Sensex Trades Over 300 Points Higher; Bajaj Finance Hits Record High

Fri, 17 May 12:30 pm

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Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the FMCG sector, finance sector and automobile sector witnessing maximum buying interest, while healthcare stocks and metal stocks are trading in red.

The BSE Sensex is trading up by 324 points (up 0.9%), while the NSE Nifty is trading up by 84 points (up 0.7%). The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.4%.

The rupee is trading at Rs 70.12 against the US$.

Speaking of share markets in general, the mood in the Indian stock market changes in a matter of months.

Till February 2019, mutual fund inflows were on a steady decline.

And that's when Tanushree had asked her readers to stay put and not give into the panic.

Holding and buying quality businesses during times of extreme pessimism goes a long way in creating long-term wealth.

The mutual fund data from the March 2019 certainly proves this point.

Rising Mutual Fund Inflows - Is the Market Correction Over?

As can be seen from the chart above, the net inflows into Equity fund in March 2019 (Rs 117 billion) are its highest levels since October 2018.

The reason could be people believing the Modi government will return to power.

Here's what Tanushree wrote about this in one of the recent editions of The 5 Minute WrapUp...

• While we recommended to not give into panic in February 2019, this time its euphoria we're recommending against.
  
  Don't fall into the greed trap.
  
  Hold on to your safe stocks and don't go looking for overvalued stocks. Maintaining your calm when everyone is losing theirs will help you build long-term wealth.

Moving on, market participants are tracking Bajaj Auto share price, Dr Reddy's share price, and UPL share price as these companies are set to announce their results today.

You can also read our recently released Q4FY19 Results: ITC, Inox Leisure, Nestle, Orbit Exports, Siemens.

In the news from the finance sector, Bajaj Finance share price is witnessing buying interest today after the company reported a surprisingly well profit and net interest income (NII) in March quarter.

The non-banking financial company (NBFC) recorded a strong 57% year-on-year (YoY) growth in net profit at Rs 11.8 billion in March quarter.

NII grew 50% at Rs 33.9 billion on YoY basis. Assets under management (AUM) rose 41% at Rs 1.2 trillion.

Meanwhile, company's gross non-performing assets (NPAs) ratio stood at 1.5%. The lender booked 5.8 million new loans during the quarter under review, up 53% from 3.8 million in the same period last year.

Reports state that between 31 August 2018 and 21 March 2019, the company had debt repayments of Rs 125.4 billion, of which commercial paper repayments are around Rs 77 billion. As on 21 March 2019, it had cash and cash equivalents of Rs 35.3 billion.

Shares of the company touched a fresh all-time high of Rs 3262, surpassing its previous high of Rs 3162 recorded on May 3, 2019.

Moving on to the news from the pharma sector, Piramal Enterprise share price is in focus today as its wholly owned subsidiary - Piramal Capital & Housing Finance (PCHFL) has expanded its housing finance operations in Gujarat, with the launch of two new branches - Vadodara and Surat in the state of Gujarat.

The company will provide its housing finance offerings namely home loans, loans against property and small ticket construction finance in these markets.

To know more about the company, you can read Piramal Enterprises' Latest Result Analysis on our website.

In other news, shares of Aurobindo Pharma fell around 6% in early trade today after the drug firm announced that the American drug regulator classified the inspection of the company's API intermediates facilities of Unit I, IX and XI as Official Action Indicated (OAI).

As per an article in a leading financial daily, the company has received letters from the US Food and Drug Administration (USFDA) classifying the inspections concluded at our API facilities.

Here's an excerpt from the article:

• The company is sending further updates on the committed corrective actions, adding that it was confident that these OAI classifications will not have an impact on disruption of supplies or the revenue from operations of these facilities.

Aurobindo Pharma share price is presently trading down by 7%.

Speaking of pharma sector, we at Equitymaster believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

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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