Sensex Trades Lower; Yes Bank & Asian Paints Top Losers

Mon, 16 Sep 12:30 pm

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Share markets in India are presently trading on a negative note. Barring consumer durables sector and FMCG sector, all sectoral indices are trading in red with stocks in the oil & gas sector, finance sector and metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 223 points (down 0.6%), while the NSE Nifty is trading down by 69 points (down 0.6%). The BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading down by 0.4%.

The rupee is currently trading at Rs 71.52 against the US$.

The domestic currency fell sharply against the US dollar as oil prices skyrocketed after drone attacks on Saudi Arabia's oil infrastructure.

Oil prices today surged to four-month highs after weekend attacks on crude facilities at key producer Saudi Arabia sparked supply fears.

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 trader's 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?

In news from the engineering sector, Larsen & Toubro's (L&T) construction arm - L&T Construction's water and effluent treatment business has secured an Engineering, Procurement and Construction (EPC) order from the West Bengal Public Health Engineering Department.

The order is funded by the Asian Development Bank (ADB) for 'Construction of an intermediate pumping station, secondary transmission mains, overhead tanks, water distribution network and metering works, including 2 years of operation and maintenance in the Nandigram-I and Nandigram-II blocks of East Medinipur, West Bengal.

L&T share price is presently trading down by 1.2%.

Meanwhile, Bharat Electronics has bagged a Rs 53.6 billion contract from Ministry of Defense, Government of India.

The company said it signed the contract with Government of India on 13 September 2019 for procurement of seven squadrons of Akash Missile System for Indian Air Force. This is a turnkey contract with specialist infrastructure.

The total value of the contract is Rs 53.6 billion and the delivery will be completed in three years. These systems will be commissioned at seven Air Force locations spread across Pan India.

Bharat Electronics share price is presently trading up by 1%.

Moving on to news from the banking sector, State Bank of India's (SBI) chairman Rajnish Kumar has said that the bank has dropped its plan to take its general insurance arm public as there is no need for additional capital now.

SBI General, valued at over Rs 120 billion, is a joint venture between SBI and Insurance Australia Group with a 26% ownership.

On the additional stake sale in SBI Life, Kumar explained that the bank is required to offload an additional 2% stake as per the market regulator's norms but has time till October 2020 to execute the same.

The lender's Chairman Rajnish Kumar said investor interest for its cards business is very high, and SBI card listing will happen in the March quarter. The IPO will be launched in the January-March quarter of the current fiscal and based on the valuation arrived at, SBI will take a call on the stake sale.

SBI owns 74% in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO, Kumar said.

SBI share price is presently trading down by 1.3%.

Speaking of the banking sector, it is interesting to note that public sector banks (PSBs) have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks. This is evident in the chart below:

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

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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Indian Share Market Update: Top Gainers and Losers