Indian Indices Witness Selling, Franklin Templeton Fund Closure, and Top Cues to Track Today

Mon, 27 Apr Pre-Open

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Indian share markets witnessed selling pressure on Friday last week, tracking weakness in global peers amid heightened worries of COVID-19 virus outbreak.

Global stock markets witnessed selling after doubts were raised over the treatment for coronavirus. This came as the first full trial of potential coronavirus vaccine of antiviral medication Remdesivir failed to show any effects.

Sectoral indices ended on a mixed note with stocks in the realty sector, finance sector and banking sector witnessing selling pressure, while energy stocks ended in green.

At the closing bell on Friday, the BSE Sensex stood lower by 536 points, while the NSE Nifty closed down by 160 points.

The BSE Mid Cap index ended the day down by 1.8%, while the BSE Small Cap index ended down by 1.4%.

Speaking of Indian share markets, the coronavirus impact has shaken markets worldwide. Indian stock markets have felt the full impact too.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

Good Time to Start Investing Now?

Naturally, there is an atmosphere of fear all round.

Is it time to sell stocks now? Will the correction get worse?

History has shown that after years like the one we had just now, the next 3 years are good for the markets. In fact, these corrections are the rare times when you find businesses with solid fundamentals at reasonable valuations.

If you can find good businesses that can survive the current crisis, you will do well in the long run.

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Gold Rally Continues

Domestic gold prices continued their rally last week. Gold prices rose last week ahead of Akshaya Tritiya as investors rushed to safety amid lockdown and fast-spreading coronavirus.

Last year on Akshaya Tritiya, around 33-35 tons of gold was sold. However, according to reports, due to coronavirus-led lockdown, India has just imported 25 tonnes of gold in the month of March, against around 94 tonnes last year.

Earlier this month, gold prices went on to hit a record high, rising above the Rs 47,000-mark, tracking global rates.

Gold prices have jumped nearly 18% from their recent lows of Rs 38,400 per 10 grams hit on March 16, 2020.

In one of his recent videos, Vijay Bhambwani explains why gold prices will go higher in the coming days.

You can check the same here: The Price of Gold Will Go Higher

Franklin Templeton Freezes Six of its Debt Schemes

In news from the finance sector, shares of non-banking financial companies (NBFCs), housing finance companies, micro finance institutions, and assets management companies (AMCs) will be in focus today. Shares from these sectors were under pressure last week after Franklin Mutual Fund (MF) shut 6 of its debt schemes over redemption pressure and liquidity crunch.

Shares of Nippon Life India Asset Management, Cholamandalam Investment, Ujjivan Financial Services, Mahindra & Mahindra Financial Services, Bajaj Finance and LIC Housing witnessed huge selling.

Note that last week, Franklin Templeton Mutual Fund decided to wind up six of its debt schemes oriented towards high-yield investments with a combined asset base of Rs 258.6 billion citing continued redemption pressure and lack of liquidity in the debt markets amid the coronavirus pandemic.

According to industry sources, Franklin Templeton MF had over Rs 30 billion of borrowing.

The schemes being wound up are Low Duration Fund, Dynamic Accrual Fund, Credit Risk Fund, Short Term Income Fund, Ultra Short Bond Fund, and India Income Opportunities Fund.

Investors will no longer be allowed to make fresh purchases or sales from these funds. The systematic plans, including systematic investment plans, systematic transfer plans and systematic withdrawal plans will also be suspended.

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

CII Pegs India's GDP Growth Between -0.9% & 1.5%

As per the Confederation of Indian Industry (CII), India's gross domestic product (GDP) will like shrink by 0.9% in the current financial year in a worst-case scenario marked by a prolonged coronavirus crisis that results in an extension of restrictions placed in Covid-19 hotspots, and may grow by as much as 1.5% in a best-case framework.

In a baseline scenario in which economic activity remains constrained and restrictions stay in place on the free movement of goods and people beyond the lockdown ending May 3, the economy could expand by just 0.6%.

India's economy, Asia's third largest, had already been slowing because of a downturn in household consumption and private sector investment when the coronavirus pandemic and the subsequent 40-day lockdown hit, causing a downgrade of most growth forecasts as industrial production came to a halt and public revenue declined.

The International Monetary Fund (IMF) has now forecasted 1.9% growth for India in this fiscal, the slowest pace since 1991.

CII envisaged an extension of restrictions clamped on Covid-19 clusters and the addition of new hotspots in the worst-case scenario, which would entail stop-and-start economic activity in the optimistic scenario, it foresaw a faster pick-up after the lockdown.

CII called for urgent fiscal interventions to boost the sagging economy. It proposed cash transfers amounting to Rs 2 trillion to JAM (Jan Dhan, Aadhaar and mobile) account holders in addition to the Rs 1.7 lakh in relief measures the government has already announced.

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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