Sensex Slips 100 Points; Bharti Airtel, Reliance Industries Among Top Losers

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Share markets in India are presently trading on a negative note. The BSE Sensex is trading down by 112 points, while the NSE Nifty is trading down by 31 points.

The BSE MidCap index is trading up by 0.1%, while the BSE SmallCap index is trading up by 0.5%.

Barring metal sector and auto sector, all sectoral indices are trading in red with stocks in the telecom sector, energy sector and banking sector witnessing most of the selling pressure.

The rupee is currently trading at Rs 71.26 against the US$.

Speaking of stock markets in general, in the video below, Research Analyst Girish Shetty shares a simple guide on how to improve your stock picking process.

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In news from the financial markets, ignoring negative sentiments around falling GDP growth rate and some policy roadblocks, foreign portfolio investors (FPIs) 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.

So far in CY19, FPIs have pumped in a net Rs 999.7 billion in equities. The inflow during the year is highest since CY13, when they made a net investment of Rs 1.1 trillion in equities.

FPIs invested Rs 437.8 billion during October-December CY19, after pulling out Rs 224.6 billion from Indian equities during the third quarter (July-September) of CY19 from the equity market, according to the latest available depository data.

Reports show total flows in six major Asian regions - India, Taiwan, Korea, Indonesia and Philippines at US$ 24 billion at the end of November 2019, compared to an outflow of US$ 16.7 billion in 2018.

FPIs started the year on a negative note and pulled out over Rs 42 billion from equities in January, but turned net buyers in February and the positive momentum continued till June.

However, FPIs turned net sellers in July & August and pulled out over Rs 30 billion after the government announced a super-rich tax, which also impacted foreign funds.

Besides, global cues turned unsupportive. Further, brewing tension between US and Iran, an escalating US-China trade war and fears of slowing global growth created a risk-off sentiment, which did not augur well for emerging markets like India.

Reversing their selling spree, FPIs once again turned net buyers in September and the momentum continued till November after the government announced steps to boost the economy and spur investments.

FPIs would continue to be watchful of the domestic environment and tread cautiously. We will keep you updated on the developments from this space.

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 recent outflows from FPIs.

It also explains the announcement to reduce promoter shareholding in the budget.

Will India be the Next Hot FPI Destination?

Will we see a similar FPI inflow into Indian stocks?

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

Moving on to news from the finance sector, shares of Dewan Housing Finance Ltd (DHFL) are locked in the upper circuit band of 5%, after media report suggested that the housing finance firm is expected to resume lending after a gap of seven months.

The corporation, which is under insolvency resolution process, is planning to resume lending to stay relevant in the business.

Reports state that, central bank-appointed administrators at DHFL have decided to lend about Rs 5 billion every month beginning the next few weeks.

The report added that the consortium of lenders, led by the State Bank of India, granted the permission to resume lending in October.

Earlier this month, the National Company Law Tribunal's (NCLT) Mumbai bench appointed R Subramaniakumar as administrator to steer the HFC's resolution.

DHFL is the first financial services firm that will undergo insolvency proceedings at the NCLT after the government notified the financial services insolvency law on November 15.

In other news, the RBI in its report on Trends and Progress 2018-19 has said that the non-banking financial company (NBFC) sector, which has been affected by a series of default by Infrastructure Leasing & Financial Services (IL&FS), reported a sharp jump in gross non-performing assets (NPA) ratio to 6.1% in FY19 from 5.3% in FY18.

The net NPA ratio saw a marginal uptick at 3.4% in the fiscal ended March 2019, compared to 3.3% in FY18.

The RBI in its report said in FY20, up to September, asset quality of the sector showed deterioration with a slight increase in gross non-performing asset (GNPA) ratio.

The net NPA ratio for NBFCs-ND-SI edged up marginally, reflecting the maintenance of adequate buffers, especially by microfinance institutions (MFIs) and Infrastructure Finance Companies (IFC).

Stay tuned for more updates from this space.

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

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