term noise of the mainstream media.

While the volatility index is high, it is no indicator of the market direction. The index was high during 2014 as well, prior to the elections. Post that we had a multi-year bull run.

Co-head of research at Equitymaster, Tanushree Banerjee believes, safe stocks with strong fundamentals will do well regardless the short-term volatility.

In fact, the volatility might just give you an opportunity to load up on these quality businesses.

Bajaj Electricals share price, Symphony share price, and IndusInd Bank share price were in focus in today's market session as these companies announced their Q4FY19 results today.

You can also read our recently released Q4FY19 Results: Bajaj Auto, PI Industries, GSK Pharma.

From the IT sector, market participants were tracking Tech Mahindra share price today as the company reported a 7.3% YoY drop in consolidated profit at Rs 11.3 billion for March quarter compared with Rs 12.2 billion in the same quarter last year.

Revenue for the quarter rose 10.4% YoY to Rs 88.9 billion, while operating income jumped to Rs 16.4 billion from Rs 14.1 billion on a yearly basis.

Commenting on earnings numbers, MD & CEO, CP Gurnani said the company had a satisfactory year, characterised by significant margin improvements, a growing digital portfolio and considerable increase in deal wins.

He added that while the company's enterprise business has performed satisfactorily during the year, the management is encouraged by the revival of the communications business.

The board of the company has recommended a dividend of Rs 14 per share on a face value of Rs 5. The dividend, if declared will be paid by August 8.

In the news from the pharma sector, Cipla share price was also in focus today as the company today said its consolidated net profit more than doubled to Rs 3,576 million in March quarter from Rs 1,531 million in the same quarter last year.

Consolidated sales for the quarter rose 22.2% year-on-year (YoY) to Rs 42.7 billion from Rs 34.9 billion in the same quarter last year.

In other news from the pharma space, Lupin share price was in focus today after the company announced the launch of its Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules in the US market.

The company had received an approval from the United States Food and Drug Administration (USFDA) earlier.

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.

And since then it has been a painful ride downwards.

As we wrote in one of our editions of The 5 Minute WrapUp...

• Pre-2015, pharma companies enjoyed a fairytale ride in the US market. Low labor costs, good chemistry skills, along with efficiency, ensured Indian companies could copy innovator drugs to make generic drugs at a fast pace.
  
  The generic business had lucrative margins for all major pharma players. But the party did not last long. In the quest to supply drugs quickly, they compromised on quality at their manufacturing facilities.
  
  No wonder, the US regulatory authority (USFDA) took strict action. Sun Pharma received a warning letter for its Halol manufacturing facility in 2015. It was like a bolt out of the blue. Since then, the downward spiral began and has continued till date.

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.

To know more on what moved the Indian stock markets today, you can 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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