Indian Indices End Marginally Higher; Metal Stocks Witness Buying Interest

Wed, 11 Apr Closing

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After opening their day on a flat note, Indian share markets witnessed volatile trading activity throughout the day and ended their session marginally higher. Gains were largely seen in the metal sector and IT sector, while oil & gas stocks and banking stocks ended the day lower.

At the closing bell, the BSE Sensex stood higher by 60 points (up 0.2%) and the NSE Nifty closed higher by 15 points (up 0.1%). The BSE Mid Cap index ended the day down by 0.2%, while the BSE Small Cap index ended the day up by 0.2%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was up 0.55% and the Nikkei was trading down by 0.49%. The Shanghai Composite stood up by 0.56%.

The rupee was trading at 65.20 to the US$ at the time of writing.

In the news from finance space, Dewan Housing Finance share price was in focus today. The company announced raising about Rs 13 billion by selling rupee-denominated bonds overseas.

In the news from realty space, data from ANAROCK Property Consultants showed that residential sales across top seven cities during the quarter ended March rose 10% from a year ago to 49,200 units.

As per the data, Hyderabad and Bengaluru led the resurgence in sales with 46% and 35% growth during the quarter. The Delhi NCR witnessed 25% growth, while Mumbai Metropolitan Region (MMR), Pune and Chennai saw 5%, 11%, and 15% decline, respectively.

The data suggested that home buyers have started showing interest in returning to the real estate market with increasing transparency, accountability and financial discipline in place.

In the news from banking sector, as per a leading financial daily, the finance ministry is soon expected to take stock from public sector banks on fraud in cases of bad loans and the measures taken to prevent them.

As per the news, there will also be a meeting convened to check progress of the public-sector banks on implementing measures such as setting up of stressed asset verticals and coordination on large value loans.

The plan is to further strengthen PSBs after Rs 880 billon has been disbursed under the Rs 2.1 lakh crore bank recapitalisation plan.

Owing to the above development, most of the public sector banks witnessed selling pressure in today's trade with Punjab National Bank being the top loser.

How the above development pan out remains to be seen. We will keep you updated on the developments from this space.

Note that the recent frauds at Indian banks have put the spotlight on the growing bad loan problems.

It has also brought to the fore the painful issue of willful defaulters especially after the Vijay Mallya fiasco. The chart below shows the banks that have the highest number of willful defaulters.

Banks with the Highest Number of Willful Defaulters

Unsurprisingly, Punjab National Bank tops the list. But the others aren't too far behind.

While the bad loans struggle at PSBs has been going on since a decade, bureaucracy and a lack of autonomy have ensured the sub-optimal profitability and asset quality of these state-run banks.

That's the reason we've been wary of PSU banks since 2014. This was well before the market had caught a whiff of the NPA problem. We've recommended just two large PSU banks in StockSelect since then...and already successfully closed both of them.

And here's a note from Profit Hunter:

Hindalco is among the top gainer in the Nifty 50 Index today - up 2%.

In our earlier note, we observed the stock finding resistance from its October 2017 high of 279. This was a life-time high for the stock which usually act as a good resistance point. As a result, the stock plunged nearly 28% from that level to touch a low of 200 just a few days back.

The 200 level which acted as a strong resistance on the way up is now acting as a strong support for the stock. It bounced up strongly from this level to rally nearly 17% in last 5 days. It has also crossed above the 230 level which is an intermediate resistance level for the stock.

So does this indicate that the stock will re-test its life-time high? Let's keep a close watch on it.

Hindalco Near its Life-time High

 

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