Indian Indices Turn Volatile; Tata Motors Down 2% ahead of Q1FY20 Results

Thu, 25 Jul 12:30 pm

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Share markets in India are presently trading on a volatile note ahead of the F&O expiry for the July series.

Sectoral indices are trading mixed with stocks in the telecom sector and healthcare sector witnessing buying interest, while oil & gas stocks and metal stocks are witnessing selling pressure.

The BSE Sensex is trading up by 46 points while the NSE Nifty is trading up by 11 points. The BSE Mid Cap index is up by 0.5%, while the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 68.99 against the US$.

Note that, Nifty broke below 200 Day EMA yesterday. While mainstream media is flashing headlines around how it could be critical, Apurva Sheth sees it as an opportunity to invest in such times.

Watch him talk about investing opportunities in equities and other commodities such as gold and silver.

Market participants are tracking Bajaj Finance share price, Tata Motors share price, and Mphasis share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can read our recently released Q1FY20 results: Zee Entertainment, SKF India, Torrent Pharma, Monsanto India.

In news from the economy, as per an article in The Economic Times, the Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists.

Majority of the economists said risks to their already-modest growth forecasts were skewed more to the downside.

Here's an excerpt from the article:

• India's inflation has remained below the central bank's medium-term target of 4% for almost a year and is not expected to rise significantly above that until at least 2021.
  
  Yet despite three interest rate cuts this year and expectations for more, India's growth outlook was downgraded in the latest poll compared to the previous quarterly economic survey in April.
  
  The economy expanded at 5.8% year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3% to 7.2% each quarter through to end-March.

The article also stated that if the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia.

The last time RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks went on a cutting spree to revive economic growth.

Note that last month, with the expectation of a rate cut, the yield on the 10-year government bond yield closed below 7% for the first time since November 2017.

Bond Yields Falls Below 7%

Here's what Sarvajeet Bodas, editor of Smart Money Secrets wrote about it in one of the editions of The 5 Minute WrapUp...

• Besides expectations of a rate cut, other factors such as a decline in crude oil prices, fears of weaker global growth, and a fall in global bond yields impacted domestic bond yields.
  
  A fall in yields would benefit the banking sector.
  
  A reduction in the interest rate creates a conducive environment for lending. This would help to revive demand and growth in the economy.

As per him, the latest Smart Money Secrets recommendation is all set to benefit from falling bond yields. You can access the recommendation report here.

Moving on to news from the banking sector, credit rating agency ICRA downgraded ratings on Yes Bank's Rs 329.1 billion bond programme, citing an increase in stressed assets and lack of debt resolutions.

The rating on bonds aggregating Rs 221.1 billion were downgraded by one notch, while that on Rs 108 billion of additional tier I (AT-I) bonds were downgraded by two notches.

The rating agency said that the outlook on the ratings remained negative as the private lender saw a sizeable increase in gross bad loans and below rated exposures along with weakened capital cushions.

ICRA added, it has taken note of the stability in the bank's overall deposits base, though the current account and savings account deposits declined in Q1FY20, while term deposits witnessed a growth, perhaps a negative for the cost of funds and earnings.

Yes Bank share price is presently trading down by 0.7%.

To know more, you can read Yes Bank's latest result analysis on our website.

In other news, IndusInd Bank share price is also in focus today. The private sector lender is planning to raise up to Rs 200 billion by issuing bonds on a private placement basis from the domestic or foreign markets.

The bank said it will put up the proposal before the shareholders in its forthcoming annual general meeting to be held on 16 August 2019 in Pune. It also added the money is to be raised on a private placement basis, in domestic and/or overseas market during a period of one year from the date of passing of resolution.

To know more, you can read IndusInd Bank's Q1FY20 result analysis on our website.

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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