Sensex Opens Firm Tracking Positive Global Cues

Thu, 7 Sep 09:30 am

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Asian stock indices are higher following the stronger lead from Wall Street overnight on political developments out of Washington. The Shanghai Composite is up 0.45%, while the Hang Seng is up 0.23%. The Nikkei 225 is trading up by 0.37%. Overnight, the US stocks closed higher, led by gains in the energy sector.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 142 points while the NSE Nifty is trading higher by 41 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.9% & 0.8% respectively.

All sectoral indices have opened the day in green with stocks from automobile sector and realty sector leading the pack of gainers. The rupee is trading at 64.21 to the US$.

Mutual funds' assets under management (AUMs) hit a record Rs 20.6 trillion in August, as falling fixed deposit rates prompted investors to move money to equity funds.

According to data from the Association of Mutual Funds in India (Amfi), total AUM rose 2.3% in August. This was backed by a 60% jump in net inflows in equity schemes to Rs 203.6 billion-the highest ever, from the month before.

Touching New Highs

The record flows cemented the belief that the industry is going through a structural uptrend due to improvement in financial savings and dimming appeal of traditional asset classes such as gold and real estate.

Diversified equity funds got net flows of Rs 195.2 billion, while tax-saving equity schemes netted another Rs 8.5 billion. The industry AUM increased to Rs 20.6 trillion from Rs 19.96 trillion in July.

With the latest inflows, the overall equity AUM has comfortably surpassed the Rs 7-trillion mark. This excludes assets under exchange traded funds (ETFs), which too are fast gaining popularity.

Currently, there are over 15 million systematic investment plans (SIPs) registered - mostly equity oriented. And the monthly SIP inflows stand at Rs 50 billion.

For Indian investors, the upside in corporate earnings has been successful bait. And continues to be. The average profit margins of Indian companies continue to languish near historical lows.

But the worry is that the surge in valuations since 2016 has been devoid of profit growth. As Vivek Kaul pointed out in his Diary:

• "Of course, the stock markets might continue to rise and all the investors who have come in late, might also get to party. We live in the era of easy money and the astonishing amount of money created by the Western Central Banks can keep fuelling stock market bubbles till kingdom come.
  
  But if the rally does not continue, the world will need to learn an old investment lesson all over again-the retail investor continues to remain a sucker."

Moving on to the news from the information technology sector. HCL Technologies announced that it has agreed to buy UK-based ETL Factory Limited, doing business as Datawave, for 7 million pounds.

The ETL Factory has created an innovative data automation platform which enables enterprise customers to execute large scale, complex data migration and data integration projects in leaner, faster and smart way.

The HCL Tech management said this acquisition of ETL Factory and its suite of products bolsters HCL's capabilities to collaborate with clients on their mission critical data transformation projects, incorporating a culture of DevOps and continuous integration.

Also, the management added, the datawave will also bring in significant banking industry expertise. This acquisition would be a strategic play for the company's digital and analytics practice.

One must note that ETLs revenue has grown from 1.04 million pounds in March 2015 to 6.2 million pounds in March 2017.

HCL Technologies share price opened the day up by 0.5%.

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