Sensex Ends 160 Points Higher; IT and Healthcare Stocks Witness Buying

Mon, 15 Jul Closing

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Indian share markets traded on a positive note most of the day and ended higher. Gains were largely seen in the IT sector and healthcare sector, while capital goods stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 160 points (up 0.4%) and the NSE Nifty closed higher by 36 points (up 0.3%). The BSE Midcap index and the BSE SmallCap index ended the day down by 0.6%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.3% and the Shanghai Composite was up by 0.4%. The Nikkei 225 was up 0.2%.

The rupee was trading at 68.52 against the US$.

In the news from aviation sector, InterGlobe Aviation share price was in focus today. Shares of the company witnessed selling pressure on the back of negative news surrounding the airline, including allegations of governance lapses.

As per the news, the stock market regulator and the corporate affairs ministry have started digging deep into allegations of governance lapses and violations that could force the government to override existing arrangements and pacts at InterGlobe Aviation.

Bringing the differences between long-time friends and promoters of IndiGo out in the open, Rakesh Gangwal has sought market regulator's intervention into alleged corporate governance lapses at the company.

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

In the news from the realty sector, the latest report for the first half of 2019 by real estate research firm Knight Frank states that slack demand, huge inventories and stringent regulations have kept home prices low across major Indian cities.

Last week, a report by Anarock Property Consultants says that the housing absorption has declined by around 13% in Q2 of 2019 and stood at 68,600 units across the top 7 cities.

At the same time, the unsold inventory maintained its status quo at 6.65 lakh units.

According to the report, Hyderabad, Bangalore and Pune saw the maximum drop in the housing sales at 18%, 16% and 15%, respectively. MMR (Mumbai Metropolitan Region) and NCR saw a dip of 11% and 8%, respectively.

How this pans out in the coming time remains to be seen. We will keep you updated on all the developments from this space.

Speaking of the real estate sector, the sector has been facing a lot of obstacles lately.

In the below video, Sarvajeet Bodas talks about these obstacles and also about how Modi's push towards affordable housing can revive the real estate sector and accelerate the economic activity.

Moving on to the news from the banking space, Yes Bank share price was witnessing buying interest today on the back of reports that stated a US-based PE firm is leading a four-member consortium to pick stake in the private lender.

As per the news, the bank has received an US$ 850 million-term sheet offer over the weekend by the marquee PE investor. The consortium is comprised of two US-based PE investors and two domestic investors, the report suggested.

Speaking of the banking sector, the scheduled commercial banks (SCBs) credit growth moderated to 12% YoY compared with 12.7% growth in May 2019. The credit growth has improved from 10.9% at end June 2018.

Co-head of Research at Equitymaster, Tanushree Banerjee believes retail and corporate credit are expected to grow by multi-fold over the next few years.

Rising Credit Growth in India

Here's what she wrote about it in one of the recent editions of The 5 Minute WrapUp...

• One theme I strongly believe will play out over the next decade is the credit growth in India.
  
  The growth I foresee will be due to two reasons. Expanding GDP and credit penetration.
  
  Recent reforms like Jan Dhan, Mudra Yojna have helped Small and Medium Enterprises (SME's) and self-employed professionals to gain access to loans.
  
  Credit penetration is also expected to increase in this segment from current levels.
  
  Over the past few years, a lot of banks and NBFCs have started lending to this segment.

So look out for strong well-established financial services players which will benefit the most from this trend.

Shares of Dewan Housing Finance Corporation (DHFL) witnessed a sharp fall today. The scrip of the company plunged more than 30% today on the back of poor March quarter results and doubts over survival of the company.

The company reported a standalone net loss of Rs 22.2 billion for the quarter ending March 2019 (Q4FY19). The company had posted a net profit of Rs 1.3 billion in the same quarter of previous fiscal.

The company's net interest income decreased 15% to Rs 7.1 billion from Rs 8.3 billion in the corresponding quarter of the previous year.

The company said, "in the backdrop of a significant slowdown in disbursement and loan growth post September 2018, the financials of the company have been quite strained for the quarter impacting the overall performance of the year".

Reportedly, due to additional provisioning of Rs 32.8 billion, the company reported a net loss of Rs 22.3 billion for the quarter and net loss of Rs 10.4 billion for the whole year.

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

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