Sensex Ends 158 Points Lower; Energy and Telecom Stocks Witness Selling

Thu, 14 Feb Closing

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Share markets in India witnessed selling pressure during closing hours and ended their trading session on a negative note. Sectoral indices ended in the red with stocks in the telecom sector and energy sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 158 points (down 0.4%) and the NSE Nifty closed down by 48 points (down 0.4%). The BSE Mid Cap index ended the day up 0.5%, while the BSE Small Cap index ended the day up 0.2%.

The rupee was trading at 71.11 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.2% and the Shanghai Composite was down by 0.1%. The Nikkei 225 stood flat.

In the news from the banking space, Yes Bank share price was in focus today and witnessed buying interest after the lender received no observation on divergence in the bank's asset classification and provisioning in the Reserve Bank of India's (RBI) Risk Assessment Report for FY2018.

Shares of Yes bank recorded its sharpest intra-day rally since its listing on back of the above news.

The development comes as against the Rs 7.5 billion of gross NPAs reported by the lender as on March 31, 2016, the RBI assessment showed the tally at Rs 49.3 billion, leading to a divergence of Rs 41.8 billion.

Reportedly, the divergence increased to Rs 63.4 billion in FY17 which was the main reason former CEO Rana Kapoor's tenure was reduced last year by the central bank.

In the news from global financial markets, Japan's economy expanded in the fourth quarter as business and consumer spending recovered from natural disasters. However, global trade protectionism remained a concern for the country.

Japan's gross domestic product expanded a seasonally adjusted 0.3% on a quarterly basis in the fourth quarter of 2018. This was shy of expectations for a gain of 0.4% following the 0.6% contraction in the three months prior.

On a yearly basis, GDP climbed 1.4% - matching expectations after sinking 2.5% in the third quarter.

Nominal GDP was up 0.3% on quarter, again shy of forecasts for 0.4% following the 0.7% drop in Q3.

In the news from the macroeconomic space, India's wholesale price inflation (WPI) cooled to 2.76% in January from 3.8% in December.

Data released by the commerce and industry ministry on Thursday showed Inflation in fuel and power rose 1.85% from 8.38% in December and that in manufactured products 2.61% in January from 3.59% in the trailing month.

Note that data released by the statistic department yesterday showed that inflation, as measured by the Consumer Price Index (CPI), also cooled to 2.05% in January 2019 compared with a revised 2.11% in December 2018. The previous low for consumer inflation was 1.46% in June 2017.

In 2016, the RBI adopted an inflation target of 4% (+/-2%) for next five years under the monetary policy framework.

However, since August last year, inflation has stayed below RBI's target of 4%.

Actual Inflation has Stayed Below the RBI's Target

In fact, in December, CPI-based retail inflation declined to an 18-month low of 2.2%.

It would be interesting to see how these numbers look in during the coming months. Meanwhile, we will keep you updated on all the developments from this space.

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