Indian Indices End Lower

Thu, 21 Jul Closing

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Asian markets finished their session on a positive note as of the most recent closing prices. Stock markets in Japan and Hong Kong ended the day higher by 0.77% and 0.54 %, respectively. At the time of writing, most of the European markets were trading in the red. The FTSE 100 was down by 0.39%, France's CAC 40 was down 0.31% and Germany's DAX was down 0.13%. Markets in the US were trading in the green with the Nasdaq Composite up by 0.13%. The rupee was trading at Rs 67.20 to the dollar at the time of writing.

Back home, Indian equity markets went on to continue their downtrend and closed the day in the red. Stocks from sectors such as power and banking were leading the losses.

The BSE-Sensex ended the day lower by 205 points (down 0.7%), while the NSE-Nifty ended lower by about 56 points (down 0.7%). The BSE Mid Cap ended lower by 0.2%, while the BSE Small Cap closed lower by 0.1%.

As per a Reuters poll, which included over 30 economists, India is set to expand at 7.8% in the fiscal year ending March 2017 (FY17). The results of the poll pointed that India will buzz along at a solid pace for the remainder of this fiscal year provided structural reforms are passed.

This latest consensus is largely unchanged from the previous three quarterly polls. Moreover, the above estimates are despite worries about the global economy following the Britain's exit from European Union (EU) that is going to ebb growth in large European countries.

The Reuters consensus view is also more optimistic than the International Monetary Fund's (IMF) latest projection. The IMF this week stated that stated that in 2016 and 2017 India is projected to grow at a rate of 7.4%.

Only time will tell where India stands amid these projections. However, we believe these macro projections have very limited impact on the long term fundamentals of the companies. They are barely a blip in the long term intrinsic value of stocks. And therefore, when markets over-react to such events, the risk-reward equation turns in our favour, making stocks an attractive long term proposition.

Moving on to the news from the banking space... HDFC Bank reported its results for the quarter ended June 2016. The company's net profit grew by 20.1% YoY to Rs 32.3 billion during the quarter. The net profits reported a strong growth on the back of higher net interest income and other income.

Net interest Income, also considered as the core income of the bank grew by 21.8% YoY to Rs 77.8 billion during the quarter. Further, other income too witnessed a growth of 14% during the quarter.

Gross Non Performing Assets (GNPAs) grew by 12% at the end of the quarter to Rs 49 billion on a sequential basis. As a percentage of total loans, gross NPAs stood at 1.04% at the end of the June quarter.

HDFC Bank has one of the best asset quality amongst the private sector banks. However, a check on the asset quality will be the key things to watch out going forward.

The stock ended the day down by 0.3%.

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