Sensex Trades Flat; Metal Stocks Under Pressure

Thu, 11 Apr 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the metal sector and IT sector witnessing maximum selling pressure while telecom stocks and oil & gas stocks are witnessing buying interest.

The BSE Sensex is trading down by 23 points while the NSE Nifty is trading down by 5 points. The BSE Mid Cap and the BSE Small Cap index are trading on a flat note.

Speaking of the general mood surrounding stock markets, note that since March 2019, the Indian markets have rallied sharply.

Have a look at the chart below that shows increasing mutual fund inflows in the month of March 2019:

Rising Mutual Fund Inflows - Is the Market Correction Over?

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

• The net inflows into Equity fund in March 2019 (Rs 117 billion) are its highest levels since October 2018.
  
  The reason could be people believing the Modi government will return to power.
  
  While we recommended to not give into panic in February 2019, this time its euphoria we're recommending against.
  
  Don't fall into the greed trap.
  
  Hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

The rupee is currently trading at Rs 68.98 against the US$.

The domestic currency slipped 10 paise in early trade today due to some buying in American currency by banks and importers.

The rupee advanced 19 paise on Wednesday to close at 69.11 on strong foreign fund inflows amid the greenback's weakness against key rivals overseas.

Market participants are cautious today ahead of the important global events lined up this week. Inflation and industrial production numbers are to be released tomorrow.

On Tuesday, International Monetary Fund (IMF) released its growth forecast report wherein it has trimmed growth figures for India as well as for other major nations.

In the news from the telecom sector, Vodafone Idea, Bharti Airtel and Reliance Jio have paid the government over Rs 100 billion in spectrum dues slated for April 10.

The payments are towards the latest installment in deferred spectrum liability for radio waves bought in the past auctions.

Reports state that the country's largest telecom operator Vodafone Idea has made payment of over Rs 62.8 billion to the Department of Telecom (DoT) towards its spectrum dues. The company, which has put in motion a Rs 250 - billion rights issue, had paid Rs 30.4 billion to the department in March as part of a previous installment.

Bharti Airtel has made payment of Rs 27.5 billion and Reliance Jio paid Rs 11.1 billion.

Meanwhile, Reliance Communications (Rcom) has not yet made payment of about Rs 4.9 billion as on the due date. Telecom companies are given a grace period of 10 days after the due date by the DoT to make the stipulated payment.

Last year in March, the government enhanced number of annual installments for spectrum payment from 10 to 16 years to provide relief to the debt-laden telecom sector.

Vodafone Idea has earlier sought two-year prohibition on annual spectrum payment of over Rs 100 billion, citing high debt levels and stress on the balance sheet.

In total, the amount to be paid by Vodafone Idea is estimated to be around Rs 11.9 billion this year, spread over multiple instalments through the year.

Vodafone Idea's Rs 250 billion rights issue opened yesterday, and the telecom is offering 20 billion shares at a price of Rs 12.50 per share. The issue will close on April 24, 2019.

Bharti Airtel too has received market regulator's approval to raise up to Rs 250 billion through rights issue.

Bharti Airtel share price is presently trading up by 2.3%.

Moving on, market participants are tracking Vedanta share price. As per an article in The Economic Times, there's a possibility of a legal suit against the company's subsidiary Konkola Copper Mines (KCM) in the UK.

Here's an excerpt from the article:

The UK Supreme Court on Wednesday ruled in favor of thousands of Zambian villagers seeking the right to sue a subsidiary of UK-headquartered Indian mining giant Vedanta in the UK courts.

The case relates to allegations of pollution by villagers living near the massive Nchanga Copper mine, owned by Vedanta subsidiary Konkola Copper Mines (KCM).

Reports state that the company moved the Supreme Court of India for access to closed copper plant in Tuticorin, Tamil Nadu, for repair and maintenance. It cited the high court's 'inordinate delay' in hearing the case and quantified loss at Rs 50 million daily.

Earlier this year, the Supreme Court had directed the company to move the Madras High Court against a Tamil Nadu State Pollution Control Board order that shut it down, after setting aside an NGT order which had directed that it be reopened subject to taking all safeguards.

Shares of the company are trading 3.8% lower today on back of the above news.

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