Indian Indices Open On A Positive Note; Metal & Realty Stocks Lead

Asian shares are trading on a positive note today. The Nikkei 225 is up 1.3%, while the Hang Seng is up 2.7%. The Shanghai Composite is trading up by 2.9%.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 151 points (up 0.4%) while the NSE Nifty is trading up by 36 points (up 0.3%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index has opened the day up by 0.5%.

Sectoral indices have opened the day on a positive note with Metal stocks and realty stocks witnessing maximum buying interest.

The rupee is trading at 70.01 to the US dollar.

In the news from the pharma space, Sun Pharma share price is witnessing selling pressure today after an email to the markets regulator claims Sun Pharma promoter Dilip Shanghvi and his brother-in-law Sudhir Valia were engaged in financial irregularities with Dharmesh Doshi, a key figure from the 2001 Ketan Parekh scam.

The whistle-blower made allegations in a 150-page letter sent to the markets regulator, which had earlier banned Doshi and Parekh following the 2001 scam.

According to the news in a leading financial daily, the irregularities involved two or three major rounds of foreign currency convertible bonds (FCCBs) issued by Sun Pharma during 2002-2007, which was managed by Jermyn Capital LLC.

Sun Pharma share price is trading down by 8%.

You can read Sun pharma Q2FY19 result analysis and Sun pharma fact sheet on our website.

Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

We believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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