Of Sensex Touching All Time High, Trade War Intensifies and Key Stocks in Action Today

Fri, 24 Aug Pre-Open

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There is an interesting dichotomy in the Indian markets these days.

On one hand the BSE Sensex is touching life time highs. Whereas, on the very same day the advance to decline ratio stood at around 46%. This means that amidst the 31 stocks in the BSE Sensex, the number of stocks that declined were higher than the stocks which went up.

This tells us that the rally is not secular and broad based. The performance of the Sensex is lately driven by only a handful of stocks. A bunch of top ten stocks amidst Sensex holding a weightage of around 70% namely- HDFC, HDFC Bank, Kotak Mahindra Bank, HUL, Maruti, ITC, TCS has led to this massive rally.

Reportedly, one in every three stocks of Sensex has delivered negative returns of up to 33% in the preceding eleven months. This says a lot about the concentrated growth in few stocks which has led to Sensex touching all time highs.

These data points are drawing a completely different picture as opposed to the figure which the BSE Sensex is giving.

The stocks which have gone up too are trading at expensive valuations. Stocks such as HUL are trading at 72x price/earnings and banks such as HDFC Bank are trading at 4.8x price/ book.

The markets look expensive at this point and investors should be cautious before deploying money in equity markets.

Trade War Intensifies

The trade war intensified as Trump's administration latest round of tariffs on Chinese goods kicked in. The United States imposed 25% tariffs on another $16 billion of Chinese goods, including chemical products, motorcycles, speedometers and antennas.

China responded immediately with 25% tariffs on an equal amount of American goods, such as chemical products and diesel fuel.

Reportedly, businesses in China are feeling the effects of the trade war, which has weighed on the country's financial markets. Investors are becoming increasingly concerned about how a slowing Chinese economy will weather a protracted dispute with the United States.

Key Stocks in Action Today

The stocks of LIC Housing Finance, MAS Financial Services, Sundaram Finance, Pratibha Industries are expected to be in the news today as they declare their results for the quarter ended June 2018.

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