Share markets in India have extended early gains and are presently trading on a strong note, tracking positive cues from the global markets.

Apart from positive global cues, government's move to ease lockdown rules starting April 20 boosted sentiment.

The government has permitted industries to operate in rural areas, and manufacturing to start in Special Economic Zones. Restrictions have also been eased for the construction sector.

The BSE Sensex is trading up by 774 points while the NSE Nifty is trading up by 225 points. The BSE Mid Cap index and the BSE Small Cap index are trading up by 2.8%.

All sectoral indices are trading in green with stocks in the FMCG sector and banking sector witnessing most of the buying interest.

Gold Prices are currently trading up by 0.8% at Rs 46,660.

The rupee is trading at 76.24 against the US$.

As the Coronavirus pandemic continues to haunt the global financial markets, the rupee has been hit badly.

In a recent article titled The Sharp Fall in Indian Rupee: 6 Points to Know, we dive deeper and look at the factors behind rupee's depreciation.

In news from the retail sector, Titan share price is in focus today.

According to a latest regulatory filing, Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala have reduced their stake in the company to 5.53% in the March quarter (Q4FY20).

As of December 31, 2019, Jhunjhunwalas held 6.7% stake in the company. They together sold 10.3 million shares during the March quarter.

Foreign portfolio investors (FPIs) have also cut their stake in the company to 17.74% in Q4FY20 from 18.31% in December quarter (Q3FY20).

On the other hand, institutional investors have increased their stake in the company. Life Insurance Corporation (LIC) has increased its stake to 2.27% in Q4FY20 from 1.64% stake held in Q3FY20.

Mutual fund houses increased their stake to 5.66% in March quarter from 5.15% in the previous quarter.

Earlier this month on April 9, Titan had said that its January-March quarter revenue growth has been impacted severely, following disruptions on account of Covid-19.

The company said its revenue from its jewellery division declined 5% due to lost sales in March. It had a revenue growth of 16.5% in January and February.

The company further added that diamond studded activation in the March quarter did well and wedding jewellery sales continued to be good till the disruption.

The Watches & Wearables division grew at 1% despite significant loss of sales in the month of March.

In Eye Wear segment, the company reported a 20% decline in revenue for the quarter ending 31 March 2020 due to decline in trade channel.

Here's an interesting data on Titan, every Rs 100 invested in the company in 2002 would have multiplied 330 times by 2019!

Every Rs 100 Invested in Titan in 2002 Multiplied 330 Times by 2019

Moving on to news from the pharma space, shares of Metropolis Healthcare plunged over 12% today after more than 13% of the company's equity changed hands via block deals in early morning trade.

According to media reports, private equity giant Carlyle was set to sell stake in Metropolis Healthcare via block deal.

As on December 31, 2019, investor CA Lotus Investments, a subsidiary of Carlyle Group, held 7.18 million shares, or 14.3% stake in Metropolis Healthcare.

Reports state that the floor price for the transaction is fixed at a 17% discount to the last closing share price of Metropolis as on 13-April 2020.

Metropolis Healthcare share price is presently trading down by 9%.

And rightly so, most pharma companies have re-emerged as the safer bets for investors in the ongoing market turmoil. The Indian rupee touched a new record low of Rs 76.55 against the US dollar last week. Most pharma companies generate their revenues through exports. Hence, a depreciating rupee is a positive development for them.

The world needs affordable medicines in large quantities. Very few can supply them in the quantity and cost that Indian drug makers can. Yet, most Indian pharma stocks are trading at historically low valuations.