Indian Indices End Higher, Rupee at Record Low, Stocks in Focus, and Top Cues to Track Today

Mon, 13 Apr Pre-Open

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Indian share markets ended on a strong note on Thursday.

Benchmark indices rose over 4%, as strong global cues and expectations of further stimulus measures from the Indian government as well as central bankers across the world boosted sentiment.

At the closing bell on Thursday, the BSE Sensex stood higher by 1,266 points (up 4.2%) and the NSE Nifty closed higher by 354 points (up 4%).

The BSE Mid Cap index ended up by 3.6%, while the BSE Small Cap index ended up by 3.2%.

On the sectoral front, gains were largely seen in the automobile sector, consumer durables sector and finance sector.

Speaking of Indian stock markets, Tanushree Banerjee believes the ongoing stock market correction could, in fact, be an inflection point for what she calls the irreversible Rebirth of India megatrends.

For bluechip stocks, she believes the time is ripe to begin buying some of the safest bluechips as there is safety in valuations and the market is offering them at deeper and deeper bargains.

The profits of bluechips (BSE 200 companies) are currently at a decade low as can be seen in the chart below.

A Rebound in Profits Overdue?

Tanushree is recommending her subscribers, to buy stocks selectively, a few at a time, by taking partial exposures to begin with.

She has already recommended 4 safe bluechips in the past month and there are several more in her watchlist. You can access them here: Here's How You Could Trade the Coronavirus Crisis Safely (requires subscription)

And if you are not a StockSelect subscriber, here's where you sign up.

Top Stocks in Focus Today

From the retail sector, Titan share price will be in focus today after the company said its revenue for the jewellery division declined 5% in March due to lost sales as a fallout from the Covid-19 outbreak.

Revenue growth for January and February was around 16.5%.

The company further added that diamond studded activation in the March quarter did well and wedding jewellery sales continued to be good till the disruption.

From the banking sector, shares of IDBI Bank will also be in focus today after the private lender said it has targeted to raise up to Rs 75 billion through rupee bond in the current fiscal.

The Board of Directors of the bank approved the rupee bond borrowing limit of Rs 75 billion for FY 2020-21 to be borrowed in one or more tranches.

The board also approved the proposal to sell the bank's stake of up to 27% in its life insurance joint venture (JV) IFLI.

Market participants will also be tracking HDFC share price as the Reserve Bank of India (RBI) has directed HDFC Bank to suspend the appointment of two directors from among its executives saying that the choice of candidates should be left to the incoming chief executive.

Speaking of the banking sector, in an article titled Indian Banking Sector Amid the Corona Crash - 10 Points to Know, we dive deeper and look at what's happening in the Indian banking sector.

Rupee Hits New Record Low Against Dollar

The Indian rupee fell to a new record low against the US dollar on Thursday last week, despite strong domestic equity markets.

The domestic currency opened at 76.10 yesterday before sliding to a record low of 76.55 against the US$.

On Wednesday, the rupee had depreciated 70 paise to its life-time low of 76.34 as a rise in coronavirus cases fanned fears of the government extending the lockdown to contain the pandemic.

Note that massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in the month of March. Most of the selling pressure here was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

How the currency performs this month remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

NBFCs May Need Huge Fund Flow to Service Debt Obligations

In the news from NBFC sector, as per an article in a leading financial daily, nearly a dozen of large retail-focused non-banking finance companies (NBFCs) may need around Rs 100-200 billion of funds over the next few months for servicing their debt obligations and to run their operations.

Due to the ongoing lockdown, the primary cash flows of the NBFCs have been disrupted as their collections have come to a standstill.

These NBFCs would find it difficult to manage their cash flows unless they get access to additional bank lines or refinance, the report stated.

The aggregated debt repayment including interest for these retail NBFCs in the current quarter is estimated to be between Rs 400 billion to Rs 600 billion while their cash reserves are estimated to be around Rs 450 billion.

Last month, the Reserve Bank of India (RBI) had announced a three-month moratorium on repayment of term loans.

While most banks will provide back-to-back loan moratorium, there is no indication that it will be applicable for debt market instruments, the report stated.

Further, beyond the immediate liquidity challenges, the key risk for these NBFCs is a sharp deterioration in the delinquency levels subsequent to the expiry of the three-month moratorium.

As per the report, the disruption from complete or partial lockdown will subside completely by the second quarter of FY21.

However, if the lockdown is prolonged, it can impact the sustainability of a few NBFCs.

How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on the developments from this space.

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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