Sensex Ends 142 Points Higher; Metal and Healthcare Stocks Witness Buying

Thu, 21 Feb Closing

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Indian share markets continued their momentum during closing hours and ended the day on a positive note. Gains were largely seen in the metal sector and healthcare sector.

At the closing bell, the BSE Sensex stood higher by 142 points (up 0.4%) and the NSE Nifty closed higher by 54 points (up 0.5%). The BSE Mid Cap index closed up by 0.8%, while the BSE Small Cap index ended the day up by 1.1%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.4% and the Nikkei was trading up by 0.2%.

European markets were trading on a mixed note. The FTSE 100 was down by 0.7%. The DAX was trading up by 0.04%, while the CAC 40 was down by 0.2%.

The rupee was trading at 71.12 to the US$ at the time of writing.

Going by the volatility seen in Indian share markets lately, are we seeing the first signs of panic in the Indian stock market?

Mutual fund investors who have been resilient in their investments till now are showing the first signs of panic.

As can be seen in the chart below, net mutual fund inflows (mutual fund inflows net of redemptions) for January 2019 was at Rs 61.6 billion. This is a 60% drop from net inflows of 153.9 billion in January 2018 of last year.

Reducing Mutual Fund Net Inflows - First Sign of Panic?

Past bear market cycles were characterised by the exit of retail investors.

Are we seeing the same thing again?

Here's what Tanushree Banerjee wrote about this in today's edition of The 5 Minute WrapUp...

• It is important dear reader, to avoid the herd in times like these.
  
  These are the times that differentiate the small number of investors who create long-term wealth for themselves by taking long-term positions in safe stocks.
  
  You should also hold on to the safe stocks you already own and avoid panic selling.
  
  This will go a long way in your wealth building journey.

In the news from the telecom space, Mahanagar Telephone Nigam (MTNL) share price was in focus today. The stock of the company witnessed buying interest after reports emerged that the Digital Communications Commission (DCC) discussed the revival plan for state-owned BSNL and MTNL.

As per the reports, the members of DCC discussed the revival plan of the two telecom companies along with time needed for them to come back to health and plan to achieve higher revenue.

In the news from the banking sector, Yes Bank share price was in focus today after Moody's Investors Service affirmed Ba1 rating to the lender. Shares of the bank witnessed selling pressure in afternoon trade as the rating agency changed the outlook to stable from negative.

Earlier this week, the Reserve Bank of India (RBI) warned the lender of regulatory action for disclosure of NIL divergence report in violation of the confidentiality clause.

Last week, the lender had received "no observation on divergence" in the bank's asset classification and provisioning in the RBI's Risk Assessment Report for FY2018 and shares of the bank recorded its sharpest intra-day rally since its listing on back of the above news.

As per an article in The Economic Times, against the Rs 7.5 billion of gross NPAs reported by Yes Bank 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.

Note that the stock of the lender plunged to its lowest levels in over two years in November.

Losses were seen after credit rating agencies ICRA and CARE ratings downgraded the bank's debt instruments.

ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA'.

Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.

To know more about the bank, you can read Yes Bank's latest result analysis on our website.

Stocks from the housing finance space were trading higher today on news that the Reserve Bank of India (RBI) will meet the chiefs of public and private sector banks on Thursday to discuss transmission of policy rate cuts through cuts in the lending rates by the banks.

Can Fin Homes share price and LIC housing share price witnessed most of the buying interest on the back of the above news.

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

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