Sensex Opens Firm; Rupee Edges Higher by 3 Paise

Tue, 29 Nov 09:30 am

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Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.19% while the Hang Seng is down 0.03%. The Shanghai Composite is trading up by 0.34%. Meanwhile, European & the US markets finished broadly lower in previous trading session.

Meanwhile, Indian share markets have opened the day on a positive note. The BSE Sensex is trading higher by 112 points while the NSE Nifty is trading higher by 25 points. The BSE Mid Cap index opened up by 0.5% while BSE Small Cap index opened up by 0.5%.

Barring power & information technology stocks, all sectoral indices have opened the day in green with metal and PSU stocks witnessing maximum buying interest.

The rupee on Monday tumbled by 30 paise to end at a fresh 2016-low of 68.76. The initial positive momentum failed to gain ground with the currency retreating sharply to hit an intraday low of 68.80 before ending at 68.76. This marks its lowest closing level so far this year, showing a steep loss of 0.44%.

Owing to deteriorating sentiment in the middle of worsening impact of fund outflows and a weak domestic equity market weighed on the rupee, the reports noted.

Moreover, Foreign investors have pulled out close to US$5 billion from the capital markets in November so far amid concerns over the impact of demonetization coupled with fears of a rate hike by the US Federal Reserve.

And while the Indian rupee did weaken against the dollar after the demonetization decision, market strategists attribute the bulk of that move to Donald Trump's victory over Hillary Clinton in the US presidential election on Nov 8. Since then, the dollar has strengthened sharply against both emerging-market and developed-market rivals.

Notably, the rupee has shed 3.95% of its value since the beginning of 2016.

Meanwhile, in a surprise move, RBI ordered banks to maintain incremental CRR (cash reserve ratio) of 100%. The central bank said banks would need to transfer 100% of their cash under CRR from deposits generated between 16 September and 11 November from the fortnight beginning 26 November 2016. As a result, Bond yields gained after the RBI's announcement.

The rupee is currently trading at 68.72 to the US$.

Pharma stocks are trading mixed with Elder Pharma and Indoco Remedies leading the gains. As per an article in The Economic Times, Aurobindo Pharma announced that its French Subsidiary Arrow Generiques SAS has signed an agreement to acquire select commercial products in France from Teva Pharmaceutical Industries Ltd.

As per the agreement, Arrow Generiques will acquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the OROCAL trademark.

One must note that, Arrow Generiques had entered a strategy of diversification with the acquisition of the first branded products. The move was to turn into a company that has a presence in generics, branded products and biosimilars on retail and hospital market (Subscription Required). It also aimed to set up a dedicated Business Unit with sales and marketing team to enhance this business. Moreover, Aurobindo hopes the current deal will help boost Arrow Generiques' position in the industry and open new opportunities for the future.

Further, The European anti-trust regulator had asked Teva to divest certain products to address competition concerns to complete its US$40.2 billion acquisition of Allergan Plc's generics business. Aurobindo had previously bought some of Teva's assets in the US. Teva had found 11 buyers for its basket of over 70 products for the US region. The buyers included Indian firms Dr Reddy's Laboratories, Zydus Cadila, Cipla and Aurobindo Pharma.

Bhavita Nagrani, our pharma sector analyst has shared quick bits on the Teva deal in one of our premium editions of The 5 Minute Wrap Up (Subscription Required).

Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France. Whether this acquisition enable Aurobindo to increase its branded product portfolio and leverage its position as a key player in the drug market will be the key thing to watch out for going ahead.

Aurobindo Pharma's share price opened the trading day up by 0.9%.

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