Sensex Opens Flat; Bank & Metal Stocks in Red

Thu, 11 Jan 09:30 am

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Asian stock markets saw further losses with Tokyo hit by a weaker dollar. The Nikkei 225 is off 0.56% while the Hang Seng is down 0.12%. The Shanghai Composite is trading down 0.15%. Stock markets in US and Europe ended their previous session in red.

Meanwhile, Indian share markets have opened the day on a flat note. BSE-Sensex is trading lower by 10 points and NSE-Nifty is trading lower by 8 points. S&P BSE Mid Cap is trading down by 0.1% and S&P BSE Small Cap is trading up by 0.2%.

Gains are largely seen in realty stocks and software stocks. Metal stocks and bank stocks witness majority of the selling pressure. The rupee is trading at Rs 63.82 against the US$.

India was among the three emerging markets, which gained more than 35% in dollar terms. The other two are Hungary and South Korea.

The BSE Sensex earned a 35.1% return in the dollar terms and 28% in the local currency in 2017. However, this wasn't enough to beat the midcap and smallcap indices. The midcap and smallcap indices saw a sharp increase of 47% and 58% respectively in 2017.

With this, the market cap to GDP ratio is close to 100%, indicating market at its peak. The sharp rally was due to huge inflows from domestic institutional investors (DIIs) and foreign institutional investors (FIIs).

India Outperforms Emerging Market Peers in 2017

This is despite the sluggishness in corporate earnings thanks to the lingering effects of demonetization and GST implementation. Not to mention, uncertainties from international arena such as tensions between the US and North Korea, Middle-East geopolitics, and three fed hikes in 2017 that kept the market on tenterhooks.

In news from banking sector, as per an article in The Livemint, Bank of Baroda is seeking to sell unit Nainital Bank as it sheds non-core assets to bolster its balance sheet.

Bank of Baroda holds 98.6% stake in the Nainital Bank, which had assets of about Rs 77 billion (US$1.2 billion) as of March end. A decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India.

A sale would help Bank of Baroda support its capital buffer and clean its balance sheet of soured debt. Bob had a capital adequacy ratio of 11.6% as of 30 September.

Bank of Baroda share price opened the trading day down by 0.3%.

Moving on to news from software sector. Tata Consultancy Services (TCS) will be the first bigger company to announce earnings for October-December quarter on Thursday. TCS share price rallied nearly 4% in previous trade ahead of numbers.

As it is seasonally a weak quarter for IT companies' due to holidays and furloughs in western markets, analysts expect revenue growth to be muted.

As per market estimates, profit for October-December quarter is expected to be flat at Rs 64.6 billion against Rs 64.46 billion in previous quarter. Revenue growth is likely to be muted as pick up in insurance etc may be negated by weak retail segment growth in Q3 and BFSI is expected to be soft.

TCS share price opened the trading day down by 0.3% on the BSE.

In news from the economy, India's growth rate in 2018 is projected to hit 7.3% and 7.5% in the next two years, according to the World Bank.

As per the report, the country has "enormous growth potential" compared to other emerging economies with the implementation of comprehensive reforms. India is estimated to have grown at 6.7% in 2017 despite initial setbacks from demonetisation and the Goods and Services Tax (GST).

As per World Bank, India's economy is likely to grow 7.3% in 2018 and then accelerate to 7.5% in the next two years. China grew at 6.8% in 2017, 0.1% more than that of India, while in 2018, its growth rate is projected at 6.4%. And in the next two years, the country's growth rate will drop marginally to 6.3 and 6.2%, respectively.

Improved labour market reforms, education and health reforms as well as relaxing investment bottleneck will help improve India's prospects.

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