Sensex Opens Flat; Sun Pharma & Tech Mahindra Plummets Over 12% on Weak Q4 Results

Mon, 29 May 09:30 am

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Asian stock markets are trading with marginal gains today. Japan's markets Nikkei 225 surged 40 points. Hong Kong's Hang Seng rose 35 points. While, the US and European stocks after trending higher over the past several sessions displayed a lackluster performance on Friday.

Meanwhile, share markets in India have opened the day on a flattish note. The BSE Sensex is trading higher by 39 points while the NSE Nifty is trading lower by 2 points. The BSE Mid Cap and BSE Small Cap index both have opened the day up by 0.4% & 0.3% respectively.

Sectoral indices have opened the day on a mixed note with metal stocks and energy stocks leading the gains. While, healthcare stocks and information technology stocks are witnessing selling pressure. The rupee is trading at 64.59 to the US$.

Sun Pharma share price plunged 11.7% after it reported a 13.6% year-on-year fall in net profit in the quarter ended March 31 due to decline in US sales, its worst performance in several years.

Tech Mahindra share price lost over 12% as investors reacted negatively to the company's results. The IT services major posted a consolidated net profit for the March quarter at Rs 5.90 billion, a fall of 30.2% against Rs 8.45 billion quarter on quarter.

The markets are touching new highs. Markets are awash with funds. Experts are justifying high valuations. The reasons are far-fetched - from GST to Make in India to a cashless economy. And retail investors seem to be falling for it.

Time to Be Fearful?

One must note that currently, in most of the cases, it is liquidity driving the valuations, and not fundamentals. And this is exactly the time when one must allow fear to substitute greed. Also, this is precisely the time when it is most difficult to overpower greed and stay disciplined.

Energy stocks opened the day on a mixed note with BPCL and Mahangar Gas Ltd leading the losses. Indian Oil Corporation share price opened the day up by 1.1% after it posted a 70% jump in net profit to Rs 191.06 billion in the financial year ended 31 March 2017.

This was more than the Rs 179 billion net profit ONGC posted in the 2016-17 fiscal. Thus, IOC has overtaken Oil and Natural Gas Corp (ONGC) to become India's most profitable state-owned company.

In the previous 2015-16 fiscal, IOC had a net profit of Rs 112.42 billion as compared to ONGC's Rs 161.40 billion. IOC attributed the profit growth to higher refining margins, inventory gains and operational efficiencies.

To know more about the company's financial performance, subscribers can access to IOC's latest result analysis and IOC stock analysis on our website.

Meanwhile, ONGC has decided to aggressively expand its acreage under exploration and production from July once the government starts accepting bids for 26 unexplored sedimentary basins.

The move comes on the back of a steady rise in domestic fossil fuel consumption which makes the country's target of cutting import dependence on oil more challenging. The country's largest oil and gas producer intends to increase its exploration and production acreage at least by 30% over the next few years from 90,000 square kilometers at present.

ONGC share price opened the day down by 0.5%.

Moving on to the news from the economy. As per an article in a leading financial daily, foreign investors have pumped in nearly US$4 billion in the country's capital market this month due to finalisation of GST rates for bulk of the items and stable outlook for the rupee.

According to latest depository data, FPIs invested a net Rs 90.07 billion in equities during May 2-26, while they poured Rs 157.69 billion in the debt market, translating into a net inflow of Rs 247.76 billion (US$3.85 billion).

This comes following a net inflow of close to Rs 949 billion in the last three months (February-April) on several factors, including expectations that BJP's victory in recently held assembly polls will accelerate the pace of reforms.

Further, the huge inflow could be attributed to a slew of factors including finalisation of GST rates for bulk of the items by the GST Council, the reports noted.

However, the differential spread between 10-year bond yields in the US and India is still around 4.5-5%, this, coupled with stable outlook for the Indian currency bodes well for FPI flows into debt market.

Notably, with the latest inflow, total investment in capital markets has reached over Rs 1.16 trillion this year.

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