Sensex Opens Flat; Power and Energy Stocks Lag

Thu, 28 Nov 09:30 am

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Asian share markets are mixed today. The Shanghai Composite is off 0.2% while the Hang Seng is trading flat. The Nikkei 225 is trading up by 0.1%. The US dollar rose, and a gauge of global equities pushed closer to an all-time high on Wednesday after a batch of US economic data brightened the economic outlook and investors remained bullish on prospects for a US-China trade accord.

Back home, India share markets opened flat. The BSE Sensex is trading up by 30 points while the NSE Nifty is trading up by 12 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% and 0.1% respectively.

Barring oil & gas stocks, power stocks and FMCG stocks, all sectoral indices have opened the day in green with realty and IT stocks witnessing buying interest.

The rupee is currently trading at 71.23 against the US$.

The rupee on Wednesday appreciated by 15 paise to close at more than two-week high of 71.35 against the US dollar on gains in domestic equities and sustained foreign fund inflows.

Reportedly, the rupee appreciated for the second straight day on foreign inflows in primary as well as secondary equity market.

At the interbank foreign exchange market, the rupee opened strong at 71.43 against the US dollar. During the day, the domestic unit fluctuated between a high of 71.30 and a low of 71.48.

The biggest factors for appreciation in rupee remain foreign fund inflows.

Foreign investors remained net buyers of Indian equities with a purchase of Rs 469.3 million of shares on a net basis on Wednesday. FIIs bought shares of more than Rs 51 billion on a net basis in the past two sessions.

Foreign money once again made its way into Indian equities. For one, the tax on the super-rich was not applicable on domestic and foreign investors. The Finance Minister clarified this.

More importantly, they responded positively to the cut in corporate tax rates. The new rates now, makes India globally competitive. This strengthens the case for investing in India.

Foreign Money Returns to India Again

Therefore, foreign money flowed back into the Indian markets last month. They bought Indian equities to the tune of Rs 75 billion.

Essentially, there is no clear indicator that the slowdown is structural. So far, it appears cyclical.

Hence, when the cycle turns, the stock markets will move up too.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Cipla's arm Cipla (EU) has signed an agreement with CitiHealth Imports to acquire remaining 40% stake in Cipla Pharma Lanka.

Cipla (EU) already has a 60% stake in Cipla Pharma Lanka Pvt Ltd. Post-acquisition, Cipla Pharma Lanka will become a wholly owned subsidiary.

The acquisition of 40% stake is for a cash consideration of over Rs 1.5 lakh to be paid on closing of transaction.

Reportedly, the transaction is expected to be completed before 10 December 2019.

Cipla Pharma Lanka is a private limited liability company incorporated in Sri Lanka on 8 August 2014 having a market share of 6.5% in Sri Lankan market.

The company was formed as a joint venture between Cipla (EU) and CitiHealth Imports Pvt Ltd to conduct marketing and distribution of pharmaceutical products.

Cipla share price opened the day up by 1.4%.

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