Sensex Remains Positive; PSU & Power Stocks in Demand

Tue, 24 Oct 01:30 pm

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After opening the day on a positive note, the Indian share markets have continued the momentum and are presently trading above the dotted line ahead of October F&O expiry and Infosys results. Sectoral indices are trading mixed, with stocks in the PSU sector & power sector leading the pack of gainers. While, information technology stocks & capital goods stocks are trading in red.

The BSE Sensex is trading higher by 94 points (up 0.3%) while the NSE Nifty is trading higher by 29 points (up 0.3%). The BSE Mid Cap index is trading up by 0.3% while BSE Small Cap index is trading up by 0.8%. Gold prices, per 10 grams, are trading at Rs 29,505 levels. Silver price, per kilogram is trading at Rs 39,880 levels. Crude oil is trading at Rs 3,380 per barrel. The rupee is trading at 65.02 to the US$.

Media stocks are trading on a mixed note with Cineline India & Zee Entertainment witnessing maximum buying interest. Zee Entertainment share price surged 4.8% after the company reported nearly 148% year-on-year rise in consolidated net profit at Rs 5.9 billion for the second quarter ended 30 September.

It had reported a net profit of Rs 2.4 billion in the corresponding quarter last year.

Consolidated total revenue of the company increased 2.7% on a year-on-year basis to Rs 17.9 billion in Q2FY18 over Rs 17.4 billion in Q2FY17.

The company has earned an exceptional gain of Rs 1.4 billion as the Group has concluded closure of its second phase of transaction for disposal of sports broadcasting business to Sony Pictures Networks India.

During the quarter ended March 2017, it had disposed of a major part of its sports broadcasting business on a slump basis resulting in a net gain of Rs 12.2 billion.

Further, revenue from operations during the quarter declined 6.7% to Rs 15.8 billion in quarter ended September 2017.

To know more about the company, you can access to Zee Entertainment's latest result analysis and Zee Entertainment stock analysis on our website.

In another development, foreign investors' (FIIs) have pulled out over Rs 80 billion from Indian equity markets so far in the month of October, but the quantum of selling has reduced.

FIIs remained net sellers in six out of last nine months in the calendar year 2017 putting further pressure on the Indian market.

It's no secret that FIIs dominate the Indian markets. Despite record inflows into mutual funds, it is the foreign investor that drives stock prices.

Keeping this in mind, it always helps to get an idea of FII sentiment.

The chart below highlights an interesting development. Relative to India's market capitalisation, foreigners are less enthused about India compared to some other emerging market countries.

FIIs Not Very Bullish at the Moment

As per an article in the Business Standard, FII flows in 2017 have been impressive at US$ 6.3 billion. But it is only 0.32% of the market cap of the Indian stock market.

As per Ankit Shah, our research analyst, the biggest reason has been the failure of earnings to catch up with valuations. Here's an excerpt of what he wrote:

• "So far, the indices have rallied about 12% this year. If FII flows continue at the current pace and the markets absorb the huge flows, it could result in a bubble."

As per him, the only way that can be avoided will be due to a pickup in earnings. Our Sensex 40,000 call is based on the same premise.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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