Sensex Opens Marginally Higher; Metal & PSU Stocks Gain

Wed, 12 Jul 09:30 am

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Asian stocks markets are trading lower in morning trade as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.31% while the Hang Seng is down 0.90%. The Shanghai Composite is down 0.13%. Overnight, the US markets closed flat after volatile trade.

Meanwhile, Indian share markets have opened the day marginally higher. BSE Sensex is trading higher by 63 points and NSE Nifty is trading higher by 23 points. S&P BSE Mid Cap and S&P BSE Small Cap are trading up by 0.4% respectively.

Barring software stocks, all the sectoral indices have opened the day in green with metal stocks and PSU stocks leading the gains. The rupee is trading at 64.50 against the US$.

In news from the economy, Foreign Portfolio Investment (FPI) inflows during the period between January-June 2017 (H12017) stood at nearly US$23 billion into the Indian capital markets, largely driven by several factors, including expectations from the government that it would speed up development and economic reforms.

While, in the first half of 2016, FPIs had invested about US$1.2 billion. According to latest depository data, FPIs in H12017 invested a net US$8.2 billion in equities, while pumped US$14.5 billion in the debt market during the period, translating into a net inflow of US$23 billion.

Starting the year on a negative note, the foreign investors had in January pulled out Rs 34.95 billion from the capital markets on worries about lower prospects of growth in the Indian economy compared to other emerging markets. In addition, impact of change in policies by US President Donald Trump and demonetisation back home were the other contributing factors.

Going forward, there are a few challenges but they are not strong enough to disrupt the current trend. Markets and the rupee are soaring to new high, which offer a good profit booking opportunity for the foreign investors.

Rising Foreign Direct Investments Augurs Well for India

Foreign Direct Investments (FDI) plays an important role in the economic development of a country. It is a source of long term capital that helps build critical infrastructures in the economy. It also aids in technology knowledge transfers, fosters innovation and helps raise productivity too. In short, having a steady flow of FDI inflows would help India to achieve necessary investments that will help accelerate economic growth and development.

Meanwhile, as per an article in The Livemint, the IPO of ICICI Lombard General Insurance Co. Ltd will see its founders ICICI Bank Ltd and Prem Watsa's Fairfax Financial Holdings Ltd collectively dilute a stake of at least 20%.

Fairfax will reportedly sell 13% stake, while ICICI Bank is looking to sell at least 7%. The selling shareholders expect to raise at least Rs 50 billion, which would value the company at around Rs 250 billion, a significant premium to the Warburg round.

ICICI bank share price opened on a flat note.

In another development, IDBI Bank stated that the divergence between its own gross bad loan estimates and those made by the Reserve Bank of India (RBI) was Rs 68.16 billion at the end of 2015-16.

As per Livemint, the provisions money kept aside to cover bad loans also saw a divergence of Rs 20.61 billion for 2015-16. The bank provided Rs 102.31 billion in the previous fiscal, lower than the RBI's assessment figure of Rs 122.92 billion, following a directive from the RBI.

IDBI Bank joins ICICI Bank, Axis Bank, RBL Bank and Yes Bank to make such disclosures after the central bank asked lenders to do so.

IDBI Bank share price opened the trading day up by 0.8% on the BSE.

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