Indian Indices Extend Fall; IndusInd Bank, Maruti Suzuki & Axis Bank Down Over 7%

Mon, 18 May 12:30 pm

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Share markets in India are presently trading deep in the red. Benchmark indices fell sharply today as investors were unimpressed by the stimulus measures announced by the government, which failed to provide any near term relief.

Further, rising tensions between the US and China and poor economic data from world economies dampened sentiment.

Data in Japan confirmed it slipped into recession in the first quarter, putting it on course for its worst post-war slump.

Barring IT stocks, all sectoral indices are trading on a negative note with stocks in the banking sector, auto sector and realty sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 936 points, while the NSE Nifty is trading down by 272 points.

The BSE Mid Cap index is trading down by 3.2% and the BSE Small Cap index is trading down by 2.6%.

The rupee is trading at 75.91 against the US$.

Note that the coronavirus impact has shaken markets worldwide. Businesses are seeing unprecedented shifts in a virus struck, locked down economy.

As per Richa Agarwal, editor of our premium smallcap service Hidden Treasure, there are robust smallcap businesses that are not just resilient but likely to emerge stronger from this crisis.

Richa has shared her views on these smallcaps, in the video below. Tune in now...

Moving on, market participants are tracking Bharti Airtel share price, Torrent Power share price, and Dr. Lal PathLabs share price as these companies are scheduled to announce their March quarter results (Q4FY20) later today.

In news from the commodity space, domestic gold prices hit new highs for the second day in a row, tracking firm global rates.

On Multi Commodity Exchange (MCX), June gold futures surged 1.1% to a new high of Rs 47,929 per 10 gram.

Tracking gold, silver futures rose 3% to Rs 48,053 per kg. In the previous session, silver rates had surged as much as Rs 2,500.

In global markets, gold prices surged to over seven-year highs after US Federal Reserve chief warned that a full recovery of the US economy could drag through 2021 and depends on the delivery of a vaccine.

Spot gold rose about 1% to US$ 1,759.98, the highest since October 2012.

Note that gold prices have surged over 15% in global markets this year amid worries of a deeper global recession.

Latest data showed US retail sales and factory output registered their steepest declines on record in April amid coronavirus-related shutdowns.

Reportedly, speculations that US interest rates could go negative has pushed holdings in gold-backed exchange-traded funds at a record high.

The holdings of SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.8% to 1,113.78 tonnes on Friday.

Speaking of gold, have a look at the chart below which shows how the yellow metal has performed over the past few days:

Gold Witnesses Buying Interest

Also speaking of gold, note that the interest in gold has gone up ever since stock markets crashed in March. Gold prices in the international markets are getting close to its all-time high.

But bitcoin has been on an up move too. It's price in dollars has almost doubled in the last two months.

In his latest video, Apurva Sheth, lead chartist at Equitymaster, compares gold and bitcoin. He explains, which is the better asset in this difficult economic situation.

Tune in to his video here...

Moving on to news from the finance sector, finance stocks are witnessing huge selling pressure today, amid concerns that asset quality metrics may come under pressure due to the extended nation-wide lockdown and challenging economic environment.

Shares of M&M Financial Services, Cholamandalam Investment and Finance Company, Indiabulls Housing Finance, ICICI Bank, Bajaj Finance, Shriram Transport Finance Company, Axis Bank and SBI Life Insurance from the Nifty Financial Services index are trading down over 5%.

On Sunday, Finance Minister Nirmala Sitharaman said that the government will make provisions in the law to exclude all debt associated with the coronavirus pandemic from defaults covered under the Insolvency and Bankruptcy Code (IBC), while suspending bankruptcy proceedings for one year.

As per reports, suspension of IBC proceedings for one year would postpone the pain for banks and NBFCs and they could see large slippages and lower recoveries post the 1 year period.

How the above developments pan out remains to be seen. Stay tuned for more updates from this space.

Speaking of the Rs 20 trillion stimulus package, unlike the previous stimulus packages, this one is no longer a tiny fraction of India's GDP.

This is the largest stimulus package ever announced by India.

At about 10.2%, it is among the biggest stimulus packages announced over the past few months by governments all around the world.

Now, executing the package, keeping India's long-term economic interests in mind, will be the key.

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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