Factors That Will Influence Markets in a Turbulent Election Year
The next year, 2019, is the year of general elections in India. Should that matter to us as investors? That depends on the outcome, you may say. The markets have done very well, from 2014 until now. It is certainly an endorsement of what is going on. Public sector banks are getting cleaned up (in more sense than one). Age-old bad loans that were being suppressed through ever-greening are...
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  • Nifty, Sensex May Head Higher – Monday closing report

    The major indices of the Indian stock markets were range-bound on Monday and ended flat over Friday’s close. On the NSE, there were 490 advances, 1,252 declines and 313 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

     

     
    Higher inflation data and caution ahead of Karnataka election results kept the key Indian equity markets subdued on Monday. India's wholesale inflation rate rose to 3.18% in April from 2.47% in the previous month, official data showed here on Monday. According to market observers, selling was witnessed in consumer durables, auto and capital goods stocks.
     
    The CBI on Monday filed a chargesheet against some former and current bank officials and several others in the over Rs13,000 crore Punjab National Bank (PNB) fraud case allegedly perpetrated by diamantaire Nirav Modi and his uncle Mehul Choksi. PNB shares closed at Rs89.35, up 0.62% on the NSE.
    Making it another bumper crop, food grain states Punjab and Haryana have procured over 210 lakh tonnes of wheat in this season, food and supplies officials said here on Saturday.
     
    The Customs Department is planning to introduce new simplified procedures for exports through India Post to cater to the small and medium enterprises, the government said on Saturday.
     
    On the broad market, open market operations by RBI will help soothe the frayed nerves in the bond market and bring stability in the Indian Rupee INR. However, the out flow of foreign funds due to rich valuation is a concern to the market. In terms of investments, last week's provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs2,126.74 crore. Similarly, figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs2,678.35 crore, or $399.75 million, in the week ended May 11.
     
    Rising global crude oil prices and consistent outflow of foreign funds from the Indian equity market is expected to further weaken the Indian rupee, an official said on Sunday. According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee has been one of the worst performing currencies in the EM (emerging markets) basket.  "Going forward, if oil prices continue to move higher, we can see rupee trade above 68 against the US dollar," Banerjee said.  "Over the next week, traders will react to the Karnataka poll. If the BJP wins, then it can cause rupee to appreciate momentarily but the larger downtrend should not be altered. For the larger downtrend to reverse, oil prices have to decline." Banerjee predicted rupee to range between 66.70 and 67.70 on the spot market during the coming week. 
     
    India's leading stock exchange BSE Ltd's joint venture (JV) with US-based insurance exchange Ebix will seek approval from the Indian insurance regulator for rolling out of its insurance distribution venture, the BSE chief said here on Saturday. "We have tied up with Ebix, a US based insurance exchange and we have taken permission from Securities Exchange Board of India (Sebi) for setting up a subsidiary for the insurance distribution. In fact, we have formed a joint venture with Ebix and the JV company is in the process of preparing application for seeking approval from Insurance Regulatory Development Authority of India (IRDAI)," BSE's MD and CEO Ashish Kumar Chauhan said. According to him, the JV company will distribute life, non-life and health insurance products of various companies. While BSE and Ebix will hold 40 per cent each in the JV company, the rest 20 per cent will be held by individuals and the company will eventually be called BSE-Ebix Insurance Broking, he said, on the sidelines of the Fintech Forum organised by the Merchants' Chamber of Commerce and Industry here. The JV company will leverage the physical infrastructure of BSE and the technology platform of Ebix, he said.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
     
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    LG Balakrishnan & Bros: Pillion Riding the Two-wheeler Boom
    LG Balakrishnan (LGB) is an automobile components producer based in south India, manufacturing various transmission components like chains, sprockets, tensioners, belts, brake-shoes, etc, used mainly in the transmission and engines of automobiles. For the quarter ending March 2018, revenue was up by 11.7% year-on-year (y-o-y), operating profit shot up 19.5% y-o-y and net profit was up only...
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