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Indian Indices Continue Downtrend; Sensex Ends 495 Points Lower
Mon, 22 Apr Closing | Monish Vora, TM Team

Indian share markets witnessed most of the selling pressure during closing hours and ended their trading session on a negative note. Barring IT sector, all sectoral indices ended on a negative note with oil & gas stocks, realty stocks, and finance stocks losing the most.

At the closing bell, the BSE Sensex stood lower by 495 points (down 1.3%) and the NSE Nifty closed down by 158 points (down 1.4%). The BSE Mid Cap index ended the day down 1.5% and the BSE Small Cap index ended the day down by 1.4%.

The rupee was trading at 69.56 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.5% and the Shanghai Composite was down by 1.7%. The Nikkei 225 was up 0.1%.

Speaking of markets, the mood in the Indian stock market here changes in a matter of months.

Till February 2019, mutual fund inflows were on a steady decline.

And that's when Tanushree had asked her readers to stay put and not give into the panic.

Holding and buying quality businesses during times of extreme pessimism goes a long way in creating long-term wealth.

The mutual fund data from the March 2019 certainly proves this point.

Rising Mutual Fund Inflows - Is the Market Correction Over?

As can be seen from the chart above, the net inflows into Equity fund in March 2019 (Rs 117 billion) are its highest levels since October 2018.

The reason could be people believing the Modi government will return to power.

Here's what Tanushree wrote about this in one of the recent editions of The 5 Minute WrapUp...

  • While we recommended to not give into panic in February 2019, this time its euphoria we're recommending against.

    Don't fall into the greed trap.

    Hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

Adani Enterprises share price was in focus today. The stock of the company witnessed selling pressure and slipped over 2% today after the company said its subsidiary Adani Defence Systems and Technologies has acquired Alpha Design Technologies Pvt Ltd.

Alpha Design Technologies provides Adani Defence and Aerospace a strong tier-1 capability for building a base for graduating to platform capabilities.

How this acquisition pans out for the company remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

In the news from the banking sector, HDFC Bank share price was in focus today following the company's March quarter result.

On Saturday, the bank reported a 22.63% year-on-year (YoY) jump in March quarter net profit to Rs 58.9 billion.

This was the third straight quarter when the bank's profit was in excess of Rs 50 billion. Earlier, the bank had reported Rs 55.8 billion profit for December quarter and Rs 50 billion for September quarter.

The bank's total income for the January to March 2019 quarter grew by 22.1% to Rs 312 billion from Rs 255.5 billion a year ago.

Net revenue (net interest income plus other income) increased by 20.7% to Rs 179.6 billion for the quarter ended March 2019, from Rs 148.9 billion in the corresponding quarter of FY18.

Core net interest margin was a robust 4.4% for the fourth quarter of the fiscal. Similarly, the lender reported a 22.8% increase in the net interest income for the quarter at Rs 130.9 billion.

HDFC Bank's asset quality also remained stable. Gross non-performing assets were at 1.36% of gross advances as on March 2019, as against 1.38% as on December 2018 and 1.3% as on March 2018.

Net non-performing assets were at 0.4% of net advances as on March 2019.

Provisions and contingencies for the quarter ended March 2019, however, rose to Rs 18.9 billion as against Rs 15.4 billion in the same period a year ago.

The bank's net profit for FY19 rose by 20.5% to Rs 210.8 billion.

To know more about the company, you can read HDFC Bank's Q4FY19 Result Analysis on our website.

In the news from the power sector, GVK Power and Infrastructure share price was in focus today. The stock of the company witnessed buying interest after it was reported that the company is going to sell 49% stake in its airport subsidiary.

The company said that GVK Airport Developers (GVKADL) and GVK Airport Holdings (GVKAHL), subsidiaries of the company, have signed a term sheet and exclusivity agreement with the Abu Dhabi Investment Authority (ADIA) and the National Investment & Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49% stake.

The transaction is subject to conclusions and confirmatory due diligence by ADIA and NIIF.

All the proceeds from the above transaction will be used by GVK towards retiring debt obligations.

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