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Sensex Opens Lower; Banking Stocks Under Pressure
Tue, 14 Jul 09:30 am | Rini Mehta, TM Team

Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.4% while the Hang Seng is down 1.9%. The Nikkei 225 is trading down by 0.8%.

Meanwhile, the S&P 500 and Nasdaq ended lower yesterday, pulled down by Amazon, Microsoft and other big-name leaders of Wall Street's recent rally.

Back home, Indian share markets opened lower.

The BSE Sensex is trading up by 264 points. The NSE Nifty is trading up by 73 points.

Meanwhile, the BSE Mid Cap index has opened down by 0.2%.

BSE Small Cap index is also trading lower by 0.4%.

Sectoral indices are trading mixed. BSE Bankex is under maximum pressure, down 1.4%.

BSE IT index is witnessing buying interest.

Moving on, the rupee is currently trading at 75.19 against the US$.

Gold prices are currently trading up by 0.6% at Rs 49,148.

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Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on what this could mean for the rebound in smallcaps and how to make the most of it.

Tune in to find out more...

Moving on to the stock specific news...

Yes Bank is among the top buzzing stocks today.

As per an article in a leading financial daily, Yes Bank is considering segregating its bad assets into a separate entity as it aims to lower the stress on balance sheet.

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The company stated that the proposed organisation will be professionally run, where there will be investors. This is subject to regulatory approvals.

The bank has already created a separate vertical internally with more than 100 staffers to solely work on resolution and recovery of stressed accounts.

If the banking regulator gives approval to the proposed "bad bank" entity, any upside will be shared by the lender and investors.

Yes Bank's gross non-performing assets stood at 16.8% as of March 2020. The corporate loans constituted 96.5% of the gross bad loans. Its provision coverage ratio stood at 74% and net NPA ratio stood at 5.03% as of March.

The bank's special mention accounts-1 loan book, loans overdue by 30 to 60 days, stood Rs 107.8 billion and SMA-2, loans overdue by 60 to 90 days, at Rs 3.2 billion.

Note that, In March, a clutch of eight lenders, led by State Bank of India had infused over Rs 100 billion into Yes Bank, as part of a rescue deal approved by the Reserve Bank of India.

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This plan was stitched together after the bank was put under a moratorium and its board superseded. Still, the private lender is in need of a capital infusion.

How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on developments from this space.

Yes Bank share price opened the day down by 6.6%.

Moving on to the news from the economy. According to the latest data released by the Ministry of Statistics & Programme Implementation (MoSPI), India's retail inflation, which is measured by the Consumer Price Index (CPI) grew 6.1% in the month of June.

The government had not released the headline retail inflation data in April and May. However, in April, it had revised the CPI data for the month of March to 5.8% from 5.9%.

The retail inflation has grown beyond the Reserve Bank of India's (RBI) upper margin of 6%.

The government has mandated the Indian central bank to keep inflation within the range of 4% with a margin of 2% on either side.

The Consumer Food Price Index (CFPI) or the inflation in the food basket eased to 7.9% in the month of June as the supply related issues because of the nationwide lockdown eased.

The CFPI for May was revised to 9.2%, the data showed.

The retail inflation growth was mainly due to a rise in pulses and products prices that saw a 16.7% on-year rise in June.

Apart from pulses and products segment, the meat and fish segment saw a rise of 16.2%, while that of oils and fats rose 12.3% and spices prices gained 11.7%.

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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