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Sensex Opens Marginally Higher; Consumer Durable & Realty Stocks Gain
Thu, 17 May 09:30 am | Monish Vora, TM Team

Asian shares are trading on a mixed note today. The Nikkei 225 is up 0.6% while the Hang Seng is up 0.04%. Back home, India share markets opened the day marginally higher. The BSE Sensex is trading up by 50 points while the NSE Nifty is trading up by 20 points. The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index has opened the day up by 0.5%.

Sectoral indices have opened the day on a mixed note with consumer durables stocks and realty stocks witnessing maximum buying interest. Metal stocks have opened the day in red.

The rupee is trading at 67.63 to the US$.

In the news from the macroeconomic space, Bharatiya Janata Party's (BJP) BS Yeddyurappa will take oath as Karnataka Chief Minister today.

The development comes as Yeddyurappa's party was invited to form government, and is given 15 days to prove majority by the governor on Wednesday evening.

In response to the above move, the Congress, to ensure that does not happen, approached the Supreme Court late at night and asked for the swearing-in to be stopped.

Three judges of the Supreme Court heard the petition in an unprecedented 2 am hearing, but refused to stay the oath taking ceremony.

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Earlier on Wednesday evening, the Governor met a delegation of the Congress and JD(S) leaders, who also staked claim to form government, claiming they have majority.

Note that the BJP has 105 lawmakers, including an Independent, in the 222-seat assembly and is seven seats short of majority.

There are high stakes involved as the final outcome will have a bearing on the stock markets too.

As Ankit writes in one his editions of Equitymaster Insider (requires subscription)...

  • Dalal Street logic says BJP win will give a boost to the Indian stock markets. BJP's loss would spell bearishness.

    And now that the next general elections are just a year away, politics will remain a focal point of discussion in the context of the stock markets.

    Remember that the stock markets like Mr Modi. And currently, they're pricing in a Modi victory in 2019. If this premise starts developing cracks, it may weigh negatively on your stock portfolio.

How the above decision pans out remain to be seen. Meanwhile, we'll keep a close watch on the developments in this space and keep you updated. Stay tuned.

In the news from the banking sector, as per a leading financial daily, the government is looking to impose strict deadlines on banks that are under the Reserve Bank of India's (RBI) watch to implement a turnaround plan.

The deadlines will include fixed targets for recoveries of bad loans, sale of non-core assets and a differentiated lending road map with each bank specialising in a particular area.

The finance ministry is scheduled to review the performance of around 11 banks under RBI's prompt corrective action framework today.

If implemented, the above development will come as a welcome breather for PSU banks that are reeling in the pressure of bad loans.

Note that banks, in principle, must be careful about not extending loans to borrowers with poor creditworthiness or payment track record. That too, irrespective of the size of the borrower.

However, the data from State Bank of India shows that when it comes to big corporate borrowers, our banks literally look the other way. The share of large corporates, in total advances of the banking sector, has almost remained unchanged over past three years (at an average of 55%).

However, their contribution to incremental slippages has been huge. At one point, the big corporate borrowers accounted for nearly 90% of total NPAs of the sector.

Big Borrowers Turning into Big Offenders

Therefore, according to us, banks with large corporate books (be it PSUs or private sector) deserve a lower valuation if they can't keep NPAs in check.

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

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Stock Market Updates

HAVELLS IND at All Time High; BSE CONSUMER DURABLES Index Down 0.6% (Today's Market)

Aug 16, 2018 10:37 AM

HAVELLS IND share price has hit an all time high at Rs 697 (up 1.6%). The BSE CONSUMER DURABLES Index is down by 0.6%. Among the top gainers in the BSE CONSUMER DURABLES Index today are HAVELLS IND (up 1.6%) and BLUE STAR (up 1.0%). The top losers include WHIRLPOOL OF INDIA (down 0.1%) and TTK PRESTIGE (down 0.1%).

INFOSYS LTD at All Time High; BSE IT Index Up 0.8% (Today's Market)

Aug 16, 2018 10:37 AM

INFOSYS LTD share price has hit an all time high at Rs 1,427 (up 1.3%). The BSE IT Index is up by 0.8%. Among the top gainers in the BSE IT Index today are INFOSYS LTD (up 1.3%) and ORACLE FINANCIAL SERVICES . The top losers include NIIT TECHNOLOGIES (down 0.4%) and TAKE SOLUTIONS (down 0.6%).

PFIZER at All Time High; BSE HEALTHCARE Index Up 1.1% (Today's Market)

Aug 16, 2018 10:34 AM

PFIZER share price has hit an all time high at Rs 3,018 (up 4.0%). The BSE HEALTHCARE Index is up by 1.1%. Among the top gainers in the BSE HEALTHCARE Index today are PFIZER (up 4.0%) and SANOFI INDIA (up 0.8%). The top losers include ALKEM LABORATORIES (down 0.1%) and ABBOTT INDIA (down 0.2%).

GAIL Surges by 5%; BSE OIL & GAS Index Up 0.2% (Today's Market)

Aug 16, 2018 10:34 AM

GAIL share price has surged by 5% and its current market price is Rs 399. The BSE OIL & GAS is up by 0.2%. The top gainers in the BSE OIL & GAS Index is GAIL (up 5.2%). The top losers are HPCL (down 0.2%) and IOC (down 0.5%).

DABUR at 52 Week High; BSE 500 Index Flat (Today's Market)

Aug 16, 2018 10:20 AM

DABUR share price has hit a 52-week high. It is presently trading at Rs 454. BSE 500 Index is up by 0.1% at 15,441. Within the BSE 500, DABUR (up 0.3%) and VAKRANGEE LTD. (up 8.6%) are among the top gainers, while top losers are TECHNO ELECTRIC and RELIANCE NAVAL & ENGINEERING LTD.

Sensex Opens Lower; Metal & Realty Stocks Drag (Today's Market)

Aug 16, 2018 09:30 am

Indian share markets open lower with Sensex trading down by 136 points, while the Nifty is trading down by 29 points.

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