Pharma Stocks Outlook for the week – 26 to 30.09.2016

   Pharma Stocks Outlook for the week – 26 to 30.09.2016 
 In range; Glenmark may witness profit booking


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   Stocks of pharmaceutical companies are likely to trade range bound next week after the recent gains in the sector. Glenmark Pharmaceuticals, which has risen 12% in the past one month, may witness some profit booking. The overall bias for pharmaceutical sector remains positive, particularly due to favourable valuations of large caps. Regulatory compliance issues at a number of manufacturing units of pharma companies have hampered growth in the last couple of years, especially in the US.   However, fresh regulatory concerns have not emerged recently, which has lifted investors' sentiment.  Improvement in domestic sales in August also provided some support. According to data from market research firm AIOCD-AWACS, India pharma market grew 14.7% on year in July as against a growth of  9.7%  in  June  led  by  growth  in  sales  of  anti-infective  and  respiratory  drugs.  Growth  in  anti-infective,  respiratory  and  anti-malarial  drugs  in  August  was  due  to  rise  in  seasonal  ailments  but performance  of  most  other  therapeutic  areas  was  stable.  Thus,  sustainability  of  overall  growth numbers  beyond  the  next  two  months  remains  uncertain.  On  technical  charts,  the  trend  for  Sun Pharmaceutical Industries and Aurobindo Pharma is seen positive.   Though there could be some profit booking in Aurobindo Pharma after it rose 7% in one week, the trend  remains  firm.  Volatility  is  expected  next  week  in  the  broader  market  due  to  expiry  of  the derivatives contracts on Thursday.

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