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Sensex Ends 23 Points Higher; Realty Stocks Witness Buying
Wed, 3 Jul Closing | Monish Vora, TM Team

Indian share markets traded rangebound throughout the day and ended their session on a flat note.

Sectoral indices ended on a mixed note with stocks in the realty sector, power sector and capital goods sector witnessing buying interest while IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 23 points and the NSE Nifty closed up by 6 points. The BSE Mid Cap index ended the day up by 0.1% and the BSE Small Cap index ended up by 0.3%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.1% and the Shanghai Composite stood lower by 0.9%. The Nikkei 225 was down 0.5%.

The rupee is trading at 68.94 against the US$.

In the news from the pharma sector, Lupin has received approval for its Phenylephrine and Ketorolac Intraocular solution from the United States Food and Drug Administration (USFDA).

The company's Phenylephrine and Ketorolac Intraocular Solution is the generic version of Omidria Intraocular Solution of Omeros Corporation.

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This solution is added to an ocular irrigating solution used during cataract surgery or intraocular lens replacement. It had annual sales of approximately US$ 42.8 million in the US.

In other news, Dr. Reddy's Laboratories has launched Carboprost Tromethamine Injection USP, a therapeutic equivalent generic version of Hemabate injection approved by the USFDA.

The injection brand had US sales of approximately US$ 55 million for the most recent twelve months ending in April 2019 according to IQVIA Health.

Lupin share price and Dr Reddy's Lab share price ended the day down by 1.1% and 1.6%, respectively.

Moving on to news from the finance sector, Indiabulls Housing Finance said it will buy back non-convertible debentures (NCDs) maturing in September worth Rs 13.8 billion and rupee denominated bonds maturing in October worth Rs 13.3 billion.

Apart from this, Indiabulls also bought back Rs 21.7 billion NCDs maturing in July and August.

The NBFC said it is going for early redemption of NCDs and masala bonds (rupee denominated bonds) on the back of strong cash position of the company.

In a press release, the company said that the approval process with Reserve Bank of India (RBI) has already been initiated. The NCDs maturing in September include Rs 6.6 billion of public issues.

Shares of the company ended 7.7% higher today on back of the above news.

Meanwhile, lenders to Dewan Housing Finance Corporation (DHFL) were willing to consider the proposal of extending a fresh loan of Rs 120 -180 billion over a year to the mortgage lending firm.

As per an article, the consortium of lenders, led by Union Bank of India, in the first round of lenders' meeting, discussed various modalities to ensure that their exposure to DHFL did not run into further stress.

Here's an excerpt from the article:

  • Since the issue is that of liquidity and not business failure, banks are interested in considering fresh credit lines to DHFL if it could help revive the company's lending activities. The consortium is likely to extend loans of Rs 120-180 billion over a year, split as monthly credit facilities of Rs 10-15 billion.

Note that DHFL hasn't been able to disburse new loans for over six months since the IL&FS fiasco broke out in September 2018.

DHFL share price ended the day up by 10.3%.

Speaking of non-banking financial companies (NBFCs), note that NBFCs were flush with funds from banks, insurance companies, and asset management companies i.e. mutual funds in 2016.

And with these funds and without the necessary restrictions, NBFCs become reckless in deploying the funds.

You can see this clear as day in the chart below...

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

  • Let's look back at 2016...

    Banks, mutual funds, and insurance companies were competing with each other to lend to NBFCs.

    And why not?

    Not only were the fast growing NBFCs hungry for funds, they also offered attractive yields.

    The NBFCs took more risk than banks by lending without collaterals. But they charged higher interest rates; which meant their margins remained far higher than that of banks.

    It's no wonder the NBFCs caught everyone's fancy. In fact, between 2013 and 2016, the top NBFCs saw their valuation multiples move up three to eight times.

As per Tanushree, the problem in the NBFC sector is far from over. But she believes the good quality NBFCs, and housing finance companies will continue to flourish and you can make the most of the opportunity by buying the safest NBFCs.

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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Stock Market Updates

SADBHAV ENGINEERING Plunges by 5%; BSE CAPITAL GOODS Index Down 1.2% (Today's Market)

Aug 22, 2019 03:34 PM

SADBHAV ENGINEERING share price has plunged by 5% and its current market price is Rs 123. The BSE CAPITAL GOODS is down by 1.2%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 1.8%) and HAVELLS IND (up 1.0%). The top losers are SADBHAV ENGINEERING (down 5.2%) and HEG (down 6.5%).

SUNTECK REALTY Plunges by 5%; BSE REALTY Index Down 6.2% (Today's Market)

Aug 22, 2019 03:34 PM

SUNTECK REALTY share price has plunged by 5% and its current market price is Rs 448. The BSE REALTY is down by 6.2%. The top gainers in the BSE REALTY Index are OMAXE LTD (up 3.0%) and PRESTIGE ESTATES (up 0.4%). The top losers are SUNTECK REALTY (down 5.0%) and OBEROI REALTY (down 5.5%).

SUNTECK REALTY Plunges by 5%; BSE REALTY Index Down 6.2% (Today's Market)

Aug 22, 2019 03:32 PM

SUNTECK REALTY share price has plunged by 5% and its current market price is Rs 448. The BSE REALTY is down by 6.2%. The top gainers in the BSE REALTY Index are OMAXE LTD (up 3.0%) and PRESTIGE ESTATES (up 0.4%). The top losers are SUNTECK REALTY (down 5.0%) and OBEROI REALTY (down 5.5%).

SADBHAV ENGINEERING Plunges by 5%; BSE CAPITAL GOODS Index Down 1.2% (Today's Market)

Aug 22, 2019 03:32 PM

SADBHAV ENGINEERING share price has plunged by 5% and its current market price is Rs 123. The BSE CAPITAL GOODS is down by 1.2%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 1.8%) and HAVELLS IND (up 1.0%). The top losers are SADBHAV ENGINEERING (down 5.2%) and HEG (down 6.5%).

BAJAJ FINSERV Plunges by 5%; BSE 500 Index Down 1.7% (Today's Market)

Aug 22, 2019 03:32 PM

BAJAJ FINSERV share price has plunged by 5% and its current market price is Rs 7,185. The BSE 500 is down by 1.7%. The top gainers in the BSE 500 Index are PERSISTENT SYSTEMS (up 3.7%) and PI INDUSTRIES (up 3.1%). The top losers are BAJAJ FINSERV (down 5.3%) and GODFREY PHILLIPS (down 6.2%).

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