Indian Indices Open on a Positive Note; Metal & Banking Stocks Lead

Wed, 30 Jan 09:30 am

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Asian equities are higher today as investors seized on Apple Inc's earnings and comments from its chief that US-China trade tensions were easing, sending the iPhone maker's shares soaring in after-hours trade.

Back home, India share markets have opened the day on a positive note. Sectoral indices have opened the day in green with metal stocks and banking stocks witnessing maximum buying interest while realty stocks and FMCG stocks are witnessing selling pressure.

The BSE Sensex is trading up by 132 points while the NSE Nifty is trading up by 31 points. The BSE Mid Cap index opened the day up by 0.2% while BSE Small Cap index opened up by 0.6%.

The rupee is currently trading at Rs 71.32 against the US$.

Speaking of Indian share markets, the Sensex stood close to 36,000 mark during the start of this month.

Incidentally, the Sensex closed at almost the same level - 35,963 to be precise - at the end of January 2018.

But are the broader markets also back to the levels they were in January 2018?

Ankit Shah answers this question in one of the recent editions of The 5 Minute WrapUp...

To find out, he looked at the total market capitalisation of all the listed companies on the BSE.

The 10-Trillion Rupee Gap Between the Sensex and the Broader Markets

Here's what he wrote...

• The total equity market capitalisation of the BSE-listed companies was Rs 153 trillion at the end of January 2018.
  
  The market capitalisation dropped over the next few months as the markets slid into correction mode. This was a time when small and mid-cap stocks were the worst hit.
  
  However, the total market capitalisation went on to hit an all-time high of Rs 159 trillion in August 2018. This was driven mainly by the index heavyweight stocks. The broader markets hadn't quite recovered.
  
  Eventually, the markets witnessed a major correction through September and October. The Indian markets closed the month of October with a total market capitalisation of Rs 138 trillion. In two months, the markets had lost Rs 21 trillion in market capitalisation.
  
  There has been some recovery since then. However, the total market capitalisation is still Rs 10 trillion lower than January 2018.
  
  So, while the Sensex is back to where it was at the end of January, the broader markets are yet to recover.

Market participants are tracking Bajaj Auto, ICICI Bank, JSW Energy, Torrent pharma as they announce their December quarter results today.

You can also read our recently released Q3FY19 results: Reliance Industries, Federal Bank, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, DHFL, Gruh Finance.

In the news from the finance sector, DHFL share price is in focus today as cobrapost has accused the company of giving Rs 310 billion of loans to 'dubious' entities linked to the promoters that, the news portal alleged, were the ultimate beneficiaries of the funds.

As per an article in The Economic Times, DHFL's promoters, the Wadhawans, used the proceeds from the loans taken from the listed company by a network of 'pass-through' entities to create offshore assets worth approximately Rs 40 billion and to buy a cricket team in Sri Lanka, alleged Cobrapost's editor Aniruddha Bahal.

Here's an excerpt from the article:

• Cobrapost, known for its sting operations, also alleged that DHFL advanced donations worth around Rs 20 crore to the Bhartiya Janata Party through a network of intermediary firms that are linked to the Wadhawans. "When we advance money to people or projects, what is of concern to us is whether the money will be repaid on time and whether there will be enough security for us to repossess the property and dispose it off and recover our dues,'' said Wadhawan.

DHFL faces question marks about its financial health after the IL&FS default pushed up the cost of funds for the mortgage lender and made borrowing difficult.

DHFL share price opened the day down by 6%.

Moving on to the news from the commodity space, oil prices are higher today pressured by a cloudy outlook for the global economy but supported by worries over disruptions to supply from US sanctions on Venezuelan exports.

On Monday, Washington announced export sanctions against Venezuela's state-owned oil firm PDVSA, limiting transactions between US companies that do business with Venezuela through purchases of crude oil and sales of refined products.

Global economic growth and fuel consumption are expected to slow this year amid a trade dispute between the United States and China, the world's two biggest economies.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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