Indian Indices Trade on a Flat Note; IT Stocks Witness Selling

Fri, 7 Jul 01:30 pm

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Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the healthcare sector and realty sector witnessing maximum buying interest. IT stocks are trading in the red.

The BSE Sensex is trading down 41 points (down 0.1%) and the NSE Nifty is trading down by 16 points (down 0.2%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.70 to the US$.

The Fitch group company, BMI Research in its latest report has said that Indian economy may recover in the coming quarters and is likely to log a real Gross Domestic Product (GDP) growth of 6.9% in fiscal year 2017-18, though it also noted that real GDP growth slowed substantially to 6.1% year-on-year in Q4FY17.

As per the report, India's growth is expected to pick up after the impact of 2016 November's demonetisation drive, but debt-laden state-run banks will likely stop the recovery before its full potential.

BMI Research has said that the negative effects from the demonetisation measure is already wearing off, and the Indian economy will likely benefit from positive demographic trends, greater external stability (due to improved terms of trade from lower oil prices), and continued reforms that should help to improve the country's admittedly poor business environment.

The report however stated that the public-sector banks are still weak and plagued with mounting non-performing assets (NPAs), and it is likely to weigh on India's growth potential. It further added that despite the Reserve Bank of India's efforts to clean up these bad loans, these will likely take some time to be worked through the system, and therefore, credit allocation to the productive sectors of the economy is likely to be negatively affected.

Public sector banks have been in the spotlight but for all the wrong reasons. A deadly combination of rising provision on surging bad loans and sluggish interest income growth on poor credit offtake have severely crippled the earnings of state-run banks. Even their balance sheets have considerably weakened by the mounting bad loans burden. But most of their stocks have defied gravity.

Soaring Stocks...Eroding Balance Sheets

The bad loans of these banks have shot up to alarming proportions such that out of every Rs 100 lent out by them a minimum of Rs 10 has gone bad.

In the news from commodity markets, gold is witnessing selling pressure today.

The commodity traded on a negative note during the week. It opened its session lower during the start of the week ahead of the Fed minutes. Also, the volatility seen in global markets weighed on the metal during the end of the week.

To keep a tab on the movements in gold, silver and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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