Sensex Trades Lower; CPI Inflation Data Eyed

Wed, 12 Jun 12:30 pm

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Stock markets in India are presently trading on a negative note ahead of the release of key macro data such as CPI inflation for May and IIP growth print for April. The BSE Sensex is trading down by 278 points and the NSE Nifty is trading down by 82 points. Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading down by 0.5% and 0.3% respectively.

Among the sectoral indices, IT stocks and realty stocks are witnessing maximum selling pressure. Metal and oil & gas stocks are trading in green.

Notably, Indian markets have been on the rise since the Narendra Modi-led coalition won a massive mandate to form the government for the second consecutive time.

In May, the benchmark Sensex rose 1.8%. In the year so far, Sensex has gained over 10%.

So, by the next elections in 2024, will Sensex touch 1,00,000 mark?

Does Sensex 1,00,000 sound outrageous from where we are right now?

Even Sensex 40,000 would have seemed the same from around 5,000 levels in May 2004.

History indicates a healthy rise in Sensex post elections. In the three elections prior to this, we have seen a government come back to power, and change hands but the Sensex has moved one way i.e. upwards.

Will the Sensex Be Close to 1,00,000 By the Next Election?

And now, with a stable government at the centre, the pace might pick up.

Co-head of research, Tanushree Banerjee believes there are 50 irreversible trends that will the push Sensex to 1,00,000.

And these 50 trends look set to play out soon.

The ride might have already begun looking at the stock market's reaction to the election results.

But it is still early days. And the time to hop on to the ride is right now!

In the news from the currencies space. The rupee appreciated by 8 paise to 69.38 against the US dollar in opening trade today, driven by easing crude oil prices and foreign fund inflows.

Reportedly, weakening of the greenback vis-a-vis some major currencies overseas aided the local unit.

However, a weak opening in domestic equities weighed on the domestic currency.

The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.36, displaying gains of 8 paise over its last close.

The local unit however, pared some gains and was trading at 69.38, up 6 paise from its previous close in the morning session. The rupee had settled at 69.44 against the US dollar Tuesday.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 957.9 million on Tuesday, according to provisional exchange data.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative traders association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

Moving on to the news from the finance sector. Shares of Indiabulls Housing Finance continue to shrink today following allegations of siphoning off Rs 980 billion of public money.

The stock had hit a 52-week low of Rs 576.4 on Tuesday after the report and ended the session falling 8%. The company has lost Rs 70 billion so far.

The company has now moved the Supreme Court alleging that the plea against it alleging misappropriation of 980 billion public money is frivolous. The court said it will take a decision on listing of the plea during the day.

The share of the company today was trading near four-month low.

The stock was down 21% this year as of the last close.

A plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance, its chairman and directors for alleged misappropriation of public money.

Terming the allegations as bizarre, Indiabulls Housing Finance on Monday said the writ petition filed in the apex court is an attempt to malign the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank.

The total loans on the books of Indiabulls Housing Finance is approx Rs 900 billion, the reports noted.

Indiabulls housing finance share price was trading down by 6.7%b at the time of writing.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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