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Sensex Down 1.4%; Metal, Realty Stocks Lose Most

Thu, 11 Oct 12:30 pm

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After opening the day deep in red share markets in India are making a steady recovery, but are still trading below the dotted line. Sectoral indices are trading on a mixed note, with stocks in the metal sector and stocks in the realty sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 463 points (down 1.4%) and the NSE Nifty is trading down by 143 points (down 1.4%). Meanwhile, the BSE Mid Cap index is trading down by 1%, while the BSE Small Cap index is trading down by 0.8%. The rupee is trading at 74.27 to the US$.

In news about the economy. India could be staring at sanctions after US President Donald Trump said that India will soon find out about his decision for punitive sanctions after India signed a US$5 billion deal with Russia for the S-400 air defence system.

Under the Countering America's Adversaries Through Sanctions Act or CAATSA sanctions, which was amended early this year, only Donald Trump has the authority for the presidential waiver to India on weapons deal with sanctions-hit Russia.

Sanctions from the US could lead India further down, in the already volatile emerging markets.

Recent woes of emerging markets seem to be never ending. Every day, a new country joins the 'fragile' list.

Growing Uncertainty in Emerging Markets

The latest to do so is South Africa a couple of weeks back. South Africa's economy shrank by an annualised 0.7% in the second quarter plunging the nation into depression.

South Africa joins Argentina, Turkey and Brazil in the list of emerging countries to have their currencies depreciated considerably against the US dollar. More could follow.

India has relatively fared better as compared to these countries.

The recent rally in crude oil has also not helped matters. We are seeing similar traits to the one seen five years back. Back in 2013, India was a part of 'fragile five' emerging markets along with Brazil, South Africa, Indonesia, and Turkey.

Political uncertainty, high inflation, slower growth and large fiscal deficits had dented investor confidence in Indian markets.

While the Indian economy is on a comparatively strong footing, elections next year is a big risk. A fractured mandate combined with the weak rupee and rising crude oil prices would be a recipe for pain in the short-term.

But it wouldn't dent the long-term prospects of our economy or our market.

Moving on to news from stocks in the banking sector. Bandhan Bank share price is in focus today after its CEO and MD said that the bank will soon submit its plan to bring down its promoter holding to comply with the Reserve Bank of India's (RBI) directions.

Last month, the Reserve Bank of India had barred Bandhan Bank from opening new branches without its approval and had ordered it to freeze the MD's salary over its failure to meet shareholding rules.

The RBI took the decision as the bank was not able to bring down the shareholding of non operative financial holding company to 40%, as required under the licensing condition.

According to RBI's new licensing guidelines, the bank's promoter, Bandhan Financial Holdings Ltd, has to reduce its stake from 82% to 40% within three years of commencing the business.

Thereafter, banks are required to reduce their shareholding to 20% and 15% within 10 years and 12 years, respectively. Bandhan Bank's deadline ended on 23 August.

At the time of writing, Bandhan Bank share price was trading down by 5.5%.

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