Indian Indices Erase Gains; IndusInd Bank & Sun Pharma Top Losers

Mon, 31 Aug 12:30 pm

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Share markets in India have erased all early gains and are presently trading deep in the red, amid rising geopolitical tensions.

Reports said the Chinese troops 'carried out provocative military movements in Eastern Ladakh to change the status quo' but they were blocked by Indian soldiers.

In early trade today, Sensex and Nifty jumped over 1% tracking gains in Asian peers.

Asian shares notched a fresh two-year high today as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period, keeping the safe-haven dollar on the defensive.

The Nikkei rallied 1.4% aided by news Warren Buffett's Berkshire Hathaway had bought more than 5% stakes in each of the five leading Japanese trading companies.

Market participants are awaiting this quarter's GDP numbers, due later today at 5:30 pm.

Economists project the GDP may decline by 19.2% in the April to June quarter from a year ago, the sharpest contraction since the nation started publishing quarterly figures in 1996. India's FY20 GDP had declined to 4.2% from 6.1% in FY19, the slowest in the last 11 years.

The BSE Sensex is trading down by 227 points, at 39,250 levels.

Meanwhile, the NSE Nifty is trading down by 82 points.

Top losers in NSE include IndusInd Bank and Sun Pharma. Meanwhile, top gainers in NSE today include Bharti Infratel and Wipro.

MidCap and SmallCap stocks are witnessing huge selling pressure today. The BSE Mid Cap index is trading down by 3.1%. The BSE Small Cap index is trading down by 4.6%.

On the sectoral front, realty stocks are witnessing most of the selling pressure.

The rupee is trading at 73.57 against the US$.

Gold prices are currently trading up by 0.5% at Rs 51,698.

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Moving on to stock specific news...

Adani Group stocks are among the top buzzing stocks today.

Adani Group stocks rallied today after the group acquired a 74% stake in Mumbai International Airport Limited (MIAL), which operates India's second-largest airport in Mumbai.

Under the transaction, Adani Group will acquire 50.5% stake of GVK group. Additionally, Adani will also acquire 23.5% stake of minority partners Airport Company of South Africa (ACSA) and Bidvest.

ACSA and Bidvest hold 10 and 13.5% stake respectively in MIAL.

Shares of Adani Ports surged over 5% on back of the above news.

Adani Enterprises is trading 1% higher while Adani Power is up over 3%.

Shares of Adani Green hit an all-time high of Rs 497.55.

Meanwhile, GVK Power & Infrastructure is frozen at 5% upper circuit limit of Rs 3.43.

According to the agreement, Adani Group will acquire GVK's debt from lenders.

Adani Group has publicly disclosed plans of becoming 'India's leading airport operator', something it also stated in its annual report for FY20.

It also stated in the annual report that growing domestic passenger traffic is providing immense opportunity to expand and scale up its business.

Moving on to news from the mutual funds space, as per an article in The Economic Times, emerging investment instrument REIT seems to be finally catching investors' fancy, with mutual funds investing a whopping Rs 7.4 billion in such units in the first six months of 2020, nearly three-fold jump from the year-ago period.

However, mutual funds' investment in infrastructure investment trusts (InvITs) dropped by 8% to Rs 49.7 billion in the period under review, data with the markets regulator showed.

Overall, mutual funds have increased their exposure in these investment avenues over the past one year.

Investment by fund houses in REITs jumped from a mere Rs 70 million in January 2019 to Rs 710 million in January this year and further increased to Rs 4 billion in June 2020.

Fund managers infused Rs 7.4 billion in real estate investment trusts (REITs) in January-June 2020 compared to Rs 2.5 billion in the first six months of last year.

The investment in InvITs rose from Rs 6.1 billion in January 2019 to Rs 9.1 billion in the same month this year and thereafter to Rs 9.7 billion in June 2020.

As compared to last year, fund managers' investment in InvITs declined to Rs 49.7 billion in January-June 2020 from Rs 54 billion in the first six months of 2019.

Under the regulations, REITs and InvITs need to distribute a minimum of 90% of their cash flows to unit holders.

Embassy Office Parks REIT and Mindspace REIT are the only two listed real estate investment trust.

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

How this trend pans out in coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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