Sensex Opens Flat; Realty Stocks Gain

Thu, 11 Apr 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.3% while the Hang Seng is down 1%. The Shanghai Composite is trading down by 1.1%. Meanwhile, technology stocks led Wall Street slightly higher on Wednesday, as US inflation data proved to be benign and the minutes from the Federal Reserve's March meeting were unsurprising.

Back home, India share markets opened on a flat note with positive bias. The BSE Sensex is trading up by 44 points while the NSE Nifty is trading up by 7 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.3% respectively.

Except IT stocks and bank stocks, all sectoral indices have opened the day in green with energy stocks and realty stocks leading the pack of gainers.

The rupee is currently trading at 69.15 against the US$.

In the news from the mutual funds industry. Mutual funds closed the year with an 11.4% rise in their total assets under management at Rs 23.8 trillion in the year to March, from Rs 21.4 trillion in the previous year.

On a monthly basis, AUM grew 2.7% from Rs 23.2 trillion in February.

According to the Association of Mutual Fund Industry (AMFI) data, increase in net inflows in equity and income categories as against net outflows in the previous month led to the growth in AUM on a yearly basis.

The industry saw net outflows of Rs 223.6 billion in March as against net outflows of Rs 200.8 billion in February.

On a monthly basis, net outflows in the liquid/money market category came more than doubled to Rs 513.4 billion from Rs 245.1 billion in February.

After witnessing net outflows of Rs 42.1 billion in February, income category witnessed net inflows of Rs 138.6 billion in March 2019 amid the rate cut scenario, according to the Amfi data.

Inflows in equity funds (including equity-linked savings schemes) grew more than 120% month-on-month in March to Rs 117.6 billion.

Reportedly, the gains were driven likely by larger flows into tax saving schemes at the end of FY19.

Net inflows in the other ETF category came in at Rs 105.4 billion in March 2019 as against net inflows of Rs 52.3 billion in February. However, net outflows in the balanced category came in at Rs 31.8 billion as against net outflows of Rs 10.8 billion in February.

Quarterly average assets under management in the March quarter stood at Rs 24.5 trillion, up from Rs 23.6 trillion in the December quarter.

AUM under equity (including ELSS), balanced, and other ETFs came in at Rs 11.6 trillion in March up 9.1%.

One of the factors that plays a key role in driving stock prices higher is liquidity conditions. If money keeps pouring into the stock markets, stock prices are likely to trend higher.

The key driver of the bull run in 2017 was a flood of domestic liquidity into the Indian stock markets.

Now, look at the chart below. It shows the inflow of domestic money into equity mutual funds.

Inflows into Equity Mutual Funds at 25-Month Low

You can see the net monthly inflows rising through 2016 and surging to unprecedented highs in 2017. But the inflows slowed in 2018.

After October 2018, the inflows into equity mutual funds have been dropping every consecutive month. In fact, in February 2019, the net inflows into equities, including those linked to savings scheme funds, declined to Rs 51.2 billion. That's a 17% drop from January 2019, and a steep 69% plunge from a year ago.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Wockhardt has received approval from the US health regulator for its 50 mg injection of Decitabine which is used to treat certain forms of cancer.

Decitabine is used to treat Myelodysplastic syndromes (MDS), a group of cancers in which immature blood cells in the bone marrow do not mature and, therefore, do not become healthy blood cells.

According to IQVIA data, the product has sales of US$120 million in the US.

Reportedly, this is the third USFDA approval for an oncology product for Wockhardt during the past three months and has added to our growing portfolio of cancer drugs.

Wockhardt will launch this product in the US in a short period of time.

The product is being manufactured at a contract manufacturing facility, based near Hyderabad.

To know more about the company, you can access to Wockhardt's Q3FY19 result analysis and Wockhardt's 2018-19 Annual Report Analysis on our website.

Wockhardt share price opened the day up by 2.8%.

And 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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