Indian Indices Recover from Day's Low; ITC & Maruti Suzuki Top Gainers

Thu, 25 Jun 12:30 pm

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Share markets in India have recouped most of the early losses and are presently trading on a flat note.

In early trade today, the BSE Sensex fell over 350 points, tracking weakness in global peers amid heightened worries of Covid-19 virus outbreak.

Global stock markets fell sharply yesterday, with investors worrying over rising coronavirus infections in several countries and as trade tensions between Brussels and Washington rose again.

Presently, the BSE Sensex is trading up by 28 points (up 0.1%), at 34,800 levels.

Meanwhile, the NSE Nifty is trading up by 11 points (up 0.1%).

The BSE Mid Cap index is trading up by 0.4%. The BSE Small Cap index is trading up by 0.5%.

Sectoral indices are trading on a mixed note with stocks in the FMCG sector and healthcare sector witnessing buying interest.

IT stocks, on the other hand, are witnessing selling pressure.

The rupee is trading at Rs 75.63 against the US$.

Gold prices are trading down by 0.1% at Rs 48,072 per 10 grams.

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In news from the telecom sector, Bharti Infratel is among the top buzzing stocks today.

Shares of the company slumped as much as 5.6% today after the company extended the deadline for completion of merger with Indus Towers by over two months till August 31.

In an exchange filing on Wednesday, the company said, "the Board of Directors of the Company met earlier today and took note of the status of Scheme of arrangement between Indus and Bharti Infratel. Since the conditions precedent to be fulfilled for the Scheme to become effective cannot be completed by the extended-Long Stop Date i.e. June 24, 2020, the Board of Directors have further extended the Long Stop Date till August 31,2020."

Vodafone Idea, too, issued an update in relation to the merger of Indus with Bharti Infratel. Vodafone Idea holds 11.15% stake in Indus Towers.

On April 24, Bharti Infratel had said that its board took note of the status of the scheme of arrangement between Indus and Bharti Infratel and further extended the long stop date till June 24, 2020.

Bharti Infratel share price is presently trading down by 3%.

Moving on to news from the economic space, the International Monetary Fund (IMF) has projected a deeper 4.5% contraction for India in FY21 than earlier estimated, citing a longer lockdown period and slower than anticipated recovery.

In the June update - A Crisis Like No Other, An Uncertain Recovery - of its flagship World Economic Outlook (WEO), the IMF has forecast a 4.9% global growth in 2020, 1.9 percentage points below the April 2020 estimate.

The IMF had forecast a 1.9% growth for India in the April edition of the WEO and 3% contraction for the world.

The IMF said that the Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast.

The IMF warned that global public debt could reach an all-time high, exceeding 101% of GDP in FY21 - a surge of 19 percentage points from last year.

According to reports, several economists have projected India's debt-to-GDP-ratio to increase to as high as 90% in FY21, from the 70% at present. The IMF said countries with elevated debt levels could constrain the scope of further fiscal support, poising an important medium-term challenge.

The latest assessment has also toned down the bounce back in FY22 to 6% against a stronger 7.4% growth forecast in April. In 2021, global growth is projected at 5.4%, marginally lower than 5.8% it expected in April.

Speaking of the coronavirus impact on Indian economy, note that the Indian economy was grappling with its own issues and Covid-19 has made matters worse.

The industry was facing demand problems, due to which business houses were reluctant to undertake capex plans. Unemployment was at its peak and exports were consistently down for several months.

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.

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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Indian Share Market Update: Top Gainers and Losers