Indian Share Market Opens Firm, Lupin Surge by 7.7%

Mon, 7 Nov 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock market in Japan is trading higher by 1.4%.

Stock markets in Europe and US ended their previous session on a negative note with benchmark indices in UK ending the day lower by 1.5%.

The rupee is currently trading at 66.69 per US$.

Indian share markets have opened the day on a positive note. The BSE Sensex is trading higher by 202 points (up 0.8%) and NSE Nifty is trading marginally higher by 102 points (up 1.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.5% and 0.6% respectively.

Stocks from pharma space are witnessing maximum buying interest. S&P BSE Healtcare index is trading up by 2.5%. The share price of Lupin Ltd is trading higher by 7.7% as it received Establishment Inspection Report (EIR) for its Goa facility. This closes all the outstanding USFDA inspections pertaining to the company's Goa facility.

As per an article in Livemint, global markets are getting jittery on fears of Republican nominee Mr Donald Trump winning the US presidential election. Last week benchmark indices of UK, Brazil and India were down by 4.3%, 4.2% and 2.4% during the week.

The outcome of US elections will play an important role in determining the trajectory of the global markets in the short run. The markets are expecting Mrs. Hillary Clinton to win the presidential elections. However, if this does not happen fickle minded Foreign Institutional Investors (FII) may flee from emerging markets to safe havens.

Experts believe that in case of a Trump win hot money from FIIs may leave emerging markets to safe haven securities such as gold, Japanese Yen, Swiss Franc and Euro. In fact both gold and yen have already made handsome gains in the run up to the US elections.

For the long term investors here is an excellent piece of advice from our Co-head of Research Mr Rahul Shah:

• "So if there's one idea that can help you make enormous money from stocks when everyone around you is terrified of investing, this is the one. Politics is overrated. What matters is whether the wheels of trade and commerce are chugging along at a good pace.
  
  There will always be something that bothers the world. Let the herd worry about it. If you want to have success as a long-term investor, you have to look past these worries and invest in great companies that are available cheap and will be around 10, 15, 20 years from now. Finding such companies is far more important to you as a long-term investor than such events
  
  We know many readers out there don't want to venture into stocks because of the various macro risks they see on the horizon. And we won't deny that there are problems that could lead to temporary disruptions. But will they cause trade and commerce to come to grinding halt? We don't think so."

In another news update, Titan Ltd reported its results for the quarter ended September 2016. The company's revenues declined marginally by 1% YoY during the quarter. The decline was mainly on the back of a poor performance from the jewellery as well as the watch division.

The jewellery division accounting for three-fourth of the revenue's reported flattish growth during the quarter. Reportedly, a surge in the gold prices adversely affected the demand for gold jewellery.

Revenues from the watch division too declined by 5% YoY during the quarter. The performance of the watch division was impacted mainly on account of lower exports to the Middle East economies.

Net profits grew by 23.5% during the quarter as compared to a year ago led by higher operating margins thanks to better studded jewellery mix and higher gold prices. A pick-up in the revenue growth will be the key things to watch out for going forward. The share price of Titan Ltd is trading higher by 2%.

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