Sensex Slumps 450 points

Mon, 4 Jan 01:30 pm

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After opening the day on a weak note, Indian Indices have plunged. China halted trading in stocks, futures and options after the CSI 300 Index dropped around 7%. Sectoral indices are trading on a negative note with stocks from the banking and telecom sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 425 points (down 1.6%) and the NSE Nifty is trading lower by 136 points (down 1.7%). Both, BSE Mid Cap and BSE Small Cap indices are trading lower by 1.3% and 1% respectively. Gold prices, per 10 grams, are trading at Rs 25,197 levels. Silver price, per kilogram, is trading at Rs 33,696 levels. Crude oil is trading at Rs 2,507 per barrel. The rupee is trading at 66.17 to the US$.

As per an article in leading financial daily, Tata Motors reported its sales numbers for the month ended December 2015. Reportedly, overall domestic sales of its commercial and passenger vehicles fell by 4% to 39,973 units on a YoY basis. The company reported a 33% YoY de-growth in sales of its passenger vehicles in the Indian market. However, there was some respite in the commercial vehicles space wherein the company reported a growth of 4% YoY. Exports were also higher by 15% on a YoY basis.

Over the last few years, Tata Motors has lost considerable market share in the passenger vehicles space on account of fierce competition and lack of new product launches. In the last one year, though, Tata Motors has been looking to correct this and focus more on launching new models. Few of the launches scheduled in 2016 are 'Tata Zica' and 'Tata Kite'.

The scrip of Tata Motors is trading down by 6%.

As per an article in a leading financial daily, India's manufacturing activity contracted in the month of December. Nikkei's Manufacturing Purchasing Managers Index (PMI) fell to a 28 month low of 49.1 in December from 50.3 in the month of November. A reading below 50 indicates a contraction in the manufacturing activity. Softening domestic demand coupled with floods in Chennai constrained the growth of the output in the month of December. To add to the woes, flow of new orders fell for the first time in more than two years.

All eyes will now be on the Reserve Bank of India (RBI) to further cut the benchmark interest rates in its next policy meeting. Inflation will be a key concern for the RBI to take a decision on further interest rate cuts. The benchmark interest rate currently sits at 6.75%.

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