Indian Indices Trade Flat with Positive Bias; Capital Goods & Realty Stocks Gain

Wed, 3 Jul 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the healthcare sector and telecom sector witnessing selling pressure while capital goods stocks and realty stocks are witnessing buying interest.

The BSE Sensex is trading up by 22 points while the NSE Nifty is trading up by 3 points. The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap is trading up by 0.3%.

The rupee is currently trading at Rs 68.87 against the US$.

Speaking of the stock markets, the current pattern of the Indian stock market very closely resembles 2013.

Back then too, Sensex was relatively flat while mid and small caps underperformed by a huge margin.

Only this time, the divergence is larger.

How Long Will this Sensex Outperformance Last?

While the 2013 correction was due to global macro issues, the correction in mid and small caps are due to factors back home.

Corporate governance issues leading to auditor exits plagued many mid and small caps in 2018. Then, we had the IL&FS impact leading to the NBFC crisis.

Will this Sensex outperformance continue?

Co-head of research, Tanushree Banerjee answers this question in one of the recent editions of The 5 Minute WrapUp. Here's an excerpt of what she wrote:

• But when I think of safe stocks, I think long-term about the businesses rather than how the Sensex will perform.
  
  I think of businesses that will be a part of India's long-term growth story. I strongly believe these businesses stand to do well irrespective of the movement of the Index.

Also, Tanushree recently talked about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times...

You can read more on these 3 opportunities here: Defence boom, Infrastructure sector reforms and Electric Vehicle Disruption.

Vedanta share price is in focus today as the company won 10 out of 32 oil & gas exploration blocks offered at an auction.

To know more about the company, you can read Vedanta's 2018-19 Annual Report analysis on our website.

In the news from the banking sector, State Bank of India (SBI) has received an approval to raise Rs 70 billion through bonds to fund business growth.

The board at its meeting held on July 01, 2019 accorded approval to raise AT 1 Capital up to an amount of Rs 70 billion by way of issuance of Basel-III compliant debt instrument.

Meanwhile, the Reserve Bank of India (RBI) has imposed monetary penalty of Rs 5 million on Allahabad Bank for non-compliance with certain provisions of directions issued by the central bank on Know Your Customer (KYC) norms / Anti Money Laundering (AML) standards and opening of current accounts.

The central bank also imposed penalty on UCO bank and Punjab National bank for non-compliance measures.

Moving on, shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) gained in the early trade today as crude oil prices fell over 4% in yesterday's session.

Oil prices fell more than 4% on Tuesday, even after OPEC and allies including Russia agreed to extend supply cuts until next March, as weak manufacturing data had investors worried. Brent crude futures fell US$ 2.66, or 4.1%, to settle at US$ 62.40 a barrel.

Oil prices edged higher today after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.

Prices edged higher by about 0.6% today after a report showed a contraction in US crude stockpiles. They were still far from recovering their losses from the previous day's session which was the biggest drop following an OPEC gathering since November 2014.

The cartel and its allies agreed to extend output cuts for nine months, but divisions remained over Saudi Arabia's push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.

An American Petroleum Institute report showed crude inventories fell by 4.97 million barrels last week. This is the third straight weekly drop.

Saudi Arabia said it would keep its output below 10 million barrels a day, even lower than required under the OPEC+ deal. Saudi Energy Minister Khalid Al-Falih said he was "enthusiastic" about the outlook for oil demand.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

To know more on crude oil, you can read one of Vijay Bhambwani's recent articles: Is OPEC Dying?

And 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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