Sensex Trades Rangebound; IndusInd Bank & ICICI Bank Top Gainers

Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the capital goods sector and oil & gas sector witnessing maximum buying interest while FMCG stocks and metal stocks are witnessing selling pressure.

The BSE Sensex is trading up by 74 points (up 0.2%), while the NSE Nifty is trading up by 21 points (up 0.2%). The BSE Mid Cap index is trading up by 0.2% and the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 71.19 against the US$.

Note that, 2018 was a turbulent year for the Indian stock markets. Foreign investors dumped Indian equities worth Rs 33,014 crore and debt instruments worth Rs 47,795 crore. In fact, they have continued to be net sellers in Indian stocks even in 2019. So far in January 2019, they have sold equities worth Rs 2,675 crore.

Had it not been for the solid participation from domestic investors, the Indian markets would have witnessed a much steeper fall.

The Rapid Growth of the Indian Mutual Fund Industry

In the news from the aviation space, Jet Airways share price is under pressure today as Etihad has offered to invest in the domestic airline at discounted rate of Rs 150 per share.

Along with this, Etihad has also agreed to infuse $35 million from Jet Privilege, where it owns majority shares but after the due diligence is completed.

Etihad Chief Executive Tony Douglas has written to State Bank of India on the restructuring plan for the airline.

As per an article in The Economic Times, Etihad has sought exemptions from the markets regulator from making an open offer and preferential pricing guidelines.

Here's an excerpt from the article:

  • In addition, Etihad is also demanding that Mr. Goyal's future role as "Chairman Emeritus" should be "well defined," stressing that no board seat should be given for Mr. Goyal himself and no rights for him or his family and affiliates to act or represent the airline.
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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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