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Indian Indices Erase Gains; Metal Stocks Under Pressure
Thu, 16 Jan 12:30 pm | Monish Vora, TM Team

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Share markets in India have erased early gains and are presently trading on a volatile note.

Benchmark indices rose to their respective all-time highs in early trade today, taking cues from the global peers which rose after the US and China signed an initial deal to defuse their 18-month trade war.

Sectoral indices are trading mixed with stocks in the IT sector and metal sector witnessing selling pressure, while telecom stocks and healthcare stocks are witnessing buying interest.

The BSE Sensex is trading down by 26 points, while the NSE Nifty is trading down by 12 points.

The BSE MidCap index is trading up by 0.6%, while the BSE SmallCap index is trading up by 0.5%.

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Speaking of the BSE SmallCap index, note that the index is up 19% from its August 2019 low. The index hit its lowest level since 2018 on 22 August 2019 when it closed at 12,119.

But since the August 2019 low, smallcaps have been making a comeback. In fact, since the start of 2020, the uptrend has accelerated!

Have a look at the chart below...

Of the 704 stocks in the index, 532 stocks have gained during this period, whereas 170 stocks have continued to bleed.

The 532 stocks that gained have gone up by an average of 30%. The 170 smallcap stocks that reported declines are down 18% on average.

You can see the smallcap index is rebounding to levels we saw in the first half of 2019. In fact, it is just 1% below the level it was a year ago.

But it is still 28% below its 2018 all-time high of 20,047! To go back to the 2018 peak, the index would have to rise another 39%.

So is this smallcap rebound here to stay? Will 2020 be the year of smallcaps?

Ankit Shah, the editor of daily premium newsletter Equitymaster Insider (requires subscription), has been talking about this rebound since a long time.

As per him, this is a great time to be invested in smallcaps where you can find a lot of great buying opportunities.

In news from the aviation space, Jet Airways share price is in focus today.

Shares of the company are locked in the lower circuit band of 5% today amid reports that the Hinduja Group has backed out as it found no value in the company.

However, South America-based Synergy Group and Delhi-based Prudent ARC submitted the EoIs yesterday - the last day to submit the proposal for the revival of the airline.

Reports state that Prudent ARC has submitted an EoI, but its assets don't meet the eligibility criteria of a minimum net worth of Rs 20 billion.

While Synergy wants Jet's lenders to take a huge haircut on the airline's debt of over Rs 85 billion, it will also need to find an Indian partner for the acquisition as mandated by India's foreign investment rules.

The beleaguered airline had shut its operations in April last year due to severe cash crunch.

Jet Airways was admitted under the insolvency process on June 20, 2019, after its bankers failed to find any takers despite months of negotiations.

The airline stopped flying on April 17 and it had around 14,000 employees on that date.

Reportedly, creditor claims on the airline are for Rs 360.9 billion, of which Rs 146.4 billion had been admitted as on October 20.

How the above developments pan out remains to be seen. Stay tuned for more updates from this space.

Moving on to news from the pharma sector, Strides Pharma Science's wholly owned subsidiary - Strides Pharma Global Pte, Singapore has received approval for Loratadine Softgel Capsules, 10 mg (OTC) from the United States Food & Drug Administration (USFDA).

The product is a generic version of Claritin Liqui-Gels Capsules, 10 mg, of Bayer HealthCare LLC.

Strides Pharma Science share price is presently trading down by 0.4%.

Meanwhile, Torrent Pharma is planning to raise funds by issue of equity shares including convertible bonds / debentures through Qualified Institutional Placement (QIP) and / or Depository Receipts or any other modes.

A meeting of the board of directors will be held on January 27 to consider and approve the audited financial results for the quarter and nine months ended on December 2019.

The board will also consider the payment of interim dividend for the year and taking enabling resolutions for raising of funds.

Torrent Pharma share price is presently trading up by 1.4%.

Speaking of the pharma sector, in the video below, Tanushree talks in great detail about the pharma sector.

She tells us where the sector stands now and also about the potential for a rebound.

Tune in to find out more...

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

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

Read the latest Market Commentary

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Stock Market Updates

Top 5 Mid-Cap Gainers Today; WOCKHARDT Leads the Pack (Today's Market)

Jan 27, 2020 03:50 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

FORCE MOTORS Plunges by 5%; BSE AUTO Index Down 0.1% (Today's Market)

Jan 27, 2020 03:20 PM

FORCE MOTORS share price has plunged by 5% and its current market price is Rs 1,450. The BSE AUTO is down by 0.1%. The top gainers in the BSE AUTO Index are CUMMINS INDIA (up 2.0%) and M&M (up 1.9%). The top losers is FORCE MOTORS (down 5.1%).

PNB HOUSING FINANCE LTD Plunges by 5%; BSE 500 Index Down 0.7% (Today's Market)

Jan 27, 2020 03:16 PM

PNB HOUSING FINANCE LTD share price has plunged by 5% and its current market price is Rs 489. The BSE 500 is down by 0.7%. The top gainers in the BSE 500 Index are WOCKHARDT (up 15.3%) and EDELWEISS FINANCIAL (up 10.0%). The top losers are PNB HOUSING FINANCE LTD (down 5.0%) and JINDAL STEEL & POWER (down 5.0%).

THYROCARE TECHNOLOGIES Surges by 7%; BSE HEALTHCARE Index Up 1.8% (Today's Market)

Jan 27, 2020 02:42 PM

THYROCARE TECHNOLOGIES share price has surged by 7% and its current market price is Rs 587. The BSE HEALTHCARE is up by 1.8%. The top gainers in the BSE HEALTHCARE Index are THYROCARE TECHNOLOGIES (up 6.6%) and DR. REDDYS LAB (up 5.4%). The top losers are CADILA HEALTHCARE and J.B.CHEMICALS (down 0.3%).

JM FINANCIAL Plunges by 5%; BSE 500 Index Down 0.4% (Today's Market)

Jan 27, 2020 02:22 PM

JM FINANCIAL share price has plunged by 5% and its current market price is Rs 109. The BSE 500 is down by 0.4%. The top gainers in the BSE 500 Index are WOCKHARDT (up 14.6%) and EDELWEISS FINANCIAL (up 10.0%). The top losers are JM FINANCIAL (down 5.3%) and NAVKAR CORP. (down 5.7%).

Indian Indices Trade Lower; Tata Steel & HDFC Bank Top Losers (Today's Market)

Jan 27, 2020 12:30 pm

The BSE Sensex is trading down by 186 points, while the NSE Nifty is trading down by 54 points.

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