Sensex Slips Over 400 Points; Kotak Mahindra Bank & IndusInd Bank Top Losers

Mon, 3 Aug 12:30 pm

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Share markets in India have extended early losses and are presently trading deep in the red, tracking a mixed trend in Asian equities.

Benchmark indices fell over 1% today, tracking a global surge in new coronavirus cases that showed no sign of abating.

Sectoral indices are trading on a mixed note with stocks in the banking sector and finance sector witnessing most of the selling pressure.

Healthcare stocks, on the other hand, are trading in green.

The BSE Sensex is trading down by 397 points (down 1%), at 37,200 levels.

Meanwhile, the NSE Nifty is trading down by 103 points (down 0.9%).

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 1.2%.

Gold prices are currently trading up by 0.4% at Rs 54,028.

The rupee is trading at 74.93 against the US$.

Speaking of stock markets, in his latest video, co-head of research, Rahul Shah talks about how you can make winning penny stock investments with the help of few simple ratios.

He talks about the most critical data points that are needed to make successful penny stock investments.

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In news from the mutual funds space, four debt schemes of Franklin Templeton Mutual Fund (MF) that are winding up saw up to 4.85% decline in their net asset value (NAV) on Friday, following payment defaults by two Future Group firms - Nufutre Digital (NDIL) and Future Ideas (FCIL).

Of the six schemes that are under wind-up, four are exposed to NDIL, FCIL, and Rivaaz Trade Ventures (RTVPL). While the latter was able to meet its dues on Thursday, the other two missed their payment obligations.

In a note, the fund house said, "due to default in payment, the securities of FICL and NDIL will be valued at zero basis AMFI standard hair cut matrix, and interest accrued and due will be fully provided".

Franklin MF schemes have already taken a 25% markdown on exposure to RTVPL, in line with the valuation matrix. This was after the non-convertible debentures (NCDs) of the firms were downgraded to BB+ by Brickwork Ratings on Wednesday.

The fund house said the Future Group firms could benefit if Reliance Industries bought a controlling stake in Future Group's retail business.

In other news, Yes Bank has decided to sell its mutual fund business as the private lender plans to focus on its core businesses.

The bank, which was taken over by lenders led by State Bank of India as part of a rescue package, has received proposals from six entities expressing interest to takeover Yes Mutual Fund, which had assets under management of Rs 570 million as of June 2020, down from Rs 20 billion in March 2019.

Yes Bank has shortlisted two prospective buyers and sent the names to the markets regulator for approval. Reportedly, the decision to sell the mutual fund business was taken at a board meeting late in July.

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

Speaking of mutual funds, have a look at the chart below which shows recent net inflows into equity mutual funds:

Investors did well to pour more money into stocks (via mutual funds) in April 2020 and thus, take advantage of the sharp correction.

However, it goes all downhill after that. Inflows fell in both May as well as June this year when stocks were still on sale.

In fact, they fell by a whopping 97% in June 2020.

This means that if investors had bought Rs 100 worth of stocks when they were very expensive, they bought only Rs 3 worth of stocks when they had turned significantly cheaper.

Moving on to news from the banking sector, Bandhan Bank is among the top buzzing stocks today.

Shares of the private lender tumbled over 10% today after nearly 21% of the bank's equity changed hand on the NSE and BSE via block deals.

Approximately 345.6 million shares, representing 20.57% equity of the bank changed hands on the counter at around 9:15 am on the BSE and NSE.

It was earlier reported that promoters of Bandhan Bank were to sell shares worth Rs 105 billion in the secondary market on Monday. The floor price of the stake sale at Rs 311 which was 10% less than the stock's closing price Friday, as per the terms sheet.

The Economic Times on Sunday reported that Bandhan Financial Holdings, a promoter group entity, would sell close to a 20% stake in the deal.

The transaction is aimed at reducing the promoter holding to comply with the central bank regulations.

The promoter holding in the bank stood at 60.95%. The RBI's bank licence rules state that promoters of private banks should cut their shareholding to 40% within three years and 20% in 10 years.

Bandhan Bank share price is presently trading down by 10.6%.

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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