Sensex Ends Marginally Higher; Auto and Energy Stocks Witness Buying

Mon, 9 Dec Closing

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Indian share markets ended their volatile trading day on a flattish note.

At the closing bell, the BSE Sensex stood higher by 42 points (up 0.1%) and the NSE Nifty closed higher by 15 points (up 0.1%).

The BSE Mid Cap index ended up by 0.1%, while the BSE Small Cap index ended the day down by 0.4%.

On the sectoral front, gains were seen in the auto sector and energy sector. IT sector and realty sector, on the other hand, witnessed selling.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood flat and the Nikkei was trading up by 0.33%, while the Shanghai Composite was trading up by 0.08%.

European markets were trading on a negative note. The FTSE 100 was down by 0.19%. The DAX was trading down by 0.12%, while the CAC 40 was trading down by 0.22%.

The rupee was trading at 71.10 to the US$ at the time of writing.

Speaking of the Indian stock markets, smallcap analyst Richa Agarwal talks about the ongoing economic slowdown, an upcoming rebound in the small cap space, and her number 1 stock pick for 2020 in the video below.

Tune in to find out more...

From the banking sector, Bank of Baroda share price was in focus today as the investment committee of the lender in its meeting approved the participation of Bank of Baroda in the proposed initial public offering (IPO) of equity shares of UTI Asset Management Company.

The development is carried by way of an offer for sale of up to 1,04,59,949 equity shares held by the bank, subject to the approval of the Indian share market regulator.

Note that the market regulator has directed three public sector financial institutions - LIC, SBI and Bank of Baroda - to dilute their stakes to below 10% in UTI Asset Management Company by December next year.

In the case of non-compliance with directions, the shareholding and voting rights of these entities in UTI AMC and UTI Trustee in excess of 9.99 % and corporate benefits will be frozen till the time they comply with the orders.

The same comes as the market regulator had amended the mutual fund regulations in March 2018, wherein a shareholder or a sponsor owning at least 10% stake in an AMC is not allowed to have 10% or more stake in another mutual fund house operating in the country.

UTI AMC is promoted by four public sector financial institutions as sponsors viz. State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bank of Baroda (BoB), and Punjab National Bank (PNB), with each of them presently holding 18.24% stake in the fund house, while private equity firm T Rowe Price International holds 26%t stake in UTI AMC.

We will keep you updated as and when the above adjustments in the aforementioned companies take place.

Moving on to the news from the macroeconomic space, as per a leading financial daily, Chief Economic Advisor KV Subramanian said that though Indian economy is facing a slowdown, the country's potential growth remains unaltered.

The CEA said that the slowdown is more on the cyclical side and he expects things to improve soon as the government is taking the necessary steps to spur growth.

The comments come as the Reserve Bank of India (RBI) recently lowered the growth forecast for the ongoing financial year to 5% from the earlier estimate of 6.1% on account weak domestic and external demand.

According to government data, the country's economic growth slipped to a over six-year low of 4.5% in the second quarter of the current fiscal mainly due to contraction in manufacturing sector output.

On the brighter side, RBI added that, monetary policy easing since February this year, and the measures initiated by the government over the last few months are expected to revive sentiment and spur domestic demand.

Only time will tell how these anticipations pan out. We will keep you updated on all the news from this space. Stay tuned.

Speaking of the Indian economy, with the RBI keeping interest rates unchanged last week, the focus of market participants has now shifted to whether the RBI's rate cut will translate into better economic activity in the near term.

Like this chart shows, RBI rate cuts have always had a big gap with bank lending rates.

Yet Another RBI Rate Cut May Not Result in Lower Lending Rates

Here's what Tanushree Banerjee wrote about it in a recent edition of The 5 Minute WrapUp...

• It will be a while before lower lending rates stoke the economy.
  
  Therefore, hoping for an immediate revival in the economy is futile. The RBI has no magic wand to do this.
  
  Rather look for stocks that can outperform irrespective of the RBI policy.
  
  I believe the cement sector may be a good place to start.
  
  One of my recent recommendations from the sector is a typical Rebirth of India stock.
  
  And I won't be surprised if it repeats its 2002-2006 performance.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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