Sensex Ends 227 Points Higher; Telecom and Energy Stocks Witness Buying

Tue, 14 May Closing

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Indian share markets snapped their 9-day losing streak and ended their trading session on a positive note today. Gains were largely seen in the telecom sector and energy sector.

At the closing bell, the BSE Sensex stood higher by 227 points (up 0.6%) and the NSE Nifty closed higher by 74 points (up 0.7%). The BSE Mid Cap index ended the day up by 0.6%, and the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood down by 1.5% and the Nikkei was trading down by 0.7%.

European markets were trading on a positive note. The FTSE 100 was up by 0.8%. The DAX was trading up by 0.4%, while the CAC 40 was up by 1.1%.

The rupee was trading at 70.36 to the US$ at the time of writing.

In today's edition of The 5 Minute WrapUp Tanushree Banerjee shares an interesting observation she is witnessing in the banking sector.

Here's what she wrote...

• After the IL&FS debacle, the NBFC sector is in a liquidity crisis. The housing finance regulator, National Housing Bank, has also restrained some entities from lending.
  
  So, the quantum of funds as well as the cost of loans have both shot up.
  
  Smaller public sector banks are struggling to keep themselves afloat.
  
  The few good quality private sector banks are only lending to retail clients, most cautiously.

This is evident in the chart below:

Banks are Lending Only to the Aam Aadmi

No wonder funding to corporates for capex has come to a standstill.

Amid this it is difficult to expect Indian companies to increase their capacities. Thus, their earnings may not grow at a fast clip.

And sooner than later their valuations will also succumb to a reality check.

But according to Tanushree, there is a silver lining to this cloud. You can read all about it here: The Bitter Pill that Will Lay the Foundation for Sensex 100,000

Market participants were tracking today as the housing finance company reported fourth quarter (Q4FY19) standalone net profit at Rs 28.6 billion on the revenue of Rs 115.8 billion.

The results are not comparable to earlier earnings as the company has shifted to new accounting standards.

The company's gross NPA stood at 1.18% against Rs 1.22%, while individual gross NPA stood at 0.70% and non-individual gross NPA stood at 2.34% on a quarter-on-quarter (QoQ) basis.

The company's net interest income (NII) during the quarter rose 6% at Rs 31.8 billion versus Rs 30.0 billion in a year ago period.

The company's loan growth stood at 13.8% year-on-year (YoY). The net interest margin was down at 3.3% versus 3.5% QoQ.

The board of the company has recommended final dividend of Rs 17.50 per share of face value Rs 2 each for the financial year 2018-19. The total dividend for the year (including the interim dividend of Rs 3.5 per equity share) is Rs 21 per share as against Rs 20 per share for the previous year.

In the news from the macroeconomic space, wholesale price-based inflation (WPI) slipped to 3.07% in April on the back of cheaper fuel and manufactured items, even as prices of food articles remained high.

The WPI based inflation was at 3.18% in March and 3.62% in April 2018.

As per the data, inflation in food articles rose with steep rise in prices of vegetables during April. Vegetables inflation was at 40.65% in April, up from 28.13% in the previous month.

Inflation in food articles basket was 7.37%, up from 5.68% in the previous month.

Inflation in fuel and power category cooled to 3.84%, from 5.41% in March. Manufactured items too saw easing of prices with inflation at 1.72% in April, against 2.16% in March.

Separate data also showed retail inflation stood at 2.92% in April, higher than 2.86% in March.

Core CPI for April contracted to 4.6% from 5% in March.

The latest price data released by the Central Statistics Office showed that consumer price index (CPI)-based inflation, which measures changes in shop-end prices, remained comfortably within the Reserve Bank of India's target level of 4%.

Food prices, which is a gauge to measure changes in kitchen budgets, grew 1.1% in April compared to 0.3% in March.

Inflation rate in cereals and products stood at 1.17% in April as against 1.25% in March. Vegetables inflation stood at 2.87% in April versus -1.49% in March.

Pulses inflation in April contracted 0.89% as against a contraction of 2.25% in March. Fuel and light inflation stood at 2.56% in April, up from 2.42% in March.

Housing inflation in April was at 4.76%, down from 4.93% in March, while clothing & footwear inflation was at 2.01% in April, down from 2.59% in March.

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

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