Sensex Trades Marginally Higher; Tata Motors & Bharti Airtel Top Gainers

Tue, 2 Apr 12:30 pm

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Share markets in India are presently trading marginally higher. Sectoral indices are trading mixed with stocks in the realty sector and telecom sector witnessing buying interest while healthcare stocks and consumer durable stocks are witnessing selling pressure.

The BSE Sensex is trading up by 139 points while the NSE Nifty is trading up by 32 points. The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading up by 0.1%.

Speaking of the general mood in Indian stock markets these days, a lot of market participants are playing the prediction game ahead of the elections.

A common theme is to sit on cash to escape the volatility ahead of the upcoming elections. In case there is an unexpected event, you can then get in post the correction.

But does timing the market work?

Not really, if you see the market performance in the year of the past three national elections (2004,2009 and 2014).

Downside of Timing The Stock Market

Looking at the returns in the above chart, staying out of the market to escape volatility would have been a costly affair every time.

The market gave above average returns in all three of those years.

This does not mean one can expect the same in the future.

But there's one thing for sure. Predicting short-term directions of the market is a futile and many a times a costly affair.

That's why we believe in picking safe stocks when they are actually 'safe' i.e. during such times of high pessimism and uncertainty.

The rupee is trading at Rs 69.13 against the US$.

The domestic currency opened marginally lower against the US$ after crude oil jumped to its highest level in nearly five months.

So far this year, the rupee has gained 0.6%, while foreign investors have bought US$ 7.1 billion in equity and US$ 560.2 million in debt market.

The RBI announced to conduct US$ 5 billion dollar-rupee swap auction on 23rd April following the success of the first-round last month.

The swap auction comes ahead of the important RBI policy statement that is scheduled this week. The central bank is expected to cut rates and a dovish statement could put pressure on the rupee.

In the news from the IT sector, Tech Mahindra share price is in focus today as the company has entered into a Memorandum of Understanding (MoU) with the University of Nebraska to partner in knowledge enrichment, hiring, industry-faculty collaboration and to share mutual information technology (IT) expertise.

Reports state that, key initiatives of this collaboration will focus on several different elements like partnership on the advisory board, capability development, student capstone projects and internships, publication.

To know more about the company, you can read Tech Mahindra's latest result analysis on our website.

In other news, Cyient share price is witnessing selling pressure today on concerns over a drop, in revenue during March quarter due to delay in an order worth around US$ 5 million.

Shares of the company are trading 10% lower today on back of the above news.

In a regulatory filing, the company said they expect the material decline in design led manufacturing revenue during Q4FY19.

In services, the company has deferment of orders by some of the key customers in the A&D and Communications business units and it now expects a marginal sequential growth of 1% to 2% in services.

The company recently bought back 2.7 million shares at an average price of Rs 647.70.

Speaking of buybacks, at Equitymaster, we believe, as a shareholder in cash rich companies, you should not only be wary of expensive buybacks. But if possible use it to your advantage to rake in some cash.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in one of the editions of Equitymaster Insider. You can access the issue here (requires subscription).

Moving on, Godrej Properties share price is witnessing buying interest today after the Mumbai-based real estate developer recorded its best-ever quarterly sales performance in the January-March quarter (Q4FY19).

As per an article, the company sold over 2,900 homes with a total area of approximately 3.78 million square feet and a booking value more than Rs 21 billion during the quarter.

Here's an excerpt from the article:

• Q4FY19 was the company's best-ever quarter for bookings, eclipsing its previous best ever residential sales quarter, achieved in Q3FY19, by approximately 50%.

Godrej Properties share price is presently trading up by 8.9%.

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

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Indian Share Market Update: Top Gainers and Losers