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Mid Session
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Indices trade marginally lower; realty stocks advance
(10:32, 08 Nov 2019)

Indices were trading lower in morning trade as sentiment was damped after Moody's cut India's outlook to negative from stable. At 10:31 IST, the barometer index, the S&P BSE Sensex, was down 99.63 points or 0.25% at 40,554.11. The Nifty 50 index was down 30.95 points or 0.26% at 11,981.10. The Nifty slipped below the psychological 12,000 mark.

In broader market, the S&P BSE Mid-Cap index was up 0.04%. The S&P BSE Small-Cap index was up 0.24%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 968 shares rose and 854 shares fell. A total of 118 shares were unchanged.

Economy:

Credit rating agency Moody's lowered nation's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Finance Minister Nirmala Sitharaman on Thursday chaired a meeting with members of the Financial Stability and Development Council (FSDC). The FSDC is an apex-level body constituted, with an aim to strengthen and institutionalise the mechanism of maintaining financial stability and financial sector development among others, by the government of India with the finance minister as its head.

The body also includes the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) as its members along with finance ministry officials. The last meeting of the FSDC was held on June 19, in which the global and domestic economic situation and financial stability issues including, inter-alia, those concerning banking and NBFCs were reviewed among others.

Buzzing Index:

Realty stocks continued their yesterday's gaining streak and edged higher. Real estate shares advanced yesterday after the Union Cabinet approved special window for funding of stalled affordable and middle-income housing projects.

The Nifty Realty index was up 2.21% at 282.55. DLF (up 6.18%), Indiabulls Real Estate (up 5%), Brigade Enterprises (up 3.21%), Sobha (up 1.91%), Anant Raj (up 1.51%), The Phoenix Mills (up 1.34%) and Oberoi Realty (up 0.23%) advanced.

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.

Stocks in Spotlight:

Eicher Motors (up 1.01%), Nestle India (up 0.43%), GAIL (down 1.21%) and Mahindra & Mahindra (up 1.21%) are Nifty companies that will announce their Q2 September 2019 results today.

Ashok Leyland (up 1.3%), Tata Power (up 1.28%), Triveni Engineering (up 2.26%), Sobha (up 2.57%), Equitas Holdings (down 0.45%), MRF (up 0.25%), Bank of Baroda (up 0.99%), Bharat Forge (down 0.83%), Century Textiles (up 0.16%), Birlasoft (up 1.13%), Dr. Lal Path Labs (up 1.03%), KEC International (up 2.23%), IDBI Bank (down 0.01%), CRISIL (down 2.29%), Allahabad Bank (up 1.3%) and Dredging Corporation of India (up 0.68%) will announce their Q2 2019 earnings today.

Multi-brand retailer Trent was down 2.27%. On consolidated basis, company's net profit declined 11.9% to Rs 18.60 crore on a 33.4% rise in net sales to Rs 854.87 crore in Q2 September 2019 over Q2 September 2018. The company announced its Q2 2019 earnings after market hours yesterday.

Morgan Stanley announced a rebalancing of their Global Standard Index yesterday, 7 November 2019. The changes in Morgan Stanley Capital Index (MSCI) will come into effect from 26 November 2019. MSCI has effectively added seven stocks and excluded four stocks from MSCI Global Standard Index.

DLF (up 6.18%), HDFC AMC (up 4.23%), SBI Life (up 1.64%), Siemens India (up 0.54%), Berger Paints (down 2.14%), ICICI Prudential Life Insurance Company (up 0.28%) and Indraprastha Gas (up 7.31%) are added in MSCI Domestic Index.

Glenmark Pharmaceuticals (down 0.09%), BHEL (down 1.35%), Indiabulls Housing Finance (down 2.49%), L&T Finance (up 0.4%), Vodafone Idea (down 2.04%) and Yes Bank (up 2.03%) are excluded from MSCI Domestic Index.

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