Indian Indices Erase Early Gains; Infosys Hits Record High

Mon, 15 Jul 12:30 pm

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After opening the day on a strong note, share markets in India have erased early gains and are presently trading on a flat note.

Barring IT sector and healthcare sector, all sectoral indices are trading on a negative note with stocks in the capital goods sector, metal sector and FMCG sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 40 points while the NSE Nifty is trading down by 17 points. The BSE Mid Cap index is trading down by 0.8%, while the BSE Small Cap index is trading down by 0.7%.

The rupee is trading at Rs 68.56 against the US$.

Speaking of the current mood in Indian share markets, the post-budget reaction saw a negative reaction from the market participants.

Most of the losses came as the Union Budget failed in offering bold plans and a clear roadmap for propping up the economy.

While the markets gave a thumbs-down to the Budget, Tanushree Banerjee's Rebirth of India call remains intact.

In the video below, she explains how investors could continue to make the most of the irreversible trends and India's US$ 5 trillion potential.

Moving on, market participants are tracking Tata Metalik share price and Bajaj Consumer Care share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can also read our recently released Q1FY20 results: Infosys, TCS, IndusInd Bank.

In news from the finance space, shares of Dewan Housing Finance Corporation (DHFL) are in focus today as the company reported a standalone net loss of Rs 22.2 billion for the quarter ending March 2019 (Q4FY19). The company had posted a net profit of Rs 1.3 billion in the same quarter of previous fiscal.

Stock of the company slipped over 27%, hitting 10-year lows, on back of the above news. A combined 20.5 million shares changed hands on the exchanges.

The company's net interest income decreased 15% to Rs 7.1 billion from Rs 8.3 billion in the corresponding quarter of the previous year.

The company said, "in the backdrop of a significant slowdown in disbursement and loan growth post September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year".

Reportedly, due to additional provisioning of Rs 32.8 billion, the company reported a net loss of Rs 22.3 billion for the quarter and net loss of Rs 10.4 billion for the whole year.

Speaking of NBFC space, the liquidity crisis, a slew of corporate defaults, and the bloodbath in many stocks from this sector has left investors in deep fear and panic.

However, it is not that all NBFCs have fared badly.

In a recent edition of The 5 Minute WrapUp, Ankit Shah has picked the top three NBFC gainers and losers (in terms of market capitalisation) over the last one year.

As can be seen in the chart below, while several NBFCs have suffered badly and destroyed investor wealth, there have also been quality NBFC stocks that have been wealth creators.

NBFC Crisis - Top Gainers and Losers

So, as Ankit shares, the key takeaway here is to never write off an entire sector and to always stay on the lookout for quality stocks in sectors going through temporary headwinds.

In fact, in Ankit's premium newsletter Insider, one of his cherry-picked housing finance stock has performed quite well despite the NBFC crisis.

Moving on to news from the pharma space, Sun Pharma has launched Ezallor Sprinkle (rosuvastatin) capsules in US for the treatment of three types of elevated lipid disorders in people who have difficulty swallowing.

The company said, "with the introduction of Ezallor Sprinkle, the company continues commitment of providing a portfolio of alternative formulation products to address the needs of people who have difficulty swallowing, which is especially prevalent among residents in long-term care facilities".

Meanwhile, Flipkart's co-founder and tech entrepreneur Sachin Bansal has invested Rs 2 billion in debt paper issued by Piramal Enterprises.

As per an article in a leading financial daily, the money will be used for the financial services business. The NCDs that Bansal has subscribed, carry an interest coupon of around 9.5% and a repayment period of two years.

In February, it was reported that Bansal has invested Rs 2.5 billion each, via debt, in non-banking financial companies Altico Capital India and IndoStar Capital Finance.

To know more about the company, you can read Piramal Enterprises' 2018-19 Annual report analysis on our website.

Sun Pharma share price and Piramal Enterprises share price are presently trading up by 2.7% and 5.2%, respectively.

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!

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Indian Share Market Update: Top Gainers and Losers