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Sensex Opens Flat; Automobile and Metal Stocks Drag
Wed, 17 Jul 09:30 am | Monish Vora, TM Team

Asian share markets are trading on a negative note amid a lackluster performance by Wall Street, while the dollar got a lift from robust US retail data and a Brexit-driven dive in the pound.

The Shanghai Composite is off 0.2%, while the Hang Seng is down 0.3%. The Nikkei 225 is trading down by 0.5%.

Back home, India share markets have opened the day on a flat note. The BSE Sensex is trading up by 20 points while the NSE Nifty is trading up by 7 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% & 0.1%, respectively.

Sectoral indices opened on a mixed note with stocks in the automobile sector and healthcare sector witnessing selling pressure while capital goods stocks, realty stocks and telecom stocks are witnessing buying interest.

The rupee is currently trading at Rs 68.78 against the US$.

Last Time: Watch the Re-Airing of our 'One Stock Crorepati' Mega Summit

Speaking of Indian share markets, note that small-cap stock indices have underperformed large-caps since the Union Budget was announced. But Richa Agarwal says this fall currently offers the best bargains to the market.

In the below video, she talks about how market correction post budget offers great buying opportunities in Smallcap space.

To know more about smallcaps, read One Stock Crorepati, Best Stock to Buy, Falling Smallcap Stocks Smallcap Stocks Under Modi 2.0, Crorepati stocks

Market participants are tracking Yes bank share price, Wipro share price and Tata Elxsi share price as these companies are set to announce their June quarter (Q1FY20) results later today.

Stock Alert: Our Top 5 Stocks to Buy Now

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

In news from the finance sector, lenders to Dewan Housing Finance Corporation (DHFL) are ready to accept limited haircuts in a restructuring plan being worked out for the troubled firm.

Country's fourth largest housing finance company, which warned on Saturday that its financial situation was grim, and business had ground to a halt, met lenders and other debtholders last week to discuss the outline of a rescue package.

As per an article in The Economic Times, sources at banks, mutual funds and the company told that efforts were being made to reach consensus and sign off on the plan, which is set to be formally submitted to DHFL's lenders this week.

Here's an excerpt from the article:

  • DHFL's plight underscores growing financial sector stress as state banks grapple with nearly US$ 150 billion of bad debt and shadow banking firms battle a liquidity crunch after last year's collapse of Infrastructure Leasing & Financial Services.

    A banker, who attended the talks on DHFL's plan said, even if we must end up taking say around a 20% haircut on the commercial loan part of the book, which is big, it is still manageable.

    DHFL could face further challenges after it disclosed that its regulator had concerns about the company's historical capital adequacy ratio and because its auditors have yet to sign off on its results for the year ending March 31.

On Monday, the company said it was working with stakeholders and creditors to ensure a resolution plan without any haircut. Despite defaulting on certain payments last week, DHFL said it was confident of securing new credit lines from lenders and restarting its own lending operations as early as August.

It had total debt of US$ 14.6 billion at the end of March, including about Rs 400 billion owed to banks. State Bank of India and subsidiaries have an exposure of Rs 190 billion to the company.

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The company was recently in talks to sell its retail and wholesale loan portfolio and was in the final stages of completing a deal with a strategic partner to bring a cash infusion of about Rs 60 to 70 billion.

DHFL share price has opened the day up by 1.3%.

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

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 engineering sector, Dilip Buildcon and Shaanxi Road & Bridge group company's joint venture (JV) - DBL-SRBG has been declared L-1 bidder by the Ministry of Road Transport & Highways, New Delhi for a new EPC project in the state of Karnataka.

The project is for construction of extra-dosed bridge across Sharavathi backwaters and approaches between Ambargodu and Kalasavam of NH-369E in Karnataka.

Meanwhile, Bharat Heavy Electricals (BHEL) received a notice of termination from NMDC for the construction of raw material handling system at NMDC's steel plant in Chhattisgarh.

Reportedly, the company has proposed to take up the matter through redressal mechanism available for dispute resolution between state run companies.

Dilip Buildcon share price and BHEL share price have opened the day up by 1.6% and 0.2%, 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!

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends 228 Points Higher; Metal and Energy Stocks Witness Buying (Today's Market)

Aug 23, 2019 Closing

While the BSE Sensex closed higher by 228 points, NSE Nifty closed higher by 88 points.

INFO EDGE Plunges by 5%; BSE IT Index Up 1.1% (Today's Market)

Aug 23, 2019 03:26 PM

INFO EDGE share price has plunged by 5% and its current market price is Rs 2,019. The BSE IT is up by 1.1%. The top gainers in the BSE IT Index are TATA ELXSI (up 7.2%) and ORACLE FINANCIAL (up 4.2%). The top losers are INFO EDGE (down 5.4%) and PERSISTENT SYSTEMS (down 5.3%).

ESCORTS LIMITED Surges by 5%; BSE AUTO Index Up 1.5% (Today's Market)

Aug 23, 2019 03:20 PM

ESCORTS LIMITED share price has surged by 5% and its current market price is Rs 454. The BSE AUTO is up by 1.5%. The top gainers in the BSE AUTO Index is ESCORTS LIMITED (up 5.2%). The top losers is EICHER MOTOR (down 1.1%).

CASTROL INDIA Surges by 5%; BSE OIL & GAS Index Up 3.4% (Today's Market)

Aug 23, 2019 03:16 PM

CASTROL INDIA share price has surged by 5% and its current market price is Rs 120. The BSE OIL & GAS is up by 3.4%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 5.1%) and BPCL (up 5.2%). The top losers [TOPLOSERS].

GE POWER INDIA LTD Surges by 11%; BSE CAPITAL GOODS Index Down 0.3% (Today's Market)

Aug 23, 2019 03:14 PM

GE POWER INDIA LTD share price has surged by 11% and its current market price is Rs 822. The BSE CAPITAL GOODS is down by 0.3%. The top gainers in the BSE CAPITAL GOODS Index is GE POWER INDIA LTD (up 10.7%). The top losers are ELGI EQUIPMENTS (down 0.1%) and THERMAX (down 0.2%).

VODAFONE IDEA Surges by 10%; BSE 500 Index Up 0.9% (Today's Market)

Aug 23, 2019 02:26 PM

VODAFONE IDEA share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.9%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 10.1%) and STERLITE TECH. (up 13.3%). The top losers are PAGE INDUSTRIES and GSK CONSUMER (down 0.1%).

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