Sensex Opens Flat; Capital Goods and Energy Stocks Gain

Thu, 23 Jan 09:30 am

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Asian stock markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.2% while the Hang Seng is down 1.1%. The Nikkei 225 is trading down by 0.6%. Meanwhile, in the US markets, technology shares led the S&P 500 marginally higher on Wednesday, as a healthy forecast from IBM helped mitigate worries over the developing coronavirus outbreak.

Back home, India share markets opened on a flat note. The BSE Sensex is trading up by 11 points while the NSE Nifty is trading up by 14 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.1% and 0.2% respectively.

Sectoral indices have opened the day on a mixed note with capital goods stocks and banking stocks witnessing selling pressure. Oil and gas stocks and capital goods stocks have opened the day in green.

The rupee is currently trading at 71.18 against the US$.

In the news from paints sector. Asian Paints reported results for third quarter ended December 2019.

The company reported 20.1% rise in its net profit at Rs 7.6 billion for the quarter under review as compared to Rs 6.3 billion for the same quarter in the previous year.

Total income of the company increased by 3.1% at Rs 47.5 billion for Q3FY20 as compared Rs 46.1 billion for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 20.5% in its net profit at Rs 7.8 billion for the quarter under review as compared to Rs 6.5 billion for the same quarter in the previous year.

Total income of the company increased by 3.4% at Rs 54.9 billion for Q3FY20 as compared Rs 53.1 billion for the corresponding quarter previous year.

Asian Paints share price opened the day up by 0.3%.

Moving on to the news from automobiles sector. As per an article in a leading financial daily, Maruti Suzuki India has sold 5 lakh BS-VI vehicles ahead of the implementation of stricter emission norms from 1 April.

The company is now offering ten models with BS-VI compliant petrol engines.

The company introduced its first BS-VI compliant petrol car in April 2019, a full year in advance from the mandatory deadline.

The company's range of BS-VI compliant petrol models includes Alto, Eeco, S-Presso, Celerio, WagonR, Swift, Baleno, Dzire, Ertiga and XL6.

Note that India's automobile industry is bracing itself for a unique challenge in the first quarter of 2020 when the transition of BS-IV to BS-VI emission norms has to be made at the stroke of midnight on 31 March 2020.

No BS-IV vehicle could be sold from 1 April 2020, which means automakers would have to reduce their inventory on BS-IV models to zero by then.

The exercise is likely to see companies show extra caution in dispatching cars to dealers in the next few months, which may cause a continuation of the decline in wholesale numbers.

However, despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Sale of Electric Vehicles in India Projected to Go Up 10x in the Next Two Decades

Electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

The recently announced government incentives will give a further boost to EV sales.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

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

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