Indian Indices Trade Marginally Lower; Telecom Stocks Witness Buying

Fri, 3 Feb 11:30 am

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After opening the day on a flat note, the Indian share markets witnessed choppy trades and are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the consumer durable sector and IT sector witnessing maximum selling pressure. Stocks in the telecom sector and healthcare sector are trading in the green.

The BSE Sensex is trading down 37 points (down 0.1%) and the NSE Nifty is trading down 10 points (down 0.1%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 67.39 to the US$.

Market participants in the Indian stock market are keeping tabs on how the announcements made in yesterday's budget will affect their investments. Finance Minister Arun Jaitley came out with a low-key budget this week. While the focus was still on farmers, underprivileged, rural development and job creation, the budget didn't leave any of the other stakeholders disappointed.

The Union Budget focused on 10 distinct themes viz. farmers, rural population, energizing youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, and tax administration. As per Jaitley, Budget 2017-18 is set out to Transform, Energise, and Clean India.

The stock markets have clearly given a thumbs-up to the budget. But the question is: Should you rush out and grab a slice of this relief stock rally?

Rahul Shah, co-head of research, answer this question in one of the recent editions of the 5 Minute WrapUp. As per him, market participants should not fall for the post-budget buying frenzy. Rather, they should look out for value and follow a long term value investing approach.

Here's Rahul:

• Be it the Union Budget, GST or a great monsoon, you always got to ask the all-important question: Everything said and done, am I paying too much for the stock in relation to its intrinsic value?
  
  For even though the budget may be path breaking and the economy may have some great years ahead of it, when you pay too much, even a good stock can quickly turn into a bad investment.

Budget or Not - It is the Valuation That Counts

Along with keeping an eye on valuations, it's also important to have a set process in place. Many of you have already tasted the fruits of one of Rahul's processes with his Microcap Millionaires service.

At the Equitymaster Conference 2017, Rahul asked attendees to mark 10 February 2017 on their calendars. The reason? He will send out his first Profit Velocity report to subscribers.

As you may have guessed, Profit Velocity is a system-based investing approach.

With Profit Velocity, Rahul believes that the system could help subscribers fetch gains several times those of the benchmark index. In keeping with that, our Founder Member opportunity, which closes shortly, offers an unprecedented 60% saving on the usual membership fees for Profit Velocity.

On the news from global markets, eurozone witnessed a rise in inflation during the month of January. Data released during the week showed inflation accelerated to 1.8% YoY in January. This was against 1.1% in December and just below the European Central Bank's (ECB) target of 2%.

It was the highest rate since February 2013 and showed prices rising in Germany, France, and Spain - three of the bloc's four biggest economies.

On the other hand, core inflation came in stable at 0.9% YoY. The core inflation excludes volatile prices of energy and unprocessed food.

Apart from the above, gross domestic product in eurozone rose 0.5% QoQ on the last three months of 2016.

Please note that the ECB has set interest rates at historic lows. It is currently buying tens of billions of euros per month in government and corporate bonds. It has also offered cheap loans to banks. All these measures are taken in a bid to drive growth and push eurozone inflation towards its target of just below 2%.

But are the above measures by ECB doing any good?

In our view, there's a crisis brewing within the eurozone. And this is going to have major consequences for the global financial markets, including the Indian stock markets.

While the above data comes as a relief for the eurozone, the area's still a mess. First came the Grexit saga. Then there was Brexit and Italexit. In a recent referendum, the Italians voted to reject constitutional reforms, leading Prime Minister Matteo Renzi to resign.

One of the recent issues of Vivek Kaul's Inner Circle (requires subscription) presents an insight on Italexit from our global team of experts in London and other major world centres. Also, if you want to know what's really happening in the world of man and money, you can claim your free copy of Bill Bonner's latest book, Hormegeddon.

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

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