Sensex Ends 181 Points Lower; Energy and IT Stocks Witness Selling

Tue, 24 Dec Closing

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India share markets witnessed selling pressure today and ended their day in the red.

At the closing bell, the BSE Sensex stood lower by 181 points (down 0.4%) and the NSE Nifty stood down by 50 points (down 0.4%).

Both, the BSE Mid Cap index and the BSE Small Cap index, ended the day flat.

Stocks in the IT sector and energy sector witnessed huge selling pressure, while metal stocks were trading in the green.

The rupee was trading at 71.21 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.15% and the Shanghai Composite was up by 0.67%. The Nikkei 225 was up 0.04%.

European markets were also trading on a mixed note. The FTSE 100 was up by 0.07%. The DAX was trading down by 0.13%, while the CAC 40 was up by 0.01%.

Speaking of Indian stock markets, in the video below, smallcap analyst Richa Agarwal talks about the ongoing economic slowdown, an upcoming rebound in the small cap space, and her number 1 stock pick for 2020.

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In the news from the financial markets space, on a net-net basis, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 14.6 billion on Monday.

Domestic institutional investors (DIIs), on the other hand, were net sellers to the tune of Rs 19.4 billion.

Note that , foreign portfolio investors seem to have flocked to the Indian capital market in a big way in 2019 with a net inflow of over Rs 1.3 trillion, including Rs 972.5 billion in equities, the highest in last six years.

As the year draws to a close, the debt market has seen a net inflow of nearly Rs 270 billion by FPIs, while a further amount of Rs 90 billion found its way to the hybrid instruments, the reports noted.

As of now, the foreign portfolio investors (FPIs) have made a net investment of Rs 1.3 trillion (nearly US$ 19 billion) in the Indian markets so far in 2019, while a few days of trading is yet to take place.

This is the second highest inflow in the last five years and follows a net outflow of close to Rs 810 billion in 2018. In 2017, the net inflow into Indian capital markets had crossed Rs 2 trillion after a net outflow of over Rs 230 billion in 2006.

For equities only, the year passing-by has already seen a net inflow of Rs 972.5 billion, the highest in six years. While the year 2018 saw a net outflow of over Rs 330 billion by FPIs in equities, there was a net inflow of Rs 510 billion in 2017, of Rs 205 billion in 2016, of Rs 178 billion in 2015 and of Rs 970.5 billion in 2014.

FPIs would continue to be watchful of the domestic environment and tread cautiously.

We will keep you updated on the developments from this space.

Also, speaking of FPIs, note that in March this year, the Morgan Stanley Capital International (MSCI) announced it would increase the weightage of Chinese A shares (stocks trading in mainland China) by 4 times. These shares form around 10% of total Chinese shares in the index.

FPIs investing in passive funds follow the MSCI EM index for investments in emerging markets.

A comparison of India's weightage with China in the MSCI EM index provides us clues on the FPIs activity.

Will India be the Next Hot FPI Destination?

Will we see a similar FPI inflow into Indian stocks like the Chinese stock markets?

Looking at the inflow into the Chinese stock markets, it seems very likely.

We will keep you updated on all the developments from this space.

Moving on to the news from the airline sector, the creditors of Jet Airways have decided to seek fresh initial bids for the airline.

The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday.

Earlier this month, the National Company Law Tribunal (NCLT) had directed the CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline.

Note that the air carrier stopped flying in April after it ran out of money for daily operations. The airline is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC).

How the above development pans out remain to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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