FMCG and IT Stocks Lead the Losses

Thu, 28 Apr 01:30 pm

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After opening the day on a flattish note, the Indian indices have registered declines. They further extended their losses and have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the FMCG, IT and auto sectors bearing the maximum brunt. Realty stocks are trading in the green.

The BSE Sensex is trading lower by 261 (down 1%) and the NSE Nifty is trading down by 78 points (down 1%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading down by 0.5%. Gold prices, per 10 grams, are trading at Rs 29,466 levels. Silver price, per kilogram, is trading at Rs 40,673 levels. The rupee is trading at 66.44 to the US$.

Crude oil is trading up by 1% at Rs 3,016 per barrel.

Crude oil is in the limelight this week. This comes as prices for the commodity have surged to 2016 peaks during this week. The uptick in prices was led by signs of easing oversupply and falling US output. Also, the Fed's stance to keep its benchmark rates unchanged have aided this rally.

The above buying interest was preceded by fears two weeks ago that a sustained price rally would be damaged by the failure of the major oil producers to agree to limit oil production. Oil prices witnessed volatility last week after the summit in Doha among the world's largest oil producing countries turned out to be a complete wash out. This came as oil producers failed to agree on a production cap that could have tightened supply.

However, the recent developments have provided some relief to the ongoing volatility in the crude oil prices. All eyes are now on June's meeting of OPEC countries that will decide the fate of crude oil production levels ahead.

Being on the topic of volatility in crude oil prices, Asad Dossani, editor of Daily Profit Hunter, writes that OPEC has lost control of oil prices...and the resultant volatility is great for traders.

Also, Tanushree Banerjee, Equitymaster co-head of research, highlighted the impact of crude on oil and gas stocks in the latest edition of The Equitymaster Research Digest (subscription required).

Stocks in the realty space are witnessing maximum buying interest today. The surge came on the back of heavy volumes after media report stated that the Brihan Mumbai Municipal Corporation (BMC) has recommended an increase in permissible floor space index (FSI) in Greater Mumbai.

As per an article in Business Standard, the BMC has recommended an increase in permissible FSI from the present level of 1.33 to 2 and in some cases even up to 5. FSI is the ratio between allowable construction space to the actual space. The current FSI stands at 1.33 in the island city and 1 in the suburbs of Mumbai.

Among individual stocks, gains were led by <>Atlanta, <>Era Infra Engineering and Housing Development Infrastructure.

Speaking of real estate, Rahul Shah, Equitymaster co-head of research, says stocks can crush real estate over the next three-to-five years.

Banking stocks are trading on a mixed note with IDFC Bank and Federal Bank leading the losses. As per a leading financial daily, Yes Bank has received its board's approval to raise over Rs 165 billion through issue of equity capital as well as debt securities in one or more tranches. The company's board has approved raising of funds by way of issuance of equity capital in one or more tranches on such terms and conditions as it may deem fit subject to approval of the shareholders.

It was noted that the issuance may be by way of qualified institutions placement (QIP) or any other international offering like global depository receipts (GDRs)/American depository receipts (ADRs), or by any other appropriate mode as decided by the Board.

On a separate note, Yes Bank has reported its results for the quarter ended March 2016. The company's net profit grew by 27.4% YoY during the quarter to Rs 7 billion. Reportedly, the healthy growth was on account of improving loan demand, higher net interest and other income. Net Interest Income (NII), considered to be the core income of the bank, grew by 27% to Rs 12.4 billion.

However, there was a slight slippage in the asset quality owing to Reserve Bank of India's (RBI) directive to recognize visible stressed assets. At an absolute level, gross non-performing assets (NPAs) grew by 139% to Rs 7.4 billion.

Presently the stock of Yes Bank is trading up by 2.9%.

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