Sensex Opens Flat; Healthcare and IT Stocks Gain

Fri, 28 Jun 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.6% while the Hang Seng is down 0.6%. The Shanghai Composite is trading down by 0.9%. The S&P 500 and the Nasdaq closed higher in a broad-based rally on Thursday as investors looked to the G20 summit in Osaka, Japan this weekend for progress in the long-running US-China trade dispute, which has whipsawed markets for months.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading up by 54 points while the NSE Nifty is trading up by 18 points. Both, the BSE Mid Cap index and BSE Small Cap index opened on a flat note.

Sectoral indices have opened the day on a mixed note with telecom stocks and realty stocks leading the losers. Healthcare stocks and IT stocks have opened the day in green.

Speaking of the stock markets, the current pattern of the Indian stock market very closely resembles 2013.

How Long Will this Sensex Outperformance Last?

Back then too, Sensex was relatively flat while mid and small caps underperformed by a huge margin.

Only this time, the divergence is larger.

While the 2013 correction was due to global macro issues, the correction in mid and small caps are due to factors back home.

Corporate governance issues leading to auditor exits plagued many mid and small caps in 2018. Then, we had the IL&FS impact leading to the NBFC crisis.

Will this Sensex outperformance continue?

Co-head of research, Tanushree Banerjee believes it will be difficult going forward. Here's an excerpt of what she wrote:

• "But when I think of safe stocks, I think long-term about the businesses rather than how the Sensex will perform.
  
  I think of businesses that will be a part of India's long-term growth story. I strongly believe these businesses stand to do well irrespective of the movement of the Index."

Meanwhile, the rupee is currently trading at 68.98 against the US$.

The Indian rupee opened higher at 69.01 per dollar on Friday against previous close 69.06.

The rupee slipped below 69 per dollar mark for the first time since April 11.

On June 27 the Indian rupee ended 8 paise higher at 69.06 against the US dollar on the back of easing crude oil prices and weaker greenback.

Rupee rose against the US dollar for the third successive sessions despite broad strength in the greenback against its major crosses. On the domestic front, market participants could remain cautious ahead of the important G20 meeting that is scheduled during the weekend.

Meeting between US and Chinese leader will be majorly in focus and could bring in volatility for the currencies.

In the run-up to the meeting, the Trump administration has sent mixed messages and any increased uncertainties could push investors towards the safe haven Japanese Yen., the reports noted.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Lupin has received tentative approval from the US health regulator for generic version of Mirabegron Extended Release (ER) tablets of Astellas Pharma Global Development Inc used to treat overactive bladder.

The approval by the US Food and Drug Administration (USFDA) is for generic version of Mirabegron ER tablets of strengths 25 mg and 50 mg.

The medicine is indicated for the treatment of overactive bladder (OAB) with symptoms of urge urinary incontinence, urgency, and urinary frequency.

As per IMS MAT March 2019 data, the tablets had annual sales of approximately US$ 1,501.6 million (about Rs 105 billion) in the US.

Lupin share price opened the day up by 2.1%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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