Indian Indices Continue Momentum; Oil & Gas Stocks Witness Buying

Wed, 24 May 11:30 am

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After opening the day marginally higher, stock markets in India witnessed buying interest and continued their momentum. Sectoral indices are trading on a mixed note with stocks in the oil and gas sector and auto sector witnessing maximum buying interest. Telecom stocks are trading in the red.

The BSE Sensex is trading up 123 points (up 0.4%) and the NSE Nifty is trading up 28 points (up 0.3%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.5%. The rupee is trading at 64.92 to the US$.

Indian share markets are witnessing buying interest today on the back of a host of domestic as well as global factors. Gains are seen on the back of good monsoon projections and ahead of quarterly result announcements.

As per the news, the rain disrupting El Nino still has a 50% chance of developing later this year albeit weakly. Also, the prospects of Indian Ocean Dipole (IOD) - a phenomenon that strengthens monsoon in the country-forming over the Indian Ocean are looking good.

The news comes as Australian Bureau of Meteorology in its latest outlook reported that five of eight international climate models suggest the tropical Pacific Ocean is likely to warm above El Niño thresholds during the second half of 2017.

The Australian Bureau of Meteorology has predicted the arrival of southwest monsoons in India in the first week of June, deviating slightly from IMD's predicted date of 30^th May.

On a separate note, Bharat Forge, Adani Ports, Adani Enterprises, Indian Bank, Dish TV, Gujarat Gas, Lupin, Religare Enterprises, etc. are some of the BSE-listed companies scheduled to report their quarterly earnings today.

One must note that there's much hoopla surrounding the ongoing earnings season. However, if one has to go by the year-on-year performance, there's nothing to cheer .

As an article in Business Standard suggests, the earnings growth has slid from 15.6% in FY16 to just 7.2% in FY17, making it the worst in three years. This is despite the lower tax outgo and other income boost in FY15. Domestic market focused companies too have slowed down due to notebandi.

This trend can be seen clearly in the chart below:

Earnings in Contrast with Market Trends

One must note that the actual performance for the last quarter of FY17 has been much below brokerage estimates.

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