Sensex Ends Day Deep in Red, RBI Governor Resigns, and Top Stocks in Action

Tue, 11 Dec Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day in deep red after a volatile day of trading.

The BSE Sensex closed lower by 714 points to end the day at 34,960. While the broader NSE Nifty ended the up by 7 points to end at 10,884.

Among BSE sectoral indices, realty stocks fell the most by 3.2%, followed by capital goods stocks at 2.4%. Kotak Mahindra Bank and Reliance Industries were among the top losers.

Top Stocks in Action Today

The domestic stock markets are bound to be volatile today as the RBI Governor, Urjit Patel announced his resignation with immediate effect, after market hours yesterday.

Further, results of Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram to be declared today will add to the volatility.

Kotak Mahindra Bank share price is likely to be in focus said it has filed a writ petition against the Reserve Bank of India's (RBI) for forbidding the bank to reduce promoter holding to the mandated level by issuing perpetual non-convertible preference shares (PNCPS).

India's Current Account Deficit Rises

A higher trade gap fueled by rising crude oil prices pushed India's current account deficit (CAD) to near 3% in the second quarter of this fiscal year.

As per the Reserve Bank of India (RBI), the country's CAD at US$19.1 billion (2.9% of GDP) during July-September 2018, much higher than US$6.9 billion (1.1% of GDP) in the second quarter of the previous fiscal and US$15.9 billion or 2.4% of GDP in the preceding quarter.

Note that, the CAD is the difference between the inflow and outflow of foreign currency.

The central bank said the widening of CAD on a year-on-year basis was largely on account of a higher trade deficit at US$50 billion compared with US$32.5 billion a year ago.

The CAD number should not come as a surprise given the rising trend in crude oil prices seen during the quarter.

Rating agency ICRA had earlier forecast the rise in crude oil prices and higher gold import could widen the CAD to 3% of GDP in the July-September quarter.

ICRA said CAD could rise to US$68-73 billion (2.6% of the GDP) in the current fiscal from US$48.7 billion or 1.9% of the GDP in 2017-18.

The RBI said during the second quarter, net services receipts increased 10.2% over the same period last year mainly because of a rise in net earnings from software and financial services.

On the other hand, private transfer receipts, which largely represents remittances by Indians employed overseas, stood at US$ 20.9 billion, increasing 19.8% from their level a year ago.

Similarly, in the financial account, net foreign direct investment at US$7.9 billion was lower than US$12.4 billion in the corresponding period of 2017-18. Portfolio investment, too, recorded a net outflow of US$1.6 billion against an inflow of US$2.1 billion.

This was due to net sales by the portfolio investors in both the debt and equity markets.

However, there was good news on the NRI deposits front, where net receipts increased to US$3.3 billion in the July-September period from US$0.7 billion a year ago.

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