Sensex Opens Flat; Infosys Tanks 10%

Tue, 22 Oct 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.1% while the Hang Seng is up 0.2%. The Nikkei 225 is trading up by 0.3%. World stock indices rose on Monday as signs of work to resolve the US-China trade war bolstered investor hopes, while the Canadian dollar strengthened in the hours before results of the election for prime minister.

Back home, India share markets opened flat. The BSE Sensex is trading up by 29 points while the NSE Nifty is trading up by 13 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% and 0.3% respectively.

Sectoral indices have opened the day on a mixed note with Energy stocks and telecom stocks witnessing maximum buying interest. IT stocks and realty stocks are trading in red.

The rupee is currently trading at 70.90 against the US$.

Infosys stock price plunged over 10% in the opening session after an alleged group of employees at Infosys who recognise themselves as 'Ethical employees' have levelled allegations for the first time against current CEO Salil Parekh and CFO Nilanjan Roy of 'wilful misstatement' and 'accounting irregularities' to make the company's performance look good.

They also claim to have the required evidence to prove their claim which they intend to submit during the course of investigation.

In the news from the financial markets. Foreign portfolio investors (FPIs) have infused a net sum of Rs 50.7 billion into the Indian capital markets in October so far amid the government's efforts to revive domestic demand.

In the preceding month, FPIs had invested a net Rs 65.6 billion in the domestic capital markets (both equity and debt).

As per the latest depositories data, foreign investors put in a net sum of Rs 49.7 billion in equities and a net Rs 1 billion in the debt market during October 1-18, taking the cumulative net investment to Rs 50.7 billion.

Speaking of foreign money, let's have a look at the monthly foreign investor inflow trend over the last five years.

Will Foreign Investors Make a Comeback Now?

During the entire period, the net foreign investor inflows into Indian equities are worth Rs 1,182.8 billion. For a five-year period, that's not a significant amount at all. The reason being that, foreign investors have also done some heavy selling during this period.

Foreign investors have been net sellers in 27 out of the last 61 months. Even in the ongoing financial year, foreign investors have been net sellers.

Will that change after the latest announcement by the Finance Minister?

Research analyst at Equitymaster, Ankit Shah believes that corporate tax cuts have the potential to revive the business and investment climate in the economy.

In his premium newsletter Insider, Ankit focuses on cherry-picking the best investing opportunities. Even after the jump in stock prices on Friday, many stocks are still trading below their best buy prices.

He believes, the best strategy in the current market is to accumulate quality stocks in a staggered manner as and when prices are attractive.

Also, amid such volatile times in stock markets, Richa Agarwal reveals her investing strategy in the video below.

She also talks about the type of small cap stocks she is looking at during such times.

Tune in...

Moving on to another news. As per the data released by the Reserve Bank of India (RBI), the forex kitty continued to climb north, swelling by US$1.9 billion to a new life-time high of US$ 439.7 billion, in the week to October 11.

The forex reserves had increased by a higher US$4.2 billion to a new high of US$437.8 billion in the previous reporting week.

For the week under review, the foreign currency assets, which are the biggest part of the reserves, increased by US$ 2.3 billion to US$407.88 billion, the RBI said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

Further, the value of the gold reserves dipped by US$399 million to US$26.8 billion for the week.

The special drawing rights with the International Monetary Fund rose US$2 million to US$1.4 billion during the week.

The country's reserve position with the Fund also increased by US$7 million to US$3.6 billion, the data showed.

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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