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Indian Indices Finish Flat; IT and Pharma Stocks Witness Selling

Wed, 14 Nov Closing

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Share markets in India ended their trading session on a flattish note. Sectoral indices ended on a mixed note with stocks in the IT sector and pharma sector witnessing most of the selling pressure. Stocks from the energy sector were witnessing buying interest.

At the closing bell, the BSE Sensex stood flat and the NSE Nifty closed down by 6 points (down 0.1%). The BSE Mid Cap index ended the day up 0.2%, while the BSE Small Cap index ended the day down by 0.2%.

The rupee was trading at 72.33 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.5% and the Shanghai Composite was down by 0.8%. The Nikkei 225 was up 0.1%.

From the pharma sector, Sun Pharma share price was in focus today. The stock witnessed selling pressure today as the company reported a consolidated net loss of Rs 2.2 billion for the September quarter on account of a Rs 12 billion provision for the settlement of the Modafinil antitrust case in the US.

From the automobile sector, Mahindra & Mahindra share price was also in focus today as the company reported a 26% jump in net profit at Rs 17.7 billion for the September quarter.

Speaking of quarterly results, you can check our recently released Q2FY19 result analysis of the following companies: Asian Paints, TVS Motors, Wipro, Ambuja Cement, HDFC Bank, Infosys and more.

Also, it's interesting to note that there is typically a big contrast between quarterly and annual earnings performance of companies and the extent to which they find favour among investors.

Over the last two months, for instance, stocks of companies that showed earnings recovery in September quarter, were as beaten down from 52-week highs as the stocks that underperformed in earnings.

Beware of following such herds.

Instead, stick to the best safe stocks in the market.

From the media sector, Zee Entertainment share price was in focus today as the company's promoters showed their keenness in divesting up to 50% of their equity stake in the company to a strategic partner. As per the company filing, the partner will pursue disruptive technological development and transform the business of Zee Entertainment into tech-media company.

In other news, as per a leading financial daily, the Indian stock market regulator has tightened disclosure norms and rating standards for credit rating agencies (CRAs) following the IL&FS fiasco.

The capital markets regulator has asked rating agencies to include a specific section on liquidity, highlighting parameters such as cash balances, access to unutilized credit lines and adequacy of cash flows for servicing maturing debt obligation in their ratings reports.

Note that the complete collapse of IL&FS group meant a huge default of billions of rupees. This is a big mess.

However, the government has taken over and new board is now in place. This is a bit of silver lining to this problem.

But guess what - there are way more cockroaches then initially thought.

As per IL&FS's annual report, there were group companies in the range of 176-251. However, the new board has clarified that there are more than 340 group entities. That means more pain than anyone initially thought.

As the chart below shows, it is really the IL&FS group companies that are in a painful situation.

Even If IL&FS Group Brought This Correction, this is Right Time to Buy & Sit Tight!

In fact, the new board believes the actual liabilities could be understated and has appointed the Serious Investigation Office (SFIO) for forensic audit. This will also help to identify if there was any fraud involved.

There are concerns that the defaults by IL&FS could cause a contagion in the Indian financial sector.

It would be interesting to see what change the above measures placed by the market regulator bring in the finance sector. Meanwhile, we will keep you updated on all the developments form this space.

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

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