Final Hour Rally for Indian Indices

Thu, 2 Jun Closing

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After witnessing a choppy session for most part of the day, the Indian equity markets went on to book profits and ended their day on a positive note. Stocks from sectors such as banking, capital goods, metal and energy witnessed most of the buying interest.

The BSE Sensex closed higher by about 129 points (up 0.5%). The NSE-Nifty ended higher by 39 points (up 0.5%). The BSE Mid Cap ended higher by 0.7%, while the BSE Small Cap ended higher by 0.3%.

On the global front, most of the Asian indices closed their day on a mixed note. The Hong Kong's Hang Seng ended higher by 0.47%, while Japan's Nikkei 225 ended lower by 2.32%. The European indices witnessed buying interest. The FTSE 100 was up 0.36%, while France's CAC 40 and Germany's DAX stood marginally higher. The rupee was trading at Rs 67.27 to the dollar at the time of writing.

As per an article in Economic Times, Organisation for Economic Cooperation and Development (OECD) has said that India's growth rate is expected to hover near the 7.5% mark in the current year as well as the next, even as many emerging markets economies continue to lose momentum.

The organisation released its outlook a day after data shared by the statistics office showed that India grew at 7.6% in 2015-16 and economists expect it to grow by 7.9% in FY17. The OECD in its Global Economic Outlook stated that this solid growth led by strong investment is expected to continue, helped by reforms to bolster infrastructure spending and robust demand growth.

The projections include an increase in public sector wages and pensions, and efforts to improve tax compliance. The OECD, however, cautioned that non-performing loans (NPAs) in the banking sector have been rising in several countries, including India. It said that rising NPAs will add to moral hazard and would prevent resource allocation from non-viable firms if maintained for a long period of time.

The issue of non-performing assets continues to torment the Indian economy. This has kept Indian banks in a sorry state. Repairing bank balance sheets has now become the government's top-most priority. Also earlier, in April, the Supreme Court had asked the government to overhaul the banking system to prevent bad loans and hasten recovery from defaulting borrowers to reduce the NPA levels. Tanushree Banerjee, co-head of research at Equitymaster, has stated how banks have accumulated NPAs worth billions of rupees in one of the editions of The Equitymaster Research Digest (subscription required).

In our recent edition of The 5 Minute WrapUp we have discussed how debt is the common thread between most of India's economic problems.

Moving on to news from automobiles space. Mahindra & Mahindra's (M&M) South African subsidiary has launched a new compact utility vehicle - KUV100 - in South Africa. This comes as the company is trying to reach out to the youth with its latest offering and capture a bigger market share in the country.

The new sporty KUV100 is available in petrol and diesel variant. It is the smallest vehicle in Mahindra South Africa's product range. The model is priced much lower than similar models from competitors in the country, while it boasts more features.

M&M is one of the leading auto companies of India. The company's subsidiary 'Mahindra & Mahindra South Africa' has recently incorporated a subsidiary company 'Mahindra West Africa' in Nigeria.

The new company is incorporated as a subsidiary (99.99%) of Mahindra & Mahindra South Africa, which in turn is a 100% subsidiary of Mahindra & Mahindra. It has been incorporated to promote Mahindra brand and expand its reach into West Africa Region for its various businesses like auto, tractors, 2-wheelers, 3-wheelers, gensets, construction equipment, truck & buses & agri.

M&M completed nine product launches in FY16; a development which will help the company maintain growth going forward. Stock of the company closed the day down by 0.2%.

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