Sensex Ends 165 Points Lower; Metal and Telecom Stocks Witness Selling

Tue, 28 Jan Closing

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India share markets witnessed selling pressure during closing hours and ended their day on a negative note.

At the closing bell, the BSE Sensex stood lower by 165 points (down 0.4%) and the NSE Nifty stood down by 58 points (down 0.5%).

The BSE Mid Cap index ended the day down 0.5%, while the BSE Small Cap index stood down by 0.2%.

Stocks in the metal sector and telecom sector witnessed huge selling pressure, while IT stocks were trading in the green.

The rupee was trading at 71.29 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.15% and the Shanghai Composite was down by 2.75%. The Nikkei 225 was down 0.55%.

European markets were also trading on a mixed note. The FTSE 100 was up by 0.13%. The DAX was trading down by 0.15%, while the CAC 40 stood up 0.07%.

Speaking of Indian share markets, As you may know, for a long time, Indian share markets saw a narrow group of bluechips corner all the gains.

But there's a rebound in the broader market now.

Smallcaps have been making a comeback lately and the rebound has accelerated since the start of 2020.

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Ankit Shah, editor of the premium newsletter Equitymaster Insider (requires subscription), answers this question in a recent edition of The 5 Minute WrapUp. You can read the same here: The #1 Secret to Winning Big When Stocks Are Rebounding

Also, in his latest video, Rahul Shah outlines the action you can take now if the Sensex 40,000 bull market by passed you.

Tune in to find out more...

From the aviation sector, InterGlobe Aviation share price was in focus today as the company posted a 168% rise in consolidated net profit at Rs 4.9 billion for the quarter ended December 31.

The bottom line of the aviation player got a boost on the back of increasing load factor and higher operating income.

The carrier reported revenue from operations of Rs 99.3 billion for the quarter, marking an increase of 25.5% against a 19.3% increase in capacity compared to the same period last year. Total income grew to Rs 103.3 billion during Q3FY20 as against Rs 82.2 billion in Q3FY19.

To know more about the company and the results, you can read InterGlobe Aviation's latest result analysis on our website.

In news from the auto sector, Maruti Suzuki share price was in focus today as the company reported 5.07% year-on-year (YoY) rise in profit at Rs 15.6 billion for the December quarter compared with Rs 14.8 billion in the same quarter last year.

The company said that during the quarter, cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate were partially offset by higher sales promotion expenses, higher depreciation and lower fair value gains on invested surplus.

Sales for the quarter rose 3.8% YoY to Rs 196.4 billion. The automaker sold a total of 4,37,361 vehicles during the quarter, up 2% YoY.

Sales in the domestic market stood at 4,13,698 units, higher by 2% YoY.

Exports stood at 23,663 units, up 2.7%.

Margins for the quarter improved by 30 basis points to 10.10% from 9.8% in the same quarter last year.

The company 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.

Maruti Suzuki 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.

We will keep you updated on all the trends shaping up in this space. Stay tuned.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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