Sensex Trades Marginally Higher; M&M and IndusInd Bank Top Gainers

Tue, 5 Feb 12:30 pm

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Share markets in India are presently trading marginally higher. Sectoral indices are trading mixed with stocks in the consumer durables sector and auto sector witnessing maximum buying interest while telecom stocks and realty stocks are witnessing selling pressure.

The BSE Sensex is trading up by 91 points (up 0.3%), while the NSE Nifty is trading up by 30 points (up 0.3%). The BSE Mid Cap index is trading up by 0.1% while the BSE Small Cap index is trading down by 0.2%.

The rupee is trading at Rs 71.72 against the US$.

Speaking of Indian share markets, more than 40 foreign pension funds (endowments and university and family foundations) registered with the Securities and Exchange Board of India in 2018.

Foreign Pension Funds are Making a Beeline for India

Here's what Tanushree Banerjee, Co-head of Research at Equitymaster, wrote about it on one of the recent editions of The 5 Minute WrapUp...

• According to OECD, the 20 largest pension funds together hold about 43.2% of total global pension assets. Even if India were to receive 5% allocation, it will mean a boom for Indian stock markets.
  
  In last three years, there has been a consolidation as a result of stronger growth among the major players in the pension landscape. And these players are likely to concentrate more on geographies that offer stronger returns apart from relative safety, like India.
  
  However, the fact is that as a percentage of GDP, India's own pension fund assets are miniscule, even compared to that of other developing economies. And this could bring in a huge crisis in the decades ahead.
  
  About a quarter of the projected increase in the global population aged 15-64 years between 2010 and 2040 will occur in India. However, only 7.4% of India's working age population is covered under a pension program. That compares with 31% for Spain and 30% for Brazil, according to the World Economic Forum's report on Global Human Capital.

Therefore, it is imperative that along with attracting global pension funds, India also works towards bringing in most of India's working age population (especially those working in the unorganized segment) under pension plans. Budget 2019 seems to have made a start in that direction.

Speaking of the budget announcement on Friday, to help you gain more insight into interim budget proposals, we have research analyst, Sarvajeet Bodas talk about everything you need to know about the interim budget in our latest episode of Indian Stock Market Podcast. As per him, devil lies in the detail.

Catch him talk about all the must-knows of budget, including which stocks and sectors could benefit post the announcement.

Coal India share price is in focus today as the board of the company on February 4 approved buyback of up to 4.47 crore shares totaling to Rs 10.5 billion at Rs 235 per share.

Last month, the company had announced that it would raise about Rs 10.6 billion by selling shares to its subsidiaries MCL (Mahanadi Coalfields Limited), SECL (South Eastern Coalfields Limited) and NCL (Northern Coalfields Limited).

This will be the company's second buyback in two years. Coal India had gone for a buyback in 2017, when the government raised about 26.4 billion from the buyback.

Speaking of buybacks, the number of buyback offers in 2017-18 were at an all-time high. Never, in the last two decades, had Indian markets seen fifty-nine companies announcing buyback plans.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in one of the editions of Equitymaster Insider. You can access the issue here (requires subscription).

Moving on to the news from the banking sector, PNB share price is witnessing buying interest today ahead of its December quarter earnings.

Shares of the company gained around 5% in early trade today and are presently trading up by 3%.

Reportedly, the company is likely to report a flat net interest income and loan growth whereas margins may improve by 2.7%.

In another news, IDBI bank share price is also in focus today as the bank's losses increased nearly three times to Rs 41.9 billion for the December quarter.

The bank had reported a net loss of Rs 15.2 billion in the corresponding quarter of the previous fiscal.

The bank's gross non-performing assets (NPAs) shot up to 29.7% of gross advances during the quarter, against 24.7% in the year-ago period.

However, net NPAs declined to 14% of the total advances, from 16% in the December 2017 quarter.

IDBI Bank share price is presently trading down by 4.6%.

Market participants are also tracking Tech Mahindra share price, BHEL share price, HPCL share price, and DLF share price as these companies are set to announce their December quarter results later today.

You can also read our recently released Q3FY19 results: Reliance Industries, Federal Bank, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, DHFL, Gruh Finance.

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

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