Sensex Trades Marginally Lower; IT Stocks Under Pressure

Tue, 14 May 12:30 pm

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Share markets in India are presently trading on a negative note. Sectoral indices are trading mixed with stocks in the IT sector and automobile sector witnessing maximum selling pressure while healthcare stocks and energy stocks are witnessing buying interest.

The BSE Sensex is trading down by 64 points (down 0.2%), while the NSE Nifty is trading down by 17 points (down 0.2%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading down by 0.4%.

The rupee is currently trading at Rs 70.43 against the US$.

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.

Moving on, market participants are tracking Nestle share price, Pidilite Industries share price and Siemens share price as these companies are set to announce their Q4FY19 results later today.

You can also read our recently released Q4FY19 Results: Vedanta, Ceat, ICICI Bank, Apollo Tyres, JK paper, ITC.

In the news from the steel sector, shares of Tata Steel are trading lower for the ninth straight day on concerns over the European Commission's (EC) likely rejection for the proposed joint venture (JV) between the company's European arm and ThyssenKrupp surfaced.

So far this month, shares of the steel major have dipped 17% and are trading close to their 52-week low price of Rs 442, touched on January 29, 2019.

As per reports, the EC on May 10 discussed the proposed joint venture with both Thyssenkrupp and Tata Steel.

Tata Steel and Thyssenkrupp had signed definitive agreements on June 30, 2018 to combine the steel businesses in Europe to create a European JV company focusing on customer centricity, technology and sustainability.

Tata Steel share price is presently trading down by 1.6%.

Moving on to the news from the aviation space, Jet Airways' chief financial officer (CFO) and deputy chief executive officer (deputy CEO) Amit Agarwal has resigned from his positions at the airline.

Reportedly, Agarwal resigned due to personal reasons. He was responsible for all financial and fiscal management aspects of the company's business.

The debt-laden airline has seen a slew of top executives and board members leave the airline in the past few months. Last month, Nasim Zaidi quit his position as non-executive and non-independent director on the airline's board citing 'personal reasons' and 'time constraints'.

The airline's independent director, Rajshree Pathy also quit the board in April. Last week, top executive Gaurang Shetty, considered close to founder Naresh Goyal, also resigned from airline's board of directors.

In other news, lenders will begin reaching out to unsolicited bidders for the grounded airline after existing shareholder Etihad Airways declined to raise its stake beyond the current 24%.

Reports state that Etihad has offered to infuse around Rs 14 billion, aimed at keeping its stake at the current level.

As per an article in a leading financial daily, it was reported that Etihad's bid last week was non-binding in nature and is subject to fulfilment of certain conditions by Jet's lenders.

Here's an excerpt from the article:

• Etihad re-emphasizes that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalization.

Last week, State bank of India's chairman Rajnish Kumar said that two unsolicited bids were received for Jet Airways. In addition, Adi Group, a UK-based investment firm said it has already met officials of Etihad for a partnership in its bid for Jet Airways.

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

Jet Airways share price is presently trading down by 9.1%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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