Indian Markets Skid Southwards

Fri, 18 Dec 11:30 am

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   09:30 am   

   01:30 pm   

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After opening marginally lower, the Indian indices booked further losses and slipped further in the negative territory. Sectoral indices are trading on a mixed note with stocks from the IT, banking and metal sector witnessing maximum selling pressure. Consumer durable stocks are trading positively.

The BSE Sensex is trading down 138 points (down 0.5%) and the NSE Nifty is trading down 45 points (down 0.6%). The BSE Mid Cap index is trading higher by 0.5% and the BSE Small Cap index is trading up 0.1%. The rupee is trading at 66.39 to the US$.

Stocks in the banking space are trading negatively with IDFC Bank and IndusInd witnessing maximum selling pressure. The Reserve Bank of India (RBI) has announced that all banks will have to follow a new uniform methodology from the next fiscal (April 1, 2016) for calculation of base rate on the basis of the marginal cost of funds. The move is aimed at improving transparency and ensuring speedier monetary policy transmission.

As per the financial guidelines, the new lending rates, Marginal Cost of Funds-based Lending Rate (MCLR), will be computed based on banks' marginal cost of borrowing, or incremental cost of funds. Under the current system, banks fix their lending rates based on the average rate of outstanding deposits. Say for example, if a bank's cost of borrowing is 8% now but tomorrow the incremental cost of funds becomes 7.5%, the marginal cost of borrowing for the computation purpose will be 7.5%, rather than the average of the two.

As per the RBI, the MCLR will be a tenor linked internal benchmark and the actual lending rates will be determined by adding the components of spread to the MCLR. Banks will have to review and publish their MCLR of different maturities every month on a pre-announced date.

Lastly, the apex bank stated that marginal cost pricing of loans will help the banks become more competitive and enhance their long run value and contribution to economic growth.

Power stocks are also trading on a mixed note with KSK Energy leading the gains and RattanIndia Power leading the losses. As per a leading financial daily, the foreign share holding by Foreign Institutional Investors (FIIs) Registered Foreign Portfolios Investors (RFPIs) in Power Grid Corporation of India has gone below the prescribed threshold caution limit stipulated under the extant FDI Policy. With that, the RBI has withdrawn the restrictions placed on the purchase of shares of the company. Accordingly, equity shares of Power Grid Corporation of India can now be purchased through primary market and stock exchanges.

Power Grid Corporation of India Ltd is India's principal electric power transmission company. It is engaged in the transmission of bulk power across different states of India. Presently, its stock is trading down by 0.3%.

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