Indian Indices Trade on a Volatile Note; IT & Healthcare Stocks Drag

Mon, 2 Dec 12:30 pm

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Share markets in India have erased early gains and are presently trading on a flat note. Benchmark indices erased most of their gains on muted sentiment after the country's economic growth slowed to an over six-year low.

Data released on Friday showed that India's economy grew at 4.5% in the September quarter, its weakest pace since 2013 as manufacturing output contracted.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and energy sector witnessing buying interest, while IT stocks and healthcare stocks are witnessing selling pressure.

The BSE Sensex is trading up by 36 points, while the NSE Nifty is trading up by 4 points. The BSE Mid Cap index is trading down by 0.7% and the BSE Small Cap index is trading down by 0.3%.

The rupee is trading at Rs 71.70 against the US$.

In news from the pharma sector, shares of Sun Pharma fell over 2.5% today after the US court denied dismissing some claims of certain plaintiffs related to Ranbaxy case.

Along with its wholly owned subsidiaries (including Ranbaxy Labs), Sun Pharma is a defendant in multi-district litigation brought by various classes of plaintiffs, in the US District Court.

The company in a BSE filing said "on November 27, 2019, the US District Court (District of Massachusetts) entered a decision denying in part and granting in part Sun Pharma's motion to dismiss the claims of certain plaintiffs. Under the ruling the majority of those plaintiff's claims survive and several state law claims are dismissed. The litigation is proceeding in discovery"

In other news, shares of Suven Life Sciences plunged 20% today after the company's key molecule SUVN-502 (Masupirdine), meant for treatment of Alzheimer's disease (AD), missed its pre-specified primary endpoint in proof of concept (PoC) phase two study.

As part of the study, Suven tested the drug as a unique triple combination with Aricept (donepezil) and Namenda (memantine) on 564 Alzheimer patients in the US for at least one year.

The trial compared the efficacy and safety of two doses of Masupirdine (50 mg and 100 mg per day) to placebo in moderate AD patients.

The company's CEO said, "we are very disappointed with the outcome of this trial, but the findings present an important step forward in further exploration of the potential therapeutic effects of Masupirdine (SUVN-502) in Alzheimer's Disease (AD) and Behavioral & Psychological."

Sun Pharma share price and Suven Life Sciences share price are presently trading down by 2.1% and 15%, respectively.

Moving on to news from the realty sector, Sobha share price is in focus today. As per a leading financial daily, the company is set to enter new property markets and launch projects in Delhi, Hyderabad and Thiruvananthapuram as it aims to expand beyond the 10 cities where it has ongoing projects.

The Bengaluru based developer is planning to launch around 10.46 million sq. ft of residential projects across affordable, mid-income and premium projects.

As per a company executive, the launches will be mainly through the joint development model as well as on its own land parcels, which will also spur advance sales before the formal project launch.

The projects will happen in both new cities as well as existing markets, including tier-I and II locations such as Bengaluru and Thrissur.

While Karnataka and Kerala have been the states where the company has focused on so far, it has two projects in Gurugram in the National Capital Region (NCR) and is adding a third project there.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of real estate sector, this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

Is the Real Estate Sector Set for a Turnaround?

The BSE Realty Index has seen a sharp bounce post this announcement. It is up 21% for the year.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

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

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