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Lok Sabha Election Results 2019, Jet Airways Saga, and Top Cues in Focus Today
Thu, 23 May Pre-Open | Monish Vora, TM Team

Indian share markets ended their day on a positive note yesterday ahead of counting of Lok Sabha Election 2019 to be done today.

Gains were largely seen in the banking sector, oil & gas sector, and capital goods sector.

At the closing bell yesterday, the BSE Sensex stood higher by 140 points (up 0.4%) and the NSE Nifty closed higher by 28 points (up 0.3%).

The BSE Mid Cap index ended down by 0.2%, while the BSE Small Cap index ended the day up by 0.5%.

Lok Sabha Election Results

Market participants will be closely tracking the counting of Lok Sabha Election 2019 today.

Indian markets have so far completely lapped up the exit polls. They've risen sharply in the last 4 days as a result.

And given that exit polls are not always right, it will be very interesting to see what the market does in case of an upset.

Note that near term reactions to elections aside, stock markets in the longer run have been influenced by the Indian economy and growth in corporate earnings.

Indeed, despite the Congress win in 2004 (something not factored in by the markets), the Sensex has been on a major bull run since then.

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This, during years when both the UPA and the NDA have been in power.

Despite governments changing hands in 2004 and 2014, the Sensex gave returns of 44% and 13% in a year respectively.

Even in 2009, when the same government retained power, Sensex was up by 18% in a year.

So, do you think there are good times ahead for Indian stock markets?

We will keep you updated on the developments relating to the Lok Sabha Elections 2019 happening today.

Meanwhile, look out for the stocks that will rise fast when the tide of the market turns up.

Top Stocks in Focus Today

From the IT sector, Tech Mahindra share price will be in focus today as the company reported a 7.3% YoY drop in consolidated profit at Rs 11.3 billion for March quarter compared with Rs 12.2 billion in the same quarter last year.

From the pharma sector, Cipla share price will also be in focus today as the company today said its consolidated net profit more than doubled to Rs 3,576 million in March quarter from Rs 1,531 million in the same quarter last year.

Market participants will also be tracking Lupin share price as the company yesterday announced the launch of its Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules in the US market.

DHFL Stops Taking Fresh Deposits

Shares of Dewan Housing Finance Corporation Limited (DHFL) witnessed huge selling pressure yesterday and plunged as much as 18% in morning trade after the housing finance company said it has decided to temporarily stop taking fresh deposits and hold premature withdrawals from existing deposit schemes as it tries to manage its tight liquidity position.

The above move comes after the recent downgrade of the credit rating of DHFL's fixed deposit (FD) programme.

DHFL, in a notice sent out to distributors and financial planners, said that in view of the recent revision in the credit rating of our fixed deposit program, acceptance of all fresh deposits, as well as renewals, has been put on hold with immediate effect.

However, the company added, premature withdrawals would be allowed only in cases of medical or financial emergency if backed by proper documentation.

Note that DHFL's fixed deposit programme was downgraded by Brickwork Ratings India Ltd on Friday to BBB+ from AA- and had been put on credit watch with negative implications due to the limited build-up of liquidity. In its rating release, Brickwork Ratings pegged the size of DHFL's fixed deposit programme at Rs 120 billion.

Hinduja Group Considering a Bid for Jet Airways

Jet Airways share price will be in focus today as it was reported that the Hinduja Group is considering a bid for the debt-laden airline, which has been grounded for more than a month.

An investment by the Hinduja group is expected to offer a respite to Jet Airways, its employees, as well as lenders and investors. The group is led by billionaire brothers Gopichand and Srichand Hinduja, who are among the UK's wealthiest people.

The bidding process will start this week, having obtained the approval of key stakeholders including founder Naresh Goyal and Etihad airways.

So far, Etihad is the only party to have placed a bid. Its bid is also non-binding and subject to fulfilment of certain conditions by the lenders. Etihad, which holds a 24% stake in Jet Airways, has agreed to infuse up to Rs 14 billion into the carrier.

Also, the cash-strapped airline has seen a slew of top executives and board members leave the airline in the past few months. Last month, Nasim Zaidi quit his position as non-executive and non-independent director on the airline's board citing 'personal reasons' and 'time constraints'.

The airline's independent director, Rajshree Pathy also quit the board in April. Last week, top executive Gaurang Shetty, considered close to founder Naresh Goyal, also resigned from airline's board of directors.

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

India Volatility Index Shoots Up

If the India Volatility Index (VIX) score is anything to go by, we are in for a turbulent ride ahead.

The VIX has touched an all-time high on the back of election results to be announced today.

Overall, the uncertainty over the general elections, trade war threats between US and China and rising crude oil prices have all contributed to widespread fear among investors.

While the 2018 correction was mainly due to corporate governance issues back home, the threat of macro issues looms large in 2019.

For you, dear reader, it is important to ignore the short-term noise of the mainstream media.

While the volatility index is high, it is no indicator of the market direction. The index was high during 2014 as well, prior to the elections. Post that we had a multi-year bull run.

Co-head of research at Equitymaster, Tanushree Banerjee believes, safe stocks with strong fundamentals will do well regardless the short-term volatility.

In fact, the volatility might just give you an opportunity to load up on these quality businesses.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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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