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Sensex Trades Flat; ONGC & Sun Pharma Top Gainers
Thu, 28 Feb 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the IT sector and automobiles sector witnessing selling pressure while metal stocks, power stocks and energy stocks are witnessing buying interest.

The BSE Sensex is trading up by 32 points, while the NSE Nifty is trading on a flat note. The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading up by 0.6%.

Speaking of Indian share markets, note that mutual fund investors who have been resilient in their investments till now are showing the first signs of panic.

Have a look at the chart below that shows the reducing mutual fund net inflows:

Reducing Mutual Fund Net Inflows - First Sign of Panic?

Here's what Tanushree Banerjee, Co-head of Research at Equitymaster, wrote about it on one of the recent editions of The 5 Minute WrapUp...

  • Net mutual fund inflows (mutual fund inflows net of redemptions) for January 2019 was at Rs 61.6 billion. This is a 60% drop from net inflows of 153.9 billion in January 2018 of last year.

    Past bear market cycles were characterised by the exit of retail investors.

    Are we seeing the same thing again?

It is important dear reader, to avoid the herd in times like these.

She believes, these are the times that differentiate the small number of investors who create long-term wealth for themselves by taking long-term positions in safe stocks.

The rupee is trading at Rs 71.15 against the US$.

In the news from the aviation space, Jet Airways share price is witnessing selling pressure today after the company said seven aircrafts have been grounded due to non-payment of lease rentals.

Shares of the company fell as much as 6.3% on back of the above news.

On Wednesday, the airline also said it had cancelled multiple flights for February 28 due to operational issues. The airline further added that another 77 flights were cancelled due to the closure of a Mumbai Airport runway until March 30 for maintenance and repair work

Jet Airways had tried to lease or sell some of its owned aircraft to raise money that could help pare its over Rs 80 billion debt. But the plans, including a wet leasing deal with TruJet for its ATRs, got stuck.

Many of the aircraft have also been grounded due to non-payments of dues to the lessors. On February 23, Jet Airways announced that an additional two aircraft have been grounded due to non-payment, apart from the four that the company had already disclosed.

As per an article in a leading financial daily, aircraft lessors have been supportive of the company's efforts in this regard. The company is also making all efforts to minimize disruption to its network due to the above and is proactively informing and re-accommodating its affected guests.

Here's an excerpt from the article:

  • With debts of more than $1 billion, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. The loss-making Indian airline approved a rescue deal in mid-February after months of talks to plug a Rs 8500 crore ($1.2 billion) funding hole. The plan, which has also been approved by Jet shareholders, includes selling a majority stake to a consortium led by State Bank of India, the airline's biggest creditor, at 1 rupee.

Jet Airways share price is presently trading down by 2.7%.

Moving on to the news from the IT sector, Tech Mahindra share price is in focus today as the company has entered into partnership with TBCASoft to promote the Cross-Carrier Blockchain Platform for telecom carriers.

TBCASoft leads the Carrier Blockchain Study Group (CBSG), a global consortium of telecom carriers. CBSG Consortium members and partners are building blockchain-based services on this platform.

Last week, the board of the company approved a share buyback proposal of up to 20.6 million shares at a price of Rs 950.

According to reports, the company said that the offer comprises 2.1% of the total paid-up equity capital of the company.

Ankit Shah has shared the buyback update of the company. You can read it here.

Tech Mahindra share price is trading up by 0.7%.

To know more about the company, you can read Tech Mahindra's latest result analysis on our website.

In another news, Quick heal technologies share price is also in focus today after the company announced that its board will consider share buyback proposal on March 5, 2019.

Shares of the company gained around 9% in early trade today on back of the above news.

Speaking of buybacks, the number of buyback offers in 2017-18 were at an all-time high. Never, in the last two decades, had Indian markets seen fifty-nine companies announcing buyback plans.

At Equitymaster, we believe, as a shareholder in cash rich companies, you should not only be wary of expensive buybacks. But if possible use it to your advantage to rake in some cash.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

  • The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in one of the editions of Equitymaster Insider. You can access the issue here (requires subscription).

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

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Stock Market Updates

KPR MILL Share Price Up by 12%; BSE 500 Index Down 0.1% (Today's Market)

Aug 12, 2020 03:29 PM

KPR MILL share price is trading up by 12% and its current market price is Rs 504. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are KPR MILL (up 12.1%) and INTERGLOBE AVIATION (INDIGO) (up 10.1%). The top losers are DLF and BALRAMPUR CHINI .

STRIDES PHARMA SCIENCE Share Price Down by 5%; BSE HEALTHCARE Index Down 1.4% (Today's Market)

Aug 12, 2020 03:29 PM

STRIDES PHARMA SCIENCE share price is trading down by 5% and its current market price is Rs 607. The BSE HEALTHCARE is down by 1.4%. The top gainers in the BSE HEALTHCARE Index are PROCTER & GAMBLE HEALTH (up 4.5%) and ERIS LIFESCIENCES LIMITED (up 2.3%). The top losers are STRIDES PHARMA SCIENCE (down 5.2%) and CAPLIN POINT (down 5.0%).

SONATA SOFTWARE Share Price Up by 5%; BSE IT Index Up 0.5% (Today's Market)

Aug 12, 2020 03:27 PM

SONATA SOFTWARE share price is trading up by 5% and its current market price is Rs 299. The BSE IT is up by 0.5%. The top gainers in the BSE IT Index is SONATA SOFTWARE (up 5.5%). The top losers are PERSISTENT SYSTEMS (down 0.7%) and TCS (down 1.0%).

CROMPTON GREAVES CONSUMER ELEC. Share Price Down by 5%; BSE CONSUMER DURABLES Index Down 0.9% (Today's Market)

Aug 12, 2020 02:41 PM

CROMPTON GREAVES CONSUMER ELEC. share price is trading down by 5% and its current market price is Rs 263. The BSE CONSUMER DURABLES is down by 0.9%. The top gainers in the BSE CONSUMER DURABLES Index are VIP INDUSTRIES (up 3.6%) and BLUE STAR (up 2.2%). The top losers is CROMPTON GREAVES CONSUMER ELEC. (down 5.0%)..

HCL TECHNOLOGIES at 52 Week High; BSE 500 Index Down 0.1 % (Today's Market)

Aug 12, 2020 02:41 PM

HCL TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 719. BSE 500 Index is down by 0.1% at 14,753. Within the BSE 500, HCL TECHNOLOGIES (up 5.0%) and IDFC (up 17.6%) are among the top gainers, while top losers are RESPONSIVE INDUSTRIES and HINDUSTAN ZINC.

Indian Indices Recover from Day's Low; SBI Jumps 4% (Today's Market)

Aug 12, 2020 12:30 pm

The BSE Sensex is trading down by 63 points, while the NSE Nifty is trading down by 23 points.

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