Sensex Opens in Green; Realty and Metal Stocks Gain

Fri, 10 May 09:30 am

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Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.7% while the Hang Seng is up 0.4%. The Shanghai Composite is trading up by 1.2%. Wall Street's main indices fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Back home, India share markets opened on a positive note. The BSE Sensex is trading up by 122 points while the NSE Nifty is trading up by 32 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.4%.

Sectoral indices have opened the day on a mixed note with realty and metal stocks witnessing buying interest. Telecom and Consumer durables stocks have opened the day in red.

The rupee is currently trading at 69.97 against the US$.

In the news from the mutual funds space. Net inflows into equity mutual funds plunged 64% in April to the lowest in 31 months as investors turned risk-averse because of uncertainty related to the general election, a spate of rating downgrades and a rise in crude oil prices.

In April, net inflows into equity mutual funds fell to Rs 42.3 billion from Rs 117.6 billion in the preceding month, according to data released by the Association of Mutual Funds in India (Amfi).

As per the reports, investors may probably stay on the sidelines until after the polls. At the same time, a spate of rating downgrades over the past fortnight has stoked fears of another liquidity crisis affecting non-banks.

Inflows from systematic investment plans (SIPs), however, remained steady.

The total amount collected through SIPs in April was Rs 82.4 billion, as against Rs 80.6 billion in March, according to Amfi data.

Further, volatility in stock markets is also one of the reasons for the reduced fund inflows in April.

Note that, the National Stock Exchange's India VIX index, which tracks investors' perceptions of volatility, rose 27% in April.

The India VIX Index measures the volatility expected over the next 30 days. It touched an all-time high recently.

Market Volatility Highest in Years

Uncertainty over the general elections, trade war threats between US and China and rising crude oil prices have all contributed to widespread fear among investors.

While the 2018 correction was mainly due to corporate governance issues back home, the threat of macro issues looms large in 2019.

For you, dear reader, it is important to ignore the short-term noise of the mainstream media.

While the volatility index is high, it is no indicator of the market direction. The index was high during 2014 as well, prior to the elections. Post that we had a multi-year bull run.

Co-head of research at Equitymaster, Tanushree Banerjee believes, safe stocks with strong fundamentals will do well regardless the short-term volatility.

In fact, the volatility might just give you an opportunity to load up on these quality businesses.

Moving on to the news from IT sector. HCL Technologies Thursday posted a 14.3% rise in its consolidated net profit at Rs 25.5 billion for the March 2019 quarter and set an "aspirational" annual revenue target of more than US$ 10-billion (about Rs 702.6 billion) in FY19-20.

The company reported 21.3% growth in revenue to Rs 159.9 billion in the January-March quarter compared to Rs 131.8 billion in the January-March 2018 quarter, as per Ind-AS accounting norms.

For the full year, net profit rose by 16% to Rs 101.2 billion, while revenue grew 19.4% to Rs 604.3 billion (about US$ 8.6 billion) from FY17-18.

In dollar terms, the net profit rose 5.9% to US$ 364.3 million for the March 2019 quarter, while revenue was higher by 11.8% to US$ 2.2 billion as compared to the year-ago period as per the US Generally Accepted Accounting Principles (GAAP). The revenue for the full fiscal was up 10.1%.

HCL Technologies' larger rivals, Tata Consultancy Services (TCS) and Infosys have also posted strong growth in the March quarter and exuded confidence keeping the momentum going in the current fiscal as well.

For FY18-19, TCS' revenue was at US$ 20.9 billion, while that of Infosys was at US$ 11.7 billion. Wipro's revenues from IT services segment were at US$ 8.12 billion.

HCL Technologies share price opened the day down by 3.3%.

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

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