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Sensex Ends 97 Points Lower; Realty & Telecom Stocks Witness Selling
Fri, 11 Jan Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure during closing hours to end the day marginally lower. Barring FMCG sector, oil & gas sector and metal sector, all sectoral indices ended in red with stocks in the realty sector and telecom sector witnessing maximum selling pressure.

At the closing bell, the BSE Sensex stood lower by 97 points (down 0.3%) and the NSE Nifty closed down by 27 points (down 0.3%). The BSE Mid Cap index ended the day down by 0.1% while the BSE Small Cap index ended the day down by 0.2%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.6% and the Shanghai Composite was up by 0.7%. The Nikkei 225 was up 1%.

The rupee was trading at 70.57 against the US$.

In the news from macroeconomic space, the World Bank has projected a gloomy outlook for the global economic growth in the coming years.

In its recently released Global Economic Prospects Report - January 2019, the World Bank reiterated the fears of global slowdown.

As per the report, worries over trade war, weak global growth and financial stress in the developing economies are likely to weigh on global growth outlook.

As per the report, in 2019, the global economic growth is projected to grow by 2.9% compared with earlier estimates of 3% amid softer international trade and manufacturing activities, elevated trade tensions and financial market pressures in some of the emerging market economies.

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In 2020 and 2021, the global economic growth has been forecast at 2.8% each year. This is 0.1% point lower than earlier projections.

However, the World Bank expects India to remain the fastest growing emerging market economy.

As per the report, India is expected to remain the fastest growing emerging market economy and its growth forecast has been kept unchanged at 7.3% in FY19 while the economy is expected to grow at 7.5% in the next 3 years.

As per the World Bank's estimates, current account deficit is expected to widen to 2.6% of GDP while the inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's (RBI) target range of 2-6%, mainly owing to energy and food prices.

It states the domestic demand in India is improving owing to structural reforms undertaken by the country recently and a revival in credit growth.

While investment continued to strengthen amid GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth.

How these projections unfold remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Also, speaking of credit growth in India, note that the credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth.

But it also back to the five-year high. This is evident in the chart below:

Credit Growth Back to 5 Year High

What does this mean for the Indian economy? Here's what Tanushree wrote about it in one of the recent editions of The 5 Minute WrapUp...

  • Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

    So even as we await a sharper earnings recovery, the first signs of it are already evident.

In the news from the IT sector, TCS share price was in focus today as the India's largest IT services company said it has appointed Daniel Hughes Callahan as an Additional and Independent Director.

The company in a statement announced that Callahan has been appointed as an Additional and Independent Director for a period of five years with effect from January 10, 2019.

The stock was also in focus as the company yesterday reported a 24.1% rise in YoY profit at Rs 81.1 billion for the December quarter.

The IT major had reported Rs 65.3 billion profit in the same quarter last year.

Revenue for the quarter rose 20.8% YoY to Rs 373.4 billion.

The company stated that it posted a strong revenue growth of 12.1% in the December quarter, which is the highest in 14 quarters, with continued growth acceleration in key verticals and across all geographies.

Further, the directors of the company declared a third Interim dividend for the financial year of Rs 4 per share.

The dividend will be paid on January 24, and January 18 has been fixed as the record date.

In other news, Eveready share price was also in focus today after media reports that Williamson Magor, which owns 45% in the company, is selling Eveready Industries.

As per the reports it was reported that the BM Khaitan-led Williamson Magor is selling its flagship Eveready Industries, a leader in dry cell batteries and flashlights, triggering an auction process for one of the country's oldest consumer brands.

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!

Read the latest Market Commentary

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Stock Market Updates

Top 5 Mid-Cap Gainers Today; IIFL FINANCE Leads the Pack (Today's Market)

Jan 21, 2020 03:59 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

DHANUKA AGRITECH Plunges by 5%; BSE 500 Index Down 0.4% (Today's Market)

Jan 21, 2020 03:34 PM

DHANUKA AGRITECH share price has plunged by 5% and its current market price is Rs 474. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 22.2%) and SREI INFRA FINANCE (up 9.9%). The top losers are DHANUKA AGRITECH (down 5.2%) and PRESTIGE ESTATES (down 7.8%).

GRANULES INDIA Plunges by 5%; BSE HEALTHCARE Index Up 0.2% (Today's Market)

Jan 21, 2020 03:04 PM

GRANULES INDIA share price has plunged by 5% and its current market price is Rs 153. The BSE HEALTHCARE is up by 0.2%. The top gainers in the BSE HEALTHCARE Index are SUVEN LIFESCIENCES (up 4.9%) and JUBILANT LIFE SCIENCES (up 3.2%). The top losers is GRANULES INDIA (down 5.2%).

AIA ENGINEERING Surges by 5%; BSE CAPITAL GOODS Index Down 0.5% (Today's Market)

Jan 21, 2020 02:30 PM

AIA ENGINEERING share price has surged by 5% and its current market price is Rs 1,765. The BSE CAPITAL GOODS is down by 0.5%. The top gainers in the BSE CAPITAL GOODS Index is AIA ENGINEERING (up 5.1%). The top losers are SKF INDIA and HONEYWELL AUTOMATION .

POWER FINANCE CORPORATION Plunges by 5%; BSE 500 Index Down 0.4% (Today's Market)

Jan 21, 2020 02:30 PM

POWER FINANCE CORPORATION share price has plunged by 5% and its current market price is Rs 113. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are VODAFONE IDEA (up 18.9%) and SREI INFRA FINANCE (up 9.9%). The top losers are POWER FINANCE CORPORATION (down 5.0%) and PRESTIGE ESTATES (down 6.7%).

Sensex Trades Marginally Lower; Asian Paints & Tata Steel Top Losers (Today's Market)

Jan 21, 2020 12:30 pm

Indian share markets are trading on a negative note with the BSE Sensex down by 106 points while NSE Nifty is trading lower by 25 points.

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