Sensex Opens Marginally Up; Telecom & Power Stocks Gain

Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 3% while the Hang Seng is up 1.3%. The Shanghai Composite is trading up by 1.3%. Meanwhile, Wall Street plunged on Thursday after slowing US factory activity on the heels of a dire revenue warning from Apple Inc fueled fears of a global economic slowdown.

Back home, India share markets opened flat with a positive bias. The BSE Sensex is trading up by 65 points while the NSE Nifty is trading up by 21 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% & 0.2% respectively.

Sectoral indices have opened the day on a mixed with telecom stocks and power stocks witnessing maximum buying interest. While IT stocks and energy stocks opened the day in the red.

The rupee is currently trading at Rs 69.87 against the US$.

Pharma stocks opened the day on a mixed note with Torrent Pharma & Natco Pharma leading the gainers. As per an article in a leading financial daily, Sun Pharma has completed the acquisition of Japan-based Pola Pharma to strengthen its presence in dermatology segment across the globe.

Sun Pharma had entered into a definitive agreement to acquire Pola Pharma in November 2018. Pola Pharma is engaged in research and development, manufacture, sale and distribution of branded, and generic products in Japan.

Pola Pharma's portfolio mainly comprises dermatology products. It has two manufacturing facilities in Saitama with capabilities to manufacture topical products and injectables.

Note that, Sun Pharma had forayed into the Japanese prescription market in 2016 with the acquisition of 14 established prescription brands from Novartis.

Going forward, whether this acquisition adds sheen to the pharma major will be the key thing to watch out for.

Sun Pharma share price opened the day down by 0.4%.

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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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