Sensex Ends 190 Points Lower; Metal and Oil & Gas Stocks Witness Selling

Fri, 31 Jan Closing

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India share markets witnessed selling pressure during closing hours and ended their day on a negative note.

At the closing bell, the BSE Sensex stood lower by 190 points (down 0.5%) and the NSE Nifty stood down by 73 points (down 0.6%).

The BSE Mid Cap index ended the day down 0.6%, while the BSE Small Cap index stood down by 0.3%.

Stocks in the oil & gas sector and metal sector witnessed huge selling pressure, while telecom stocks were trading in the green.

The rupee was trading at 71.40 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.52% and the Shanghai Composite was down by 2.75%. The Nikkei 225 was up 0.99%.

European markets were trading on a negative note. The FTSE 100 was down by 0.80%. The DAX was trading down by 0.24%, while the CAC 40 stood down 0.39%.

Speaking of Indian share markets, with the Union Budget just around the corner, the business media is already going berserk with budget related headlines.

Not to mention the numerous budget wish lists out there which give rise to speculation about their impact on the stock markets if they were to come true.

There are various things written in the media about the upcoming budget. Some want income tax cuts to revive the economy. Some want other freebies to revive consumption.

As per Tanushree Banerjee, all these are good but short-term solutions. As per her, if the government could focus on one thing, it should be the real estate sector in tomorrow's budget.

Real Estate - The Sector to Bet on After the Budget?

Here's what she wrote about it in today's edition of The 5 Minute WrapUp...

• Demonetisation, RERA, and the IL&FS crisis have hit the sector hard.
  
  The BSE Realty Index has had a tough time in the last few years.
  
  But there are signs of a turnaround. The government's Rs 250 billion package was a much need boost for the sector and homebuyers.
  
  A real estate revival is important for the steel, cement, and many other sectors. It is also an important job creator for India's young population.

A strong focus on reviving real estate will provide a much-needed boost for the Indian economy.

We will be sharing the highlights and our view on the budget here. Stay tuned.

Until then, you can watch the video below where Tanushree shares how you should react to the Union Budget announcement.

We will be sharing our view and budget highlights here. Stay tuned.

Finance Minister Nirmala Sitharaman today tabled the Economic Survey 2019-20 in the Parliament after a joint address by President Ram Nath Kovind to both Lok Sabha and Rajya Sabha.

Prepared by Chief Economic Advisor (CEA) Krishnamurthy Subramanian, the Economic Survey gives a review of the developments in the economy over the previous 12 months and also gives an outlook for the next financial year.

Here are some key updates of Economic Survey 2020:

There is need to bring in a distinction between hoarding and storage of food grains, this will play an important role in doubling farmers' income.

To achieve the target of doubling farmers' income by 2022, the Economic Survey said there is an urgent need to address some of the basic challenges like credit, insurance coverage and irrigation facilities in the agriculture and its allied sectors.

On the GDP front, it said that concerns of a misestimated Indian GDP are unsubstantiated by the data and are thus unfounded.

On employment, it stated the government can create 40 million jobs by 2025 and 80 million jobs by 2030 by focussing on exports.

Talking about the business cycle, CEA said that it seems like we have hit a trough (in the business cycle) now and there should be an uptick. The CEA also presented plan for India to get into the top 50 of Ease of Doing Business ranking.

The Survey stated that to make India a US$ 5 trillion economy by 2024-2025, India needs to spend about US$ 1.4 trillion during the period on infrastructure so that lack of infrastructure does not become a constraint to the growth of Indian economy.

On the stock markets front, the change in composition of Sensex shows that pro-business policies give a level playing field, providing opportunities to all and keeping incumbents on their toes.

It would be interesting to see how these developments pan out in the coming months. Meanwhile, we will keep you updated on all the news from this space. Stay tuned.

In news from the banking sector, SBI share price was in focus today as the country's largest lender reported a healthy 41% year-on-year (YoY) growth in profit at Rs 55.8 billion for the December quarter, boosted by lower provisions.

The growth in highest ever quarterly profit was also driven by recovery from bad accounts (including Essar Steel), NII, other income and operating income. It, however, was capped by higher tax cost.

The bank in its BSE filing said that during the quarter it exercised the option of lower tax rate taking a one-time hit of Rs 13.3 billion. Excluding the impact of this one-time additional hit, net profit in Q3FY20 would have been Rs 69.1 billion.

Net interest income during the quarter grew by 22.42% YoY to Rs 277.7 billion, with loan growth of 7.4% YoY.

Deposits growth during the quarter stood at 9.92%, with current account deposits growing 9.27% and saving bank deposits 8.19% YoY.

Domestic net interest margin (NIM) improved to 3.59% in Q3FY20, registering an increase of 62 bps YoY and 37 bps sequentially.

Asset quality improved, with gross non-performing assets (NPAs) as a percentage of gross advances falling 25bps sequentially to 6.94% and net NPA declining 14bps to 2.65% in the quarter ended December 2019.

In absolute terms, gross NPA fell 1.22% sequentially to Rs 1.59 lakh crore and net NPA declined 2.8% to Rs 582.4 billion in Q3FY20.

Slippages at Rs 165.2 billion for the quarter included exposure to a large housing finance company, which increased 88% compared to Rs 88.1 billion seen in September quarter.

Slippage ratio increased significantly to 2.94 in Q3FY20, from 1.57 in Q2FY20.

Provisions for bad loans fell sharply by 25.8% sequentially and 41.4% YoY.

Provision coverage ratio improved to 81.73% at the end of December quarter, against 81.2% in September ended quarter.

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