Indian Indices Open Marginally Lower; Healthcare & Metal Stocks Drag

Fri, 15 Feb 09:30 am

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Asian share markets are lower today after US retail sales figures raised fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the United States and China.

Back home, India share markets have opened the day marginally lower. The BSE Sensex is trading down by 89 points while the NSE Nifty is trading down by 24 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.5% & 0.2% respectively.

Sectoral indices opened on a mixed note with stocks in the healthcare sector and metal sector witnessing selling pressure while IT stocks, power stocks and capital goods stocks are witnessing buying interest.

The rupee is currently trading at Rs 71.26 against the US$.

Speaking of Indian stock markets, note that the current scenario in the Indian stock market looks very similar to 2013.

Back then, mid and small cap stocks witnessed a similar correction while the Sensex stayed put. This is evident in the chart below:

Is It 2013 All Over Again?

Here's what Tanushree Banerjee wrote about this in the latest edition of The 5 Minute WrapUp...

• 2018-19 has also followed a similar pattern.
  
  Long term-capital gains tax was introduced in last year's budget. We've seen corporate governance issues leading to auditor exits and finally the IL&FS impact..
  
  Also, with elections around the corner, the volatility will probably get worse.
  
  If you're looking at stocks from a short-term perspective, there is a good chance this volatile market will hurt you.
  
  But if you're picking stocks, thinking long-term, the potential for India is huge.

The investor who catches these above trends early, will create life-changing wealth for himself.

In the latest developments from the results corner, ONGC share price is in focus today as the company has reported 65% rise in its profit.

Reportedly, the profit was boosted by higher crude oil prices and a weaker rupee.

The state-run explorer's profit rose to Rs 82.6 billion in the December quarter from Rs 50.2 billion a year earlier. Revenue climbed to Rs 276.9 billion.

In another news, Ashok Leyland share price is also in focus today.

According to reports, India's second-largest truck maker's profit fell less than what was estimated following tepid sales during the season.

The company reported a net profit of Rs 3.8 billion, down 21% from the corresponding quarter in the previous year.

Ashok Leyland share price has opened the day down by 3.4%.

You can also read our recently released Q3FY19 results of other companies here: Reliance Industries, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, Tata Motors, Tata Steel, Aurobindo Pharma, MRF, Gillette, Bata India, Coal India, Indian Hotels.

Moving on to the news from the aviation space, Jet Airways share price is witnessing buying interest today on reports that many lenders of the debt laden airline excluding SBI prefer not to become majority owners of the company.

As per an article in The Economic Times, these lenders may seek an alternate plan at the company's meeting later this month.

Here's an excerpt from the article:

• "This is a plan proposed by SBI and we have nothing to do with it. The idea to take a majority stake in the company is also SBI's. But we do not think that this is the best deal that can be worked out. It looks like SBI is under pressure to make some sort of a deal. We will make our views known whenever lenders meet for deliberations"

Under the provisional resolution plan proposed by SBI, the total equity base of the airline is to be doubled to 227.5 million shares from 113.5 million shares at present.

Lenders are likely to convert a part of the debt by taking 114 million shares by paying a token amount of Rs 1 based on the Reserve Bank of India's guideline on restructuring. This issuance will give the lenders a majority 50.1% in the cash-strapped carrier.

Under the RBI restructuring guidelines, banks must convert their debt into equity to bring down debt levels and make interest payments more sustainable.

Jet Airways also reported its December ended quarterly results yesterday. The airline reported a net loss of Rs 5.9 billion in the December-ended quarter, compared with a Rs 1.7 billion profit in the same quarter last year.

Revenues rose by 1% and stood at Rs 61.5 billion. Operating profit declined by 54% to Rs 4.6 billion.

The Mumbai-based carrier is a facing a severe cash crunch that has put the airline, that employs over 23,000 people, on the verge of a shutdown.

Jet Airways share price has opened the day up by 2.2%.

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

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