Indian Indices Trade on a Volatile Note; Bharti Airtel Climbs 5%

Fri, 17 Jan 12:30 pm

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Share markets in India are presently trading on a volatile note. Sectoral indices are trading mixed with stocks in the banking sector and metal sector witnessing selling pressure, while telecom stocks and energy stocks are witnessing buying interest.

The BSE Sensex is trading down by 14 points, while the NSE Nifty is trading down by 11 points.

The BSE MidCap index is trading up by 0.5%, while the BSE SmallCap index is trading up by 0.3%.

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 chemical sector, shares of Rallis India surged over 15% today after the company's profit before tax more-than-doubled at Rs 483 million in December quarter (Q3FY20).

The Tata Group agrochemicals company had posted profit before tax of Rs 196 million in the same quarter last fiscal.

The company recorded consolidated revenues of Rs 5.3 billion for Q3FY20, a growth of 28% over previous year's quarter of Rs 4.2 billion.

Net profit jumped 177% to Rs 381 million from Rs 140 million in the year-ago quarter.

Earnings before interest, tax, depreciation, and amortization (EBITDA) margin expanded by 380 basis points to 10.4%.

The company's management said that during the current crop season its business was supported by positive farmer sentiment, new product launches and refreshed trade policies.

Rallis India share price is presently trading up by 13%.

To know more, you can read Rallis' Q3FY20 latest result analysis on our website.

Moving on to news from the aviation sector, Jet Airways is planning to sell its Netherlands business to KLM Royal Dutch Airlines.

Providing an update, the company said there is a separate liquidation proceeding ongoing in Netherlands and that the resolution professional has agreed a co-operation protocol with the Dutch trustee appointed by the local court.

It added that if the transaction is completed, it would only involve a sale of part of the Jet Airways business activities and would not impact the shareholding pattern of the company in any manner.

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.

Jet Airways share price is presently trading down by 5%.

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

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