Sensex Flat; Cipla Leads the Losers

Fri, 21 Oct 11:30 am

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After opening the day flat, the Indian share markets registered some further losses and went on to trade marginally lower. Sectoral indices are trading on a mixed note with energy sector stocks and consumer durables sector stocks witnessing maximum selling pressure. Realty stocks are trading in the green.

The BSE Sensex is trading down 144 points (down 0.5%) and the NSE Nifty is trading down 38 points (down 0.4%). The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up 0.1%. The rupee is trading at 66.88 to the US$.

The European Central Bank (ECB), in its meeting yesterday, kept the policy rates unchanged. The governing council of the central bank also stood pat on interest rates and its asset purchases program. It left the main refinancing rate at zero, the deposit rate at minus 0.4%, and asset purchases at 80 billion euros a month.

ECB President Mario Draghi said the ECB had left door open to more monetary stimulus. He stated that officials would extend the institution's unprecedented stimulus, if needed. However, he refrained from talking about the future of asset purchases by the ECB.

Draghi's comments also mentioned that it was mainly economic events outside the euro zone that would affect the euro area economy. On the inflation front, Draghi said there is a threat of inflation in the coming month which would also mean the euro zone economy improving at a slower rate than expected.

The ECB, in March, announced aggressive moves that lit a fire under European markets. It cut its main interest rate from 0.05% to 0% and its bank deposit rate from minus 0.3% to minus 0.4%. Four long-term loan schemes were also announced, with banks given incentives to boost credit growth with the help of cheaper rates. Borrowing terms under the scheme were as low as minus 0.04%. This meant the ECB would pay banks to take its cash if they could show they were lending it to households and firms. The bank also expanded its quantitative easing program from 60 billion euros to 80 billion euros a month in an effort to boost inflation and revive a stuttering eurozone economy.

Along with the BoJ, many central banks across the world are trying to prod growth with the help of stimulus measures and near-zero or negative interest rates. If you're interested in knowing what's really happening in the world of man and money, you can claim your free copy of Bill Bonner's latest book Hormegeddon (just pay Rs 199 for shipping and handling).

If the above actions of central banks do not come to an end, there is a possibility for another 2008-like crisis in the global economy...and India cannot afford to ignore it. If there's a severe crisis in the West, the consequences will be felt on our shores too.

We believe investors must be prepared to witness increasing volatility in the stock markets. Apart from the developments in the domestic economy, several global factors are likely to influence the course of the stock markets in the coming times.

Our message to investors is to not fear volatility and uncertainty. Instead, use it to your advantage as increased volatility could throw up bargain buying opportunities.

In another news update, the Reserve Bank of India (RBI) has opened the gates for more overseas investment coming to India. This comes as the RBI has initiated a series of steps to liberalize the foreign direct investment rules.

As per a leading financial daily, the RBI has allowed 100% foreign investment through the automatic route to the regulated financial services companies other than banks or insurance companies. Furthermore, the bank has eased external commercial borrowing regulations.

The RBI has also simplified rules for easier entry of venture capital funds to startup ventures. The central bank said that Foreign Venture Capital Investors (FVCIs) can invest in Indian startups without prior permission of the RBI.

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