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Indian Indices Fall Amid Global Selloff; Sensex Down Over 400 Points
Mon, 25 Mar 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a negative note. Barring oil & gas sector, all sectoral indices are trading in red with realty stocks, metal stocks and banking stocks witnessing maximum selling pressure.

The BSE Sensex is trading down by 422 points (down 1.1%), while the NSE Nifty is trading down by 115 points (down 1%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 1.1%.

Speaking of Indian share markets, note that the recent surge can be attributed to the strong foreign investor inflows into Indian equities.

Have a look at the chart below that reveals the monthly trend in foreign investor flows into Indian equities over the last five years.

Are Foreign Investors Coming Back to Indian Equities?

Over the last five years, foreign investors were net sellers in 24 months. Effectively, foreign investors were net sellers 40% of the time.

Here's what Ankit Shah wrote about it in today's edition of The 5 Minute WrapUp...

  • After net outflows in the month of January 2019, foreign investors flows have shown a strong reversal since last month.

    In February 2019, foreign investors were net buyers of Rs 15,328 crore worth of Indian equities.

    The inflows have picked up further pace in March. As on 20 March 2019, foreign investors have already pumped in Rs 26,560 crore in Indian equities.

    The chart shows that the highest monthly net foreign investor inflow over the last five years was recorded in March 2017 at Rs 33,782 crore.

He believes, if the money keeps pouring in for the rest of the month, the current month may break that record.

The rupee is trading at Rs 69.01 against the US$.

The domestic currency opened 12 paise down at 69.07 against the dollar on account of some buying in American currency by banks and importers. The US$ rose despite the Fed's decision to take a pause in raising rates.

After rising to the highest level in seven months following sustained fund inflows by the foreign institutional investors, the rupee came under pressure on Friday after the greenback strengthened against its major crosses.

In the news from the pharma space, Dr Reddy's share price is in focus today. USFDA has completed audit of R&D facility of Aurigene Discovery Technologies, a wholly owned subsidiary of Dr. Reddy's Laboratories, situated at Hyderabad. No FDA 483 was issued at the end of inspection.

To know more about the company, you can read Dr Reddy's latest Result Analysis on our website.

Moving on to the news from the aviation space, Jet Airways share price is witnessing buying interest today after it was reported that founder and principal promoters Naresh Goyal and his wife, Anita Goyal would step down from the board today.

Shares of the company are trading 4% higher on back of the above news.

As per an article in The Economic Times, the debt-laden airline's lenders' consortium may invoke the entire 51% stake of Naresh Goyal in the airline and start looking for a new buyer in the weeks to come.

Here's an excerpt from the article:

  • The current CEO Vinay Dube is expected to stay on and steer Jet out of the current crisis.

    Former SBI managing director and a former Jet Airways board member Srinivasan Vishvanathan may be invited to join the airline's top leadership. Vishvanathan was on Jet's board as an Independent Director till August 2018 for nearly three years.

Reportedly, this development occurred after Etihad expressed its desire to exit the airline by formally asking State Bank of India (SBI) to purchase its stake in the airline.

In 2013, Jet Airways survived a similar crisis when Abu Dhabi's Etihad Airways injected US$600 million of capital for a 24% stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.

With more than US$1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes.

How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

Read the latest Market Commentary

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