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SBI March Quarter Results, RBI's Consumer Confidence Survey, and Top Cues in Focus Today

Mon, 8 Jun Pre-Open

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Indian share markets ended higher on Friday, tracking positive global sentiments.

At the closing bell on Friday, the BSE Sensex stood higher by 307 points (up 0.9%).

The NSE Nifty closed higher by 113 points (up 1.1%).

Gains were largely seen in the metal sector and telecom sector.

The BSE Mid Cap index ended up by 1.8%.

Meanwhile, the BSE Small Cap index ended up by 2.5%.

Speaking of Indian stock markets, after the long coronavirus lockdown, the Unlock 1.0 phase has been surprisingly positive for the stock markets.

Most have justified the sharp run of last few sessions in Indian stock markets on the grounds that all negative news is already priced in.

But is that truly the case? Or is there something more to it?

In her recent video, Tanushree Banerjee answers these questions and talks about how investors should act on the Unlock 1.0 market rally.

Tune in to know more...

Top Stocks in Focus Today

Bharti Airtel share price will be in focus today as it is reported that Amazon.com is in early stage talks to buy a stake worth at least US$ 2 billion in Bharti Airtel, underscoring the growing attraction of India's digital economy for US tech giants.

The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti.

The discussions between Amazon and Bharti come at a time when global players are placing major bets on the digital arm of Reliance Industries, which owns Bharti's telecom rival Jio.

Shares of Hexaware Technologies will also be in focus today as the company said that its board is scheduled to meet on June 12, 2020 to consider the proposal for voluntary delisting of equity shares of the company.

Market participants will also track NIIT Technologies share price as the company had launched its Rs 3.4-billion buyback issue. The issue will remain open till June 11, 2020.

The company proposed to buy back up to 19,56,290 fully paid equity shares at a price of Rs 1,725 per share.

SBI Sees Four-Fold Jump in Net Profit in Q4FY20

State Bank of India (SBI) reported an over four-fold jump in its net profit at Rs 35.8 billion for the March quarter (Q4FY20) compared with Rs 8.4 billion in the same quarter last year.

The profit was supported by one-time gain of Rs 27.3 billion from the stake sale in SBI Cards and Payment Services done during the quarter.

SBI's gross non-performing assets (NPAs) for the quarter eased sequentially to 6.15% of total advances from 6.91% in the December quarter and 7.53% in the year-ago quarter.

Total provisions and contingencies for the quarter fell to Rs 135 billion compared with Rs 165 billion in the year-ago quarter.

The bank said a total of 21.8% of its customers availed the RBI moratorium. In terms of the loan value, it stood at 23%.

The bank further said that 38.9% of its corporate loans have been to PSUs and government departments. While 60.8% of personal retail loans are to low-risk mortgages.

RBI Survey: Consumer Confidence Collapses Amid Coronavirus

As per the surveys released by the Reserve Bank of India (RBI) last week, consumer confidence has collapsed amid the coronavirus pandemic and it may result in contraction of the economy by 1.5% during 2020-21.

As per the Consumer Confidence Survey (CCS) released by the RBI, consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism.

According to another survey, GDP during the current financial year is likely to contract by 1.5%, though the next fiscal is expected to be much better.

"Real gross domestic product (GDP) is likely to contract by 1.5% in 2020-21 but is expected to revert to growth terrain next year, when it is likely to grow by 7.2%," said the Survey of Professional Forecasters (SPF) sponsored by the RBI.

The survey further added that real gross fixed capital formation (GFCF) is likely to register negative growth of 6.4% in 2020-21.

Note that last week, the government released gross domestic product (GDP) numbers for the January-March quarter.

India's economy grew at 3.1% in January-March quarter, its slowest pace in at least eight years. The GDP growth exceeded most estimates made by various rating agencies.

Notably, India's GDP growth has been on a consistent decline after peaking out at 7.9% in Q4 of FY18 to 4.7% in Q3 of FY20, as can be seen in the chart below:

Declining GDP Growth for India

Interestingly, there's a silver lining in all this. India can become an outsourcing hub. The global slowdown will mean that countries like the US, will be looking out for low-cost outsourcing destinations like India.

Further, a lot of global buyers have already shifted to India to source ceramics, home appliances, fashion, and lifestyle goods.

Meanwhile, as per the reports, around a thousand foreign manufacturers want to relocate their production to India, a country they see as an alternative to China.

Here's an excerpt from one of the articles Tanushree Banerjee wrote on the Indian economic recovery:

• It's also a fact that India's importance in the global supply chain has never looked better. PM Modi himself referred to that.
  
  Therefore, utilising the stimulus package to tighten India's presence in the global supply chain will be the fastest way to move up the Swoosh index. Any delay or disregard would cost India dearly.
  
  True that Apple, Samsung and several smartphone manufacturers are already considering an expansion of their Indian capacities.
  
  But the land, labour, liquidity, and legal reforms cannot remain on paper if the Make in India dreams are to be realised.
  
  I expect to gather more cues about India's prospects on the Swoosh index over coming months.

Watch this space as Tanushree tracks these Rebirth of India megatrends closely.

And 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!

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