Indian Indices Open Weak

Mon, 16 May 09:30 am

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Major Asian stock markets have opened the day on a positive note. Stock markets in Japan and Hong Kong are trading higher by 1.3% and 1.2% respectively. Benchmark indices in Europe ended their previous session in green. Whereas, stock markets in US ended their previous session on a disappointing note. The rupee is trading at 66.76 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 49 points (down 0.2%) and NSE Nifty is trading lower by 12 points (down 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading marginally higher by 0.1% and 0.05% respectively.

Major sectoral indices have opened the day in red with stocks from telecommunication and banking sectors witnessing selling pressure.

As per an article in Mint, monsoon is expected to arrive in Kerela six days later than the normal as projected by Indian Meteorological Department (IMD). The onset of the southwest monsoon season marks the beginning of the June-September rainy season.

IMD in April forecasted that the monsoon rainfall this year will be 106% of the long-period average, which is above normal, and that there is a 94% probability that the rains will be normal to excess.

This news comes as a relief considering that the country has faced a deficit rainfall in the preceding two years. Eleven states declared a drought in the country after last year's failed rains which have also led to depleting water levels in reservoirs.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. To add to this, a normal monsoon will also help to keep the inflation at low levels. The possibility of a good monsoon would also increase the chances of the country's central bank retaining its easy money policy. However, there have been many instances in the past wherein the forecasts have gone wrong. Provided, they are accurate it will help to revive the rural sentiments.

In another news update, a Mint analyses of 186 of BSE 500 companies which have announced their results for the quarter ended March shows that the operating margins have been the highest since the quarter ended March 2011. The operating margins stood at around 30.9%. Further, the net profit margins too stood at around 11.3%, higher than the previous quarters 10.7%.

The operating margins have hit their high on account of low commodity costs. Net profit margins too have risen, but not at the pace of operating margins. The net profit margins have moved at a slower pace on the back of higher interest costs.

Reportedly, the Bloomberg Commodity Index of 22 raw materials, from oil to metals, rose 0.34% in the March quarter but fell 20% during the year ended 31 March. However, the index has risen 7.5% since April.

While margins have steadily improved, with commodity prices recovering, the advantage may not extend into this fiscal.

Speaking about earnings, Rahul Shah recently claimed that the Sensex earnings could potentially have an upside of 70% in 3 years. You cannot miss to read this interesting piece. Click here to access it.

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