Sensex Opens Lower; Healthcare and Energy Stocks Drag

Thu, 9 May 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.4% while the Hang Seng is down 1.8%. The Nikkei 225 is trading down by 1.2%. Meanwhile, the benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 142 points while the NSE Nifty is trading down by 40 points. Both, the BSE Mid Cap index and BSE Small Cap index opened on a flat note.

Sectoral indices have opened the day on a mixed note with realty and consumer durables stocks witnessing buying interest. Healthcare and Energy stocks have opened the day in red.

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.

The rupee is currently trading at 69.71 against the US$.

The Indian rupee had opened lower at 69.88 per dollar today versus previous close 69.71.

Yesterday, the rupee registered a third consecutive day fall on the back of rising US-China trade worries and a selloff in domestic equity markets.

The rupee ended 29 paise lower at 69.71 per dollar against the US dollar, which is a lowest level since April 24.

Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose.

Yesterday, US President Donald Trump said that China "broke the deal" it had reached in trade talks with the US. The US trade representative's office announced that tariffs on US$200 billion worth of Chinese goods would increase to 25% from 10%, the reports noted.

Expectations were recently riding high that a deal could be reached, but a deep rift over the language of the proposed agreement opened up last weekend.

In the news from the retail sector. Titan Company on Wednesday reported a 14.4% jump in its consolidated net profit for the quarter ended March 31, while revenue at the maker of Titan watches and Tanishq jewellery was up over 19%.

The company's jewellery business recorded a strong performance for the quarter, while its profit after tax came below estimates on account of one-offs during the quarter.

Consolidated net profit for the fourth quarter of FY19 stood at Rs 3.5 billion from Rs 3 billion in the same quarter last year, while total revenue stood at Rs 49.5 billion up from Rs 41.3 billion on a year ago basis.

During the quarter, the company made provisions to the tune of Rs 0.4 billion for investments made as part of treasury operations in inter-corporate deposits in the IL&FS Group.

For the full year, consolidated income stood at Rs 197.8 billion, while consolidated net profit was Rs 13.9 billion.

During the year, the company witnessed a net addition of 115 stores.

Segmental performance at Titan was mixed with its jewellery business holding a strong double-digit growth.

The company's jewellery business, grew 22% to Rs 41.1 billion during the quarter while profit for the business stood at Rs 5 billion. While the watches segment grew modestly at 8% to Rs 5.3 billion. Gross margins in watches were disappointing on account of weak sales and has been volatile.

However, the company has maintained its growth outlook for FY20 at 20%. In fact, in a post-earnings call, the company's management said that it was already seeing a strong demand in the year-to-date period (i.e. April 2019 onwards) where it has witnessed a 19% growth in jewellery business.

Titan Company share price opened the day up by 0.6%.

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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