Indian Indices Continue Momentum; FMCG Sector Up 1.3%

Fri, 8 Dec 01:30 pm

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After opening the day in the green, stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks in the metal sector and FMCG sector witnessing maximum buying interest.

The BSE Sensex is trading up 280 points (up 0.9%) and the NSE Nifty is trading up 91 points (up 0.9%). The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 1%. The rupee is trading at 64.49 to the US dollar.

As per data from Association of Mutual Funds in India (AMFI), investors put in Rs 1.26 trillion in mutual funds, driving industry assets under management to an all-time high of Rs 21.79 trillion.

As per the data, equity-oriented funds received Rs 203 billion and hybrid schemes received Rs 76 billion.

Cumulatively in the first-eight months of FY18, these schemes have received inflows of Rs 1,731 billion.

Note that while Indian households have traditionally favoured gold and real estate as means of investments, growing financial awareness has led to a rise in financial savings.

However, among financial assets, mutual funds still have a lot of catching up to do.

The share of mutual funds in financial savings remains abysmally low at 2.9%. Currency and deposits, on the other hand, have a lion's share of 40% whereas insurance and pension contribute a quarter each to overall financial savings.

India has the lowest mutual fund penetration globally, as can be seen from the chart below:

India Fares Poorly in Mutual Fund Penetration

However, the growth is set to pick up on the back of various factors. As Tanushree Banerjee writes in a recent edition of The 5 Minute WrapUp...

• Factors such as favourable demographic profile with a young working population, rise in income levels, increasing financial literacy and retail participation and buoyancy in capital markets supporting equity AUM, are expected to drive the growth of the mutual fund industry in the long term. The mutual fund industry has grown at an annual rate of 18% in the past decade, and is expected to grow by 20% over the next five years.

It would be interesting to see how this trend pans out. We'll keep you updated on the developments.

In the news from the energy sector, Oil India share price and ONGC share price are witnessing buying interest today.

Most of the gains were seen amid reports that the oil ministry will shortly send a proposal to the Cabinet that will allow the oil producers to charge higher gas price for oil fields in North East region.

Presently, high gas price is charged only from fields in difficult terrains such as deep sea and high pressure-high temperature areas.

In the news from the IPO space, as per an article in the Economic Times, Kotak Private Equity Group-backed Bharat Serum and Vaccines Limited is planning to raise Rs 20 billion by offloading around 30% stake in an initial public offering of shares.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often than not.

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