Sensex Ends Flat; Realty and Healthcare Stocks Witness Buying

Tue, 9 Jul Closing

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After opening the day lower, Indian share markets recovered during afternoon hours and ended their trading session on a flat note.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, realty sector and energy sector witnessing buying interest while consumer durable stocks witnessed huge selling pressure.

At the closing bell, the BSE Sensex stood higher by 10 points and the NSE Nifty closed lower by 3 points. The BSE Mid Cap index ended the day up by 0.6%, while the BSE Small Cap index ended up by 0.1%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.8% and the Shanghai Composite stood lower by 0.2%. The Nikkei 225 was up 0.1%.

The rupee is trading at 68.61 against the US$.

The domestic currency declined 18 paise to 68.84 against the greenback in early trade, due to strong dollar demand from banks and importers amid persistent foreign fund outflows.

On Monday, rupee had declined by 24 paise to close at 68.66 to dollar, cutting short its three-day winning run. The local unit lost further ground to touch a session low of 68.76 before closing at 68.66.

Rupee follows the path of emerging-market currencies, as markets start to rethink the extent and speed of rate cuts by the Federal Reserve. Regional stocks also traded weaker on Monday as budget blues continued.

While the markets gave a thumbs-down to the Budget, Tanushree Banerjee's Rebirth of India call remains intact.

In the video below, she explains how investors could continue to make the most of the irreversible trends and India's US$ 5 trillion potential.

In news from the IT sector, TCS share price was in focus today. Shares of the company ended 2% lower ahead of its June quarter results announcement.

Reports state that, with the rupee hardly providing any buffer and with rising wage costs, margins are expected to fall for nearly all IT services companies. However, TCS is projected to report a relatively better financial performance among the top tier IT companies.

In other news, Mindtree share price was also in focus today. Shares of the company extended their losses and slipped 4% intra-day to hit a new 52-week low of Rs 736.

The stock fell below its previous low of Rs 753 touched on October 26, 2018 in the intra-day deals. Meanwhile, the stock on Monday turned ex-date for dividend of Rs 24 per share.

The downward trend, which led to a fall of 17% in the stock's value in the past two days, began after three founders of the Bengaluru-based IT services company resigned following a change of control.

Last week, Larsen & Toubro (L&T) was categorized as the new 'promoter' of the IT firm after the former acquired 60.1% stake in it.

Construction major L&T held 98.7 million equity shares in Mindtree following its recently-concluded open offer, according to the filing by the Bengaluru-based tech firm.

In an exchange filing on Friday, Mindtree said its Executive Chairman Krishnakumar Natarajan, Executive Vice-Chairman and Chief Operating Officer (COO) N S Parthasarathy and Managing Director and Chief Executive Officer (CEO) Rostow Ravanan had put in their papers as members of the board and as well as employees of the company.

However, they will stay as Board members till July 17, 2019 and as employees in line with their employment contracts to ensure smooth transition.

To know more about the companies, you can read Mindtree's 2018-19 annual report analysis and L&T's 2018-19 annual report analysis on our website.

Moving on to news from the pharma sector, Glenmark Pharmaceuticals' subsidiary - Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Ranolazine extended-release tablets, 500 mg and 1,000 mg.

The above is a generic version of Ranexa extended-release tablets, 500 mg and 1,000 mg, of Gilead Sciences, Inc.

Sales data for the 12-month period ending May 2019 show that the Ranexa Extended Release Tablets, 500 mg and 1,000 mg market achieved annual sales of approximately US$ 929 million.

Glenmark Pharma share price ended the day up by 2.6%.

Meanwhile, Dr. Reddy's Laboratories has launched an over-the-counter (OTC) store-brand equivalent of Mucinex D extended release tablets in two strengths-Guaifenesin 600 mg and Pseudoephedrine HCI 60 mg, and Guaifenesin 1200 mg and Pseudoephedrine HCI 120 mg, as approved by the USFDA.

The company's OTC Guaifenesin and Pseudoephedrine HCI is used to help loosen phlegm and temporarily relieve nasal congestion due to common cold, hay fever, and upper respiratory allergies.

The Mucinex D brand and store brands had combined US sales of around US$ 71 million for the most recent twelve months ending in May 2019.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

You can read about the opportunities in Rebirth of India here: defence boom, infrastructure sector reforms, NBFC Crisis and Electric Vehicle Disruption.

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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