Sensex Trades in Red; PSU Stocks Top Losers

Wed, 7 Mar 01:30 pm

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After opening the day in red, share markets in India witnessed choppy trading activity throughout the day and are presently below the dotted line. Sectoral indices are trading mixed with stocks in the and stocks in the trading in red. While stocks in the are trading in green.

The is down by 202 points (down 0.6%) and the is trading down by 70 points (down 0.7%). Meanwhile, the is trading down by 1.2%, while the is trading down by 1.7%. The rupee is trading at 64.98 to the US$.

Among the most active stocks in the BSE Sensex today are SBI (down 3.4%), Tata Motors (up 0.6%) and ICICI Bank (down 2.7%). Among the BSE 500 stocks, the most active stocks include Jaiprakash Associates (down 8.7%), Suzlon Energy(down 4.7%) and Reliance Communications (down 5%).

While this should do for the wrap on active stocks, we notice that many of you are tracking low priced shares as well. Low priced shares are not necessarily cheap or attractive. But then, there's a lot of interest in them.

Go ahead, have a look at the most active ones here:

NSE Rs 10 to 20 most active stocks

BSE Rs 10 to 20 most active stocks

NSE above Rs 20 most active stocks

BSE above Rs 20 most active stocks

In news from stocks in the telecom sector. Reliance Communications (Rcom) share price fell over 7% in today's trade after the debt laden company faced a blow in attempts to dig itself out of its mounting debts.

An arbitration court has restrained Rcom and two of its companies from transferring or selling any assets without its permission. The tribunal passed the order after Ericsson moved tribunal to recover its unpaid dues.

The order came as a big blow to RCom which had unveiled a plan in December 2017 to sell its wireless assets to Reliance Jio Infocomm Ltd, in an effort to trim debt.

RCom owed banks US$ 7 billion as of March 2017 when it last made public its debt numbers, and more to vendors.

Companies in the debt-laden telecom sector have been witnessing a double whammy after the entry of Reliance Jio Infocomm Ltd which brought tariffs to rock-bottom and hit the revenue streams of other operators.

Telecom Sector: A decade of Underperformance

The whole telecom business has been an underwhelming story so far. While the telecom subscriber base has increased from 300 million in 2008 to 1.2 billion in 2017, investors have little to cheer. The BSE Sensex has gone up 3.25 times in nine years, but the BSE Telecom Index has not moved an inch from its levels of 2008.

Telecom companies are straddled with high debt, intense competition, and lack of pricing power. High spectrum costs and regulatory issues have hampered the sector. While consumers have benefited from low costs and new players fighting for their share, investors have suffered.

With the entry of Reliance Jio, the competition has intensified further. Reliance Jio's low cost offerings and strategy of capturing market share will further dent the sector. The sector has been a classic 'valuet trap'. While it always looks cheap compared to other sectors, it has failed to provide any reasonable returns. We also believe the situation is unlikely to change in the near future. For an investor, it's important to differentiate between 'value' and 'value traps'.

Moving on to news from stocks in the metals sector. Coal India share price is witnessing selling pressure today after the state-run miner missed its production target for the eleventh straight month.

Coal India's output from April 2017 to February 2018 stood at 495 mt, 7% lower than the 531 mt target set by the coal ministry.

Similarly, sales volume during this period is set to fall 3% short of the 541.6 mt target.

With less than a month left in the present financial year, the world's largest coal miner looks set to miss its 600 mt annual target for 2017-18.

This has implications on the economy as the import of thermal coal is likely to increase in the coming month to match the fuel demands of the country's thermal power plants.

As on February 28, 2018, as many as 51 power plants were classified as critical or super critical, with the average coal stock standing at 10 days' requirement, as against the prescribed norm of 22 days.

At the time of writing, Coal India share price was trading down by 1%.

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Indian Share Market Update: Top Gainers and Losers