Indian Indices Continue Momentum; Metal Sector Up 1.9%

Mon, 15 May 11:30 am

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After opening the day on a positive note, Indian share markets have continued their momentum and are presently trading in the green. Sectoral indices are trading on a positive note with stocks in the metal sector, banking sector and healthcare sector leading the gains.

The BSE Sensex is trading up 134 points (up 0.5%) and the NSE Nifty is trading up 42 points (up 0.5%). The BSE Mid Cap index is trading up by 1.2%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.17 to the US$.

In the news for quarterly result announcements, Vedanta, JK Tyre, Colgate-Palmolive, South Indian Bank, Kajaria Ceramics are some of the companies that are scheduled to report their quarterly earnings today.

Also, shares of Titan Company and Inox Wind are witnessing selling pressure after the companies reported less than expected performance during the fourth quarter.

One must note that there's much hoopla surrounding the ongoing earnings season. However, if one has to go by the year-on-year performance, there's nothing to cheer much about it.

As an article in Business Standard suggests, the earnings growth has slid from 15.6% in FY16 to just 7.2% in FY17, making it the worst in three years. This is despite the lower tax outgo and other income boost. Domestic market focused companies too have slowed down due to notebandi.

This trend can be seen clearly in the chart below:

Earnings in Contrast with Market Trends

One must note that the actual performance for the last quarter of FY17 has been much below brokerage estimates.

All of this brings us to the question of how can one make money in a rising market, with little support from earning trends and with brokerages getting it all wrong?

We believe a few super investors could provide the clue. These are the guys who've beaten the markets black and blue and have an eye for multi bagger stocks irrespective of the macro environment.

With respect to which super investors to follow, my colleague Kunal and Rohan could be of great help courtesy their project, The Superinvestors of India.

To know more about these superinvestors and their stock picking approach, download a free copy of - The Super Investors Of India.

Moving on to the news from the commodity markets... Precious metals gold and silver are witnessing buying interest today.

This is seen on the back of increased buying in precious metals from jewelers, investors and retailers.

To keep a tab on the movements in gold, silver and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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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