Indian market regain losses; Pharma stock cheers on Trump win
Wednesday trading session will be memorable. It involved Donald Trump win as 45th US president and the goodbye of high-denomination notes (Rs 500 and Rs 1000) in India. Sensex, Nifty gained their most of early losses in the afternoon tradings. BSE closed at 27,252.53 down by 338.61 points or 1.23%, NSE finished at 8432 below 111.55 or 1.31%.
Apollo Tyres regained most of it's shares after it signed agreement with Andhra Pradesh state for land acquisition. Shares were down by 1.29% on BSE, trading at Rs 195.15 at 3.18 pm. This was still better it opened only at Rs 189 lower from its previous close of Rs 197.70.
Mintues ago for Indian market closing, the Sensex and Nifty recovered their early trading losses. Presently Sensex was trading at 27,275.87 down by 315.27 or 1.14%, while Nifty at 8426.05 below 117.50 or 1.38%. This slight gain was led by banking and pharma stocks who gained after Trump won the US election. In early trading session, BSE and NSE were down by 1570 points or 505 points respectively.
With the win of Donald Trump, major pharma industries shrugged off uncertainties over drug prices which was discussed during the US election. Dr Reddy was top gainer by rising over 4.60% to Rs 3258. Sun Pharma shares also surged by 3.58% at Rs 658, followed by Lupin at Rs 1556.30 up by 3.11% and Cadila Healthcare at Rs 383.50 above 2.24%. Other gainers were - SPARC at Rs 322.80(4.25%), Suven Life Science at Rs 181.75 (3.03%) and Marksans at Rs 48.40 (3.31%).
On Bloomberg many key people brought in their views in regards to the Trump win.
Francis Wilkinson - a former Democratic consultant said, "Demography Slays the Democrats Here and Now."
While Gadfly said," Gold Bulls Are Betting on Trump's Favorite Metal."
Another statment was fromJonathan Bernstein - president of Bernstein Crisis Management said, " Fears and Hopes for a President Trump."