Sensex, Nifty Trade Marginally Higher; Consumer Durables & Metal Stocks Gain

Tue, 6 Mar 01:30 pm

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Indian share markets pared some of its morning gains and were trading marginally higher during the noon session amid firm Asian markets. Gains were largely seen in consumer durables stocks, metal stocks and energy stocks.

The BSE Sensex is trading higher by 75 points and the NSE Nifty is trading up by 31 points. Meanwhile, the BSE Mid Cap index is trading up by 0.7% & the BSE Small Cap index is up by 0.2%. The rupee is trading at 65.05 to the US$.

The Market cap to GDP ratio for Indian companies is close to dangerously high levels. While this is still some way off the peak of FY-08, when it had once reached close to 150, it's relatively high.

The Warren Buffett Indicator Suggests Indian Equity Market Is Overvalued

FY17 saw this ratio reach close to 80. It is also expected to increase further given the moderate growth expectations in India's GDP for FY18. Warren Buffett once considered this as one of the best valuation metrics to gauge the markets.

Past history shows some correlation between the ratio and the share market. 2008 saw Sensex decline by 38%, when this ratio crossed the 100 mark. Also, the market has bounced back sharply when this ratio was low.

The basic assumption in this ratio is that whenever the GDP of the country grows, the market performance will reflect it. Also, when stocks do well, it can be extrapolated to assume the Indian economy is doing well.

In news from cryptocurrency, Bitcoin bulls may have just got the technical signal they've been hoping for.

The bulls managed to take Bitcoin price up to US$11,660 during Monday hours before the sell-off pushed it back towards US$11,300.

The world's biggest cryptocurrency by market value rose above its 50-day moving average for the first time since mid-January, up as much as 5.8% on Monday, the most in two weeks.

The rebound comes after a precipitous fall from record highs in December amid debates on how to value the digital coin and threats of regulation. Crossing the key level may raise spirits of investors as they look for anything to spark a renewed rally.

The expert shares the view that less volatility and more regulation will do good to the cryptocurrency universe, helping to weed out bad actors.

In news from the Indian economy, with rising domestic consumption, policy push and synchronised global growth, credit ratings agency, Crisil Ratings in its latest report has projected that India's gross domestic product (GDP) growth will improve sharply to 7.5% in the next fiscal year 2018-19 (FY19) and added that the country's GDP will grow at the rate of 6.5% in the current fiscal year (FY18).

The report stated that the country's growth dynamics and its sustainability depend on the four thrust vectors - resolution of stressed assets in banking sector, rural rejuvenation, relentless implementation of reforms and rising global growth.

With gross non-performing assets (NPAs) in the public-sector banks (PSBs) touching 10.5%, the ratings agency said that the asset quality issues plaguing PSBs has reached to a point that no meaningful and sustainable economic recovery is plausible without beginning of a resolution process.

Crisil Ratings stated the focus on demand and job creation through spending on rural and labour-intensive infrastructure space is likely to support growth next fiscal, and push demand in the consumer sectors. It further said that the sustainability of recovery also depends on effective implementation of key reforms such as GST, the Real Estate (Regulation and Development) Act of 2016, and the Uday rolled out in the last few years.

JSW Energy share price was trading up by 1.1% at the time of writing after it was reported that the company acquired JSW Electric Vehicles Private Ltd.

The JSW Electric Vehicles is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure.

In August last year, JSW Energy had announced about its venture in the electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.

Moving on to news from the cement sector. Ramco cements share price is trading on an encouraging note (up 1.6%) after the company entered into an agreement with Ramco Industries, a Related Party, for acquisition of their clinker grinding unit situated at Kharagpur, West Bengal.

The proposal involves acquisition of land together with the structures and machinery erected thereon. The company will pay cash consideration of Rs 170 million as part of the deal.

The company reported a 19.18% decline in net profit to Rs 1.22 billion for the quarter ended December 2017.

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