Sensex Trades Rangebound; IndusInd Bank & ICICI Bank Top Gainers

Wed, 16 Jan 12:30 pm

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Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the capital goods sector and oil & gas sector witnessing maximum buying interest while FMCG stocks and metal stocks are witnessing selling pressure.

The BSE Sensex is trading up by 74 points (up 0.2%), while the NSE Nifty is trading up by 21 points (up 0.2%). The BSE Mid Cap index is trading up by 0.2% and the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 71.19 against the US$.

Note that, 2018 was a turbulent year for the Indian stock markets. Foreign investors dumped Indian equities worth Rs 33,014 crore and debt instruments worth Rs 47,795 crore. In fact, they have continued to be net sellers in Indian stocks even in 2019. So far in January 2019, they have sold equities worth Rs 2,675 crore.

Had it not been for the solid participation from domestic investors, the Indian markets would have witnessed a much steeper fall.

The Rapid Growth of the Indian Mutual Fund Industry

Ankit Shah shares an interesting observation in the rapid growth of MF Industry.

Here's what he wrote in one of the recent editions of The 5 Minute WrapUp...

• Ten years ago, the total assets under management (AUM of the Indian mutual fund industry were Rs 4.13 trillion (1 trillion equals 1 lakh crore) as on 31 December 2008.
  
  Over the subsequent five years, the industry grew at a compound annual growth rate (CAGR) of 15% to take the total AUM to Rs 8.2 trillion as on 31 December 2013.
  
  Thereafter, the Indian mutual fund industry took off like never before, compounding at 23% CAGR, and taking the total AUM as on 31 December 2018 to Rs 22.86 trillion.
  
  In just 10 years, the AUM of the Indian MF Industry has multiplied 5.5 times, compounding at 19% CAGR.
  
  The total number of mutual fund folios as on 31 December 2018 stood at 8.03 crore (80.3 million).

In the news from the aviation space, Jet Airways share price is under pressure today as Etihad has offered to invest in the domestic airline at discounted rate of Rs 150 per share.

Along with this, Etihad has also agreed to infuse $35 million from Jet Privilege, where it owns majority shares but after the due diligence is completed.

Etihad Chief Executive Tony Douglas has written to State Bank of India on the restructuring plan for the airline.

As per an article in The Economic Times, Etihad has sought exemptions from the markets regulator from making an open offer and preferential pricing guidelines.

Here's an excerpt from the article:

• In addition, Etihad is also demanding that Mr. Goyal's future role as "Chairman Emeritus" should be "well defined," stressing that no board seat should be given for Mr. Goyal himself and no rights for him or his family and affiliates to act or represent the airline.

Shares of the company rallied around 18% in Monday's trading session on reports that the company is close to finalizing a resolution plan.

Last Friday, reports stated that the Tata-Jet Airways deal is back on the table.

The cash-strapped airline which had its credit rating cut to default this month is weighing a resumption of stake sale talks with Tata Group as the carrier is poised to run out of cash.

The creditors are open to lending $500 million to Jet Airways if Goyal and Etihad inject a similar amount into the company. A decision will be made once a forensic examination being conducted into the airline's book is completed.

Jet's woes have worsened with higher oil prices and intense competition in 2018.

This would be the second time that the West Asian airline has come to the debt-laden carrier's rescue.

Jet Airways is presently trading down by 7%.

To know more about the company, you can access to Jet Airways' latest result analysis and Jet Airways' 2017-18 Annual Report Analysis on our website.

Moving on to the news from the media sector, Zee Entertainment share price is in focus today after the company reported 50.3% YoY rise in consolidated profit at Rs 5.6 billion as compared to 3.7 billion in the same period last year.

The company reported 18% YoY jump in revenue at 21.7 billion led by strong advertising growth,

The company's advertising revenues grew 21.7%, while subscription revenues too registered strong growth of 23.3%.

Zee Entertainment share price climbed around 4% in early trade today as is presently trading up by 1%.

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Indian Share Market Update: Top Gainers and Losers