Sensex Ends Volatile Day Flat; Realty Stocks Top Losers

Fri, 13 Jul Closing

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After opening the day in green and scaling new all-time high levels, share markets in India witnessed volatile trading activity throughout the day and ended the day flat. Sectoral indices ended the day mixed, with stocks in the realty sector and stocks in the PSU sector leading the gains.

At the closing bell, the BSE Sensex stood lower by 7 points and the NSE Nifty closed down by 4 points. The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down by 1.4%.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.2% and the Shanghai Composite was down by 0.2%. The Nikkei 225 was up by 1.9%. Meanwhile, European markets were trading on a positive note. The FTSE 100 was up by 0.4%, The DAX, was up by 0.3% while the CAC 40 was up by 0.4%.

The rupee was trading at Rs 68.46 against the US$ in the afternoon session. Oil prices were trading at US$ 73.94 at the time of writing.

In news from stocks in the entertainment sector. Cinema stocks including PVR share price and Inox Leisure tanked today as the Maharashtra government announced that movie-goers could carry their own food inside cinema halls and multiplexes.

The state government clarified that there is no restriction on taking food articles from outside multiplexes and consuming them in the multiplexes. It added that strict action would be taken against any such multiplexes who prohibit people from bringing in food stuff from outside.

Recently the Bombay High Court too had pulled up the state government and multiplexes based on a PIL on how multiplexes were not allowing people to bring in food stuff procured from outside multiplexes and were charging an exorbitant amount for people who bought food products from within the multiplexes.

Note that food & beverages sold inside theatres make up for a large chunk of these multiplexes' revenues. An abrupt stop in their revenue stream could affect their business model in the long run.

Considering the developments, PVR share price ended the day down by 13.1%, while Inox Leisure was down by 5.5%.

In the latest development, India's retail inflation surged to a 5-month high of 5% in June on the back of rising fuel prices.

Based on Consumer Price Index (CPI), retail inflation was at 5% in June. Inflation had fallen to a low of 1.46% in June last year, adding an adverse base effect.

India's Retail Inflation Creeping Up

Data released by the Central Statistics Office (CSO) showed that the rate of price rise in the consumer food segment was creeping higher at 5% in June, as against 4.87% in the previous month.

Inflation in vegetables was 7.8% last month, down from 8% in May, and for fruits it was 10.1% (as against 12.3% a month ago).

Fuel inflation grew at 7.1% in June from 5.8% in May. Transportation and communication costs grew 6.2% in June from 5.3% a month ago, mainly due to higher petrol, diesel prices.

Retail inflation, measured by Consumer Price Index (CPI) is the main price gauge that the Reserve Bank of India (RBI) tracks. June's data is an indication that prices are at a slowly inching towards the apex bank's upper tolerance level of inflation at 6%.

Last month, the RBI's Monetary Policy Committee (MPC) upped CPI inflation estimates for 2018-19 and projected it at 4.8-4.9% in April-September, and at 4.7% in the second half of the year, including the house rent allowance (HRA) impact for central government employees.

Factoring in this uptick in inflation, the monetary policy committee raised the central bank's benchmark repo rate by 25 basis points to 6.25%.

Inflation for the month of June keeps the chances alive of a further rate hike in the month August, according to economists. The RBI governor headed Monetary Policy Committee will be meeting later this month to review interest rate regime.

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