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Sensex Opens Marginally Lower; Healthcare Stocks Witness Selling

Mon, 16 Jul 09:30 am

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Asian shares are trading on a mixed note today. The Nikkei 225 is up 1.8% while the Hang Seng is down 0.2%. The Shanghai Composite is trading down by 0.5%.

Back home, India share markets opened the day marginally lower. The BSE Sensex is trading down by 32 points while the NSE Nifty is trading down by 26 points. The BSE Mid Cap index is trading down by 0.9%, while the BSE Small Cap index has opened the day down by 1%.

Sectoral indices have opened the day on a negative note with realty stocks and healthcare stocks witnessing maximum selling pressure.

The rupee is trading at 68.55 to the US$.

As per a leading financial daily, monthly collections through mutual fund's systematic investment plans (SIP) in June this year rose by Rs 2,500 million over the month of May to touch a record high of Rs 75.5 billion.

Note that investments through SIPs have been rising steadily for the past couple of years except when it dipped marginally from Rs 71.1 billion in March 2018 to Rs 66.9 billion in April 2018.

Also, investors have deposited Rs 1.4 lakh crore into mutual fund schemes in the April-June quarter of this fiscal. This represents a surge of 43% from the year-ago period. The rise here was driven by strong participation from retail investors.

These inflows helped in pushing the asset base of the mutual fund industry to Rs 23.4 lakh crore at the end of June this year, which represents an increase of 20% on a YoY basis.

The above data points also present the changing scenario in Indian stock markets as regards to foreign investors and retail domestic investors.

Look at the chart below...

The blue line plots the annual net equity investment by foreign investors, while the red line represents the net equity investments by mutual funds.

Foreign Investors No More in the Driver's Seat

Between FY01 and FY15, the blue line (foreign investors) is consistently above the red line (mutual funds), except in the financial year 2008-09 (FY09). That was the only year in the 15-year period when mutual funds were net buyers in the face of an exodus by foreign investors in the aftermath of the global financial crisis.

But the dominance of foreign investors has been challenged since FY16. The net investments by mutual funds have exceeded foreign investor inflows in two of the last three financial years.

This is the reason why markets have remained relatively buoyant despite the heavy selling by foreign investors in recent months. Had it not been for the steady domestic investor inflows, the markets would have been in a deep correction.

In the news from automobile space, Tata Motor share price is in focus today. Shares of the company are witnessing selling pressure as Moody has downgraded the corporate family rating of the automobile company.

As per the news, Moody's Investors Service has downgraded the corporate family rating (CFR) for Tata Motors to Ba2 from Ba1 and has also downgraded the company's senior unsecured instrument ratings to Ba2 from Ba1. However, the rating outlook is remain stable.

Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer, said that the downgrade to Ba2 reflects our expectation of continued weakness in company's consolidated credit metrics over the next two years, led by its wholly owned subsidiary Jaguar Land Rover Automotive Plc (JLR, Ba2 stable).

At the time of writing, Tata Motors share price was trading down by 1.8%.

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