Sensex Opens Higher; Energy and Banking Stocks Lead

Wed, 11 Mar 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Hang Seng is down 0.1%, while the Nikkei 225 is trading down by 1.4%.

Wall Street rebounded on Tuesday, as bargain-hunting and hopes of government stimulus calmed investors' fears. All three major indexes, the Dow Jones, the S&P 500, and the Nasdaq Composite gained 4.9%.

Back home, India share markets have opened on a positive note. The BSE Sensex is trading up by 205 points while the NSE Nifty is trading up by 44 points. The BSE Mid Cap index opened up by 1.1% while BSE Small Cap index opened up by 0.9%.

Sectoral indices have opened the day on a mixed note with stocks in the IT sector and realty sector witnessing selling pressure, while energy stocks are witnessing buying interest.

The rupee is currently trading at 73.86 against the US$.

In news from the telecom sector, Vodafone Idea has started operationally merging 6-7 of its weaker telecom circles with stronger ones as the loss-making telecom carrier moves to cut costs and focus on prominent markets.

As per an article in The Economic Times, the decision is expected to result in another round of job losses without specifying how many employees would be asked to leave. The telco, which employs about 11,000 people directly, is working on severance packages for the workers.

Here's an excerpt from the article:

• The operator, born out of a merger between Idea Cellular and Vodafone India, may even consider giving up spectrum in its weaker circles (by revenue market share) going forward, the sources said. Vodafone Idea, which at the time of its merger had a market capitalisation of Rs 43,000 crore, has completed integrating 17 of its 22 circles, according to its latest quarterly report.

The Union Cabinet is expected announce relief measures for the telecom sector, which include interest and penalties of the AGR dues over several years and reducing some non-AGR dues such as licence fees and spectrum usage charges.

Vodafone Idea has paid Rs 35 billion to the Department of Telecommunications (DoT). The operator is expected to pay a further Rs 35 billion to the DoT in a day or two.

Vodafone Idea share price has opened the day up by 8.3%.

Moving on to news from the mutual funds space, the mutual fund (MF) industry has seen a sharp uptick in equity flows in February, with equity schemes garnering over Rs 100 billion, climbing the highest level in 11 months.

As per a leading financial daily, february's flow is estimated to be 37% higher, at Rs 108 billion, than the previous month's tally of Rs 78.8 billion.

Both mid and small-cap funds have also seen sizeable flows. For mid-cap funds, the flows were Rs 18 billion in February, while for small-cap funds, the collections were Rs 12.1 billion.

Large-cap funds got the biggest share of flows at Rs 26.3 billion.

In February, redemptions had marginally reduced to Rs 139.9 billion, while gross flows increased 13% to Rs 247.8 billion.

According to industry executives, investors are showing greater maturity and refraining from pulling out funds at the first signs of weakness in the markets.

Meanwhile, credit-risk funds are showing signs of improved sentiments. In February, the outflows narrowed to Rs 6.4 billion, from Rs 12.1 billion in January.

For liquid funds, outflows were over Rs 400 billion as institutional investors pulled out funds for advance tax obligations, according to industry participants.

The banking & PSU fund category received Rs 32.1 billion of flows, while corporate bond funds drew sizeable flows of Rs 28.4 billion.

Short duration funds saw the largest share of debt flows at Rs 40.8 billion.

Speaking of mutual funds, Tanushree Banerjee wrote to you about an irreversible megatrend in the mutual funds space. It is the growth in the assets under management (AUM) of the Indian mutual fund industry.

This is evident in the chart below...

New High for Mutual Fund AUM

Here's what Tanushree wrote about it in a recent edition of The 5 Minute WrapUp...

• After a few hiccups in the first half of this fiscal, strong inflows into mutual funds have taken the industry's AUM to a new high.
  
  Can we call it a saturation point?
  
  Far from it!
  
  The total AUM of India's mutual fund industry is just about 13% of India's GDP.
  
  This megatrend of financialisation of savings has a long runway ahead of it.

This is one of the megatrends that will help what Tanushree calls the Rebirth of India.

She has identified the 7 best stocks that will profit from the Rebirth of India. You can read about these top 7 stocks here.

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!

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