Of RBI's 100-Billion Bond Buyback, Key Q3FY19 Results, and Top Cues in Focus Today

Thu, 24 Jan Pre-Open

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Share markets in India ended their trading session on a negative note yesterday. Sectoral indices ended on a negative note with stocks in the power sector and FMCG sector witnessing most of the selling pressure.

At the closing bell yesterday, the BSE Sensex stood lower by 336 points (down 0.9%) and the NSE Nifty closed down by 91 points (down 0.8%). The BSE Mid Cap index ended the day down 0.3%, while the BSE Small Cap index ended the day down by 0.2%.

Top Stocks in Focus Today

From the software sector, Wipro share price will be in focus today. The stock of the company has been witnessing buying interest this week and in the past seven trading days, Wipro has outperformed the market by surging 12%. In comparison, the BSE Sensex was up 1.6% during the same period.

Shares of the company climbed 2% yesterday to Rs 353.25, which is their highest level since February 2000.

To know more about the company, you can read Wipro Q3FY19 Result Analysis and Wipro Annual Report Analysis on our website.

From the FMCG space, ITC share price will be in focus today as the company yesterday reported 3.9% year-on-year (YoY) rise in its standalone profit at Rs 32 billion for the December quarter. The company had reported Rs 30 billion profit in December quarter of the previous fiscal.

Net sales for the quarter came in at Rs 114 billion against Rs 99 billion in the corresponding quarter last year.

Market participants will also be tracking Bank of Maharashtra share price as the lender reported a loss of Rs 37.6 billion for December quarter. The loss was led by Rs 44.2 billion provisions and contingencies it made during the quarter.

The loss was six times higher than Rs 5.9 billion loss the lender had reported in the year-ago quarter.

You can also read our analysis of some recently released Q3FY19 results: Zee Entertainment's latest result analysis, Federal Bank, Infosys, TCS, Trident, HDFC bank, NIIT Technologies, Cyient.

Yes Bank Partners with Government of Maharashtra

From the banking space, Yes bank share price will be in focus today as the lender has partnered with Government of Maharashtra to onboard PDS shops onto the electronic PDS initiative through which they can become agents of the bank.

Under the partnership, Yes bank will empower more than 20,000 ration shops which can offer last mile basic banking services to more than seven lakh beneficiaries.

The bank will cover almost 40% of all the PDS shops across locations like Palghar, Thane, Kolhapur, Latur, Pune and others.

Stock of the bank witnessed buying interest yesterday on the back of above development.

Moody's: India's Insurance and Reinsurance Sectors to Grow Strongly

Moving on, the Moody's Investors Service said that India's insurance and reinsurance sectors will grow strongly driven by strong economic growth and evolving regulatory regime.

It said robust GDP expansion, coupled with current low insurance penetration, should support double digit growth for the non-life sector over the next 3-4 years.

During fiscal 2018, total gross premiums for the non-life and life insurance sectors grew 11.5% to Rs 6.1 trillion (US$ 94 billion), bringing the 5-year compound annual growth rate (CAGR) to 11%.

Moody's said it expects India's real GDP to expand by 7.4% and 7.3% in fiscal 2019 and 2020, making the Indian economy one of the world's fastest-growing.

Liberalisation of the reinsurance sector with the admission of foreign reinsurers since 2017 and IRDAI's steps to ensure that they can compete with incumbents will specifically benefit the non-life sector.

Further, regulatory reforms will also improve the sector's capital strength, Moody's stated.

Note that, in 2015, IRDAI raised the ceiling on foreign ownership of Indian insurers to 49% from 26%, encouraging global players to buy holdings in local entities.

Besides, the government's launch of a new program in 2018 to provide health insurance for 100 million families is credit positive as it will help grow health premiums and provide insurers with cross-selling opportunities, it noted.

RBI Announces 100-Billion Bond Buyback

In the news from the macroeconomic space, the Reserve Bank of India (RBI) announced a Rs 100-billion bond buyback on Thursday, continuing with its commitment to provide adequate liquidity.

The central bank had earlier committed to purchase government securities under its open market operations for an aggregate Rs 500 billion in January and has so far done Rs 300 billion.

The latest OMO to be conducted Thursday has been decided based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the Reserve Bank stated.

The RBI will buyback five securities maturing between June 2019 and December 2033 through the purchase.

It can be noted that ever since August, the system is passing through a liquidity deficit which is being bridged by the central bank using various tools with OMOs being a primary instrument deployed.

OMOs are the tools which can be used to either inject or drain liquidity from the system.

It is employed to adjust rupee liquidity conditions in the market on a durable basis.

If there is excess liquidity, RBI resorts to sale of government securities and sucks out the rupee liquidity. Similarly, when the liquidity conditions are tight, it buys securities from the market, thereby releasing money into the market.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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