Sensex Ends 363 Points Lower; Metal and Consumer Durables Stocks Witness Selling

Mon, 6 May Closing

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India share markets continued their downtrend during closing hours and ended their trading session on a negative note.

At the closing bell, the BSE Sensex stood lower by 363 points (down 0.9%) and the NSE Nifty closed down by 114 points (down 1%). The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down 0.9%.

Sectoral indices ended in the red with stocks in the metal sector and consumer durables sector witnessing most of the selling pressure.

The rupee was trading at 69.41 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 2.9% and the Shanghai Composite was down by 5.6%. The Nikkei 225 was down 0.2%.

European markets were also trading on a negative note. The FTSE 100 was trading marginally higher, while the DAX was trading down by 1.9% and the CAC 40 was down by 2.1%.

Speaking of Indian stock markets, note that the Sensex, BSE Midcap index and BSE Smallcap index have had differing degrees of volatility over past fifteen years.

But the returns from the three different indices are mostly in line since 2004. Rs 100 invested in any of these indices in 2004 would have yielded about Rs 700 by March 2019.

In fact, as we can see in the chart below, the gap in the compounded annual return of the Sensex and Smallcap index is less than 1%.

Difference in 15 year CAGR of Sensex and BSE Smallcap Index is Less than 1%

This shows that while small caps are a good place to look for big returns, blue chips can also offer you big returns over long time frames.

In fact, as per Tanushree, the best contrarian bets on such safe stocks could even offer you handsome three and digit returns.

In the news from global financial markets, major stock market indices in China fell the most in more than three years today after US President Donald Trump threatened to raise tariffs on all Chinese imports to 25%.

The blue-chip CSI300 index and the Shanghai Composite Index both tumbled around 6%, posting their steepest single-day drop since February 2016. Hong Kong's Hang Seng index slumped more than 3% on the back of above news.

Trump on Sunday announced that he would hike US tariffs on US$ 200 billion worth of Chinese goods this week and target hundreds of billions more soon. Reports also suggested China was considering canceling this week's trade talks in Washington.

The above tariffs are part of a wider clash looming over trade between the world's two biggest economies.

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

In the news from macroeconomic space, India's service sector activity fell to a seven-month low in April. This was seen owing to softer rise in new business and disruptions arising from the elections.

The seasonally adjusted Nikkei India Services Business Activity Index, fell from 52 in March to 51 at the start of the 2019 financial year. This pointed to the weakest upturn in output since last September.

Despite the moderation, the services PMI was in the expansion territory for the 11th straight month. Note that a print above 50 means expansion, while a score below that denotes contraction.

Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services industry, fell from 52.7 in to 51.7 in April.

This was indicative of a slight pace of expansion in aggregate activity that was weaker than seen on average over the series history.

On the prices front, rates of inflation for input costs and output charges remained weak by historical standards.

In the news from the telecom sector, Vodafone Idea share price was in focus today. The stock of the company witnessed buying interest in morning trade after the promoters infused Rs 179 billion into the company via the Rs 250-billion rights issue.

Promoters, UK's Vodafone Group Plc. and Aditya Birla Group, have infused Rs 179 billion into Vodafone Idea via the Rs 250-billion rights issue in funds that the telecom market leader will use to take on rivals Reliance Jio and Bharti Airtel.

The telecom company said both domestic and foreign public shareholders had subscribed to the issue.

In a statement, the company said that the issue was oversubscribed approximately 1.08 times and the public participation was approximately 1.2 times.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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