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Indian Indices Extend Losses; Banking and Metal Stocks Witness Selling

Thu, 29 Aug 12:30 pm

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Share markets in India have extended early morning losses and are presently trading on a negative note.

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

The BSE Sensex is trading down by 320 points while the NSE Nifty is trading down by 94 points.

The BSE Mid Cap index is trading down by 0.7% and the BSE Small Cap index is trading down by 0.8%.

The rupee is trading at 71.98 against the US$.

Speaking of the fall in Indian stock markets, Richa Agarwal reveals her investing strategy amid all gloom and doom.

She also talks about the stock she is looking at in such times. She is very cautious in her approach and looks for the stocks that survive in all the market cycles.

Tune in to find out more...

In the news from the banking sector, RBL Bank share price is in focus today. The stock of the lender recovered from a 34-month low to jump 6% in today's trade after the bank clarified that no key managerial personnel (KMP) has sold any shares on July 30, as is reported in the media.

Note that there were speculations that stock sale by employees in the wake of Cafe Coffee Day founder VG Siddartha's death was possibly based on undisclosed knowledge of the group's exposure to the lender.

In clarification, the bank today told BSE that it has a board-approved code that lays down processes and procedures to be followed by the employees while trading in the securities of the bank.

The bank said it is a professionally managed entity, wherein employee stock ownership plan (ESOPS) are an important component of employee value proposition.

The bank had reported 40.5% rise in its net profit at Rs 2.7 billion for the quarter ended June, as compared to Rs 1.9 billion for the same quarter in the previous year.

In other news from the banking space, market participants are tracking Lakshmi Vilas Bank share price today. The stock of the bank witnessed selling pressure in today's session after the lender yesterday announced the resignation of its chief executive Parthasarathi Mukherjee.

Mukherjee quit citing personal reasons, the bank informed the bourses late in the evening.

The bank in April had announced a merger with the city-headquartered mortgage major Indiabulls Housing Finance, in a deal which is very keenly watched for the outcome.

Speaking of banking sector, public sector banks (PSBs) have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks. This is evident in the chart below:

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

Moving on to the news from the mining sector, the Union Cabinet approved 100% foreign direct investment (FDI) under the automatic route in coal mining and also in creation of associated infrastructure such as washeries.

As per the news, the Cabinet's move to fully open up coal mining to foreign players could help get latest technologies, reduce fuel shortages that have crippled the power sector, and boost economic growth by attracting fresh investment.

The move follows an earlier decision allowing commercial coal mining by private operators.

Currently, 100% FDI under the automatic route is allowed for coal and lignite mining for captive consumption by power projects as well as iron and steel and cement units.

FDI is also permitted for setting up processing plants like washeries subject to the condition that the company shall not do coal mining or sell the washed or sized coal in the open market.

They must, under the existing rules, supply the processed coal to those who are supplying raw coal to them.

How the above move will affect Indian mining companies remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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