Sensex Opens Higher; Sun pharma and L&T Top Gainers

Mon, 19 Aug 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.5% while the Hang Seng is up 1.9%. The Shanghai Composite is trading up by 1.3%. US stocks rebounded on Friday as an ebbing bond rally and news of potential German economic stimulus brought buyers back to the equities market, closing the book on a tumultuous week.

Back home, India share markets opened higher. The BSE Sensex is trading up by 246 points while the NSE Nifty is trading up by 74 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.5%.

All sectoral indices have opened the day on a positive note with realty stocks and healthcare stocks witnessing maximum buying interest.

The rupee is currently trading at 71.10 against the US$.

In the news from the financial markets. Foreign investors pulled out Rs 83.2 billion on a net basis from capital markets in the first half of August, continuing their selling spree in the Indian market amid uncertainty over FPI tax and global trade worries.

According to the depository data, foreign portfolio investors (FPIs) sold equities worth Rs 104.2 billion on a net basis during 1-16 August. FPIs, however, invested a net Rs 21 billion in the debt securities during the period.

So far in August, FPIs have been net sellers for nine out of 10 trading sessions.

In July, FPIs had withdrawn a net sum of Rs 30 billion from the Indian capital markets (both equity and debt).

While, they have pulled out Rs 123 billion till date in July.

The reason for this are many.

From slowdown in the economy to the budget...

But, can the real reason be external?

In March this year, the Morgan Stanley Capital International (MSCI) announced it would increase the weightage of Chinese A shares (stocks trading in mainland China) by 4 times. These shares form around 10% of total Chinese shares in the index.

FPIs investing in passive funds follow the MSCI EM index for investments in emerging markets.

A comparison of India's weightage with China in the MSCI EM index provides us clues on the recent outflows from FPIs.

Will India be the Next Hot FPI Destination?

It also explains the announcement to reduce promoter shareholding in the budget.

Will we see a similar FPI inflow in to Indian stocks?

Looking at the recent inflow in to the Chinese stock markets, it seems very likely.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Sun Pharma has entered into an exclusive licencing agreement with China Medical System Holdings (CMSH) to develop and commercialise seven generic products in Mainland China.

Reportedly, this collaboration will give Sun Pharma entry into the Chinese generic pharmaceutical market. With more than 65% generics penetration, China represents a significant opportunity for generic pharmaceutical companies.

In June, Sun Pharma had announced a collaboration with the Chinese firm on two speciality products (Tildrakizumab and Cyclosporine A 0.09 per cent eye drops) for Greater China market.

The total addressable market size for all these eight products is about 1 billion US$ in Mainland China.

The initial term of the agreement will be 20 years from the first commercial sale of respective products in Mainland China and can be extended for additional three years according to mutual agreement of the two parties, the company stated.

To know more about the company, you can access to Sun Pharma's Q1FY20 result analysis and Sun Pharma's 2018-19 Annual Report Analysis on our website.

Sun Pharma share price opened the day up by 2.5%.

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

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