Sensex Slumps 500 Points in Opening Trade; HDFC Bank & SBI Top Losers

Thu, 28 Jan 09:30 am

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Asian stock markets are trading lower today as a sudden sell-off on Wall Street and delays with coronavirus vaccines shook investor optimism about an early recovery for the global economy.

The Hang Seng is trading down by 2.2% while the Shanghai Composite is down 1.5%. Japan's Nikkei fell 1.3%, its sharpest drop since October.

In US markets, the main Wall Street indices declined overnight amid deepening concerns about stretched valuations in equities markets.

The S&P 500 index fell nearly 2.6%, while the Dow Jones Industrial Average fell 2.1%. The Nasdaq dropped 2.6%.

Back home, Indian share markets have opened on a negative note, following the trend on SGX Nifty and tracking weak global cues.

A total of 129 companies, including Maruti Suzuki, Lupin, InterGlobe Aviation, Colgate, IRCTC, and TVS Motor Company, are slated to announce their December quarter earnings today.

The BSE Sensex is trading down by 505 points. Meanwhile, the NSE Nifty is trading lower by 137 points.

NTPC is among the top gainers today. HDFC Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index has opened down by 1%. The BSE Small Cap index is trading down by 1.2%.

Barring energy stocks, all sectoral indices are trading on a negative note with stocks in the finance sector and banking sector witnessing most of the selling pressure.

The rupee is trading at 73.09 against the US$.

Gold prices are trading down by 0.4% at Rs 48,682 per 10 grams.

Speaking of the current stock market scenario, note that Indian share markets are witnessing high volatility ahead of the budget day.

In his latest video for Fast Profits Daily, Brijesh Bhatia explains how you can make money out of the market volatility both pre and post budget.

Tune in to the video to find out more:

In news from the IPO space, the initial public offering (IPO) of Stove Kraft was subscribed 2.93 times on day 2 of the bidding process. The IPO received bids for 1,72,55,572 shares as against the total issue size of 58,94,642 shares.

The issue will close for subscription today.

The issue is being sold in Rs 384-385 range. At the upper limit of the price band, the IPO is expected to fetch Rs 4.1 billion.

Ahead of its IPO, the manufacturer of kitchen appliances raised Rs 1.85 billion from anchor investors.

This is the fourth company to launch an IPO in the current month after Indian Railway Finance Corporation (IRFC), Indigo Paints and Home First Finance Company.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In news from the FMCG sector, Hindustan Unilever (HUL) is among the top buzzing stocks today.

FMCG major HUL on January 27 posted a 19% year-on-year (YoY) growth in profit at Rs 19.2 billion for the quarter ended December 2020 backed by strong revenue growth and operating income. The profit in corresponding period was at Rs 16.2 billion.

Consolidated revenue from operations grew by 21% to Rs 118.7 billion in Q3FY21 compared to Rs 98.1 billion reported in the same period last year, with domestic volume growth of 4%.

HUL's earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 16.7% YoY to Rs 28.54 billion, but margin contracted 80 bps YoY to 24.1% in the quarter ended December 2020.

"Domestic consumer growth (excluding the impact of merger of GSK CH and acquisition of 'VWash') grew at 7%. Higher mobility, consumer relevant innovations and investments behind market development are driving business momentum," HUL said in its BSE filing.

On the home care segment front, HUL said with increased mobility, Fabric Wash performance in the quarter improved sequentially, and focus on driving market development has enabled the company to grow liquids and fabric sensations segments strongly.

Beauty & Personal Care grew 9% with robust performance across categories and strong double-digit growths in Skin Cleansing, Hair Care and Oral Care.

The company also appointed Ritesh Tiwari as Executive Director, Finance & Chief Financial Officer and a member of the board, which will be effective from May 1, 2021. "He will also take over as the Vice President Finance, South Asia, Unilever," said HUL.

HUL share price has opened the day up by 0.5%.

Moving on to news from the automobile sector, Hero MotoCorp, the country's largest manufacturer of motorcycles and scooters, will soon commence its operations in Mexico, as part of its global expansion strategy.

The company, which recently surpassed 100 million units in cumulative production has entered into a distribution agreement with Grupo Salinas, a group of fast-growing and technologically advanced firms founded by Mexican entrepreneur Ricardo Salinas.

For Mexico, the two companies have come together to form one of the largest distribution networks globally to sell competitive, high-quality products in the large Mexican market.

In the first phase of operations, Hero MotoCorp will launch nine products, including motorcycles - for work (100cc), street (125cc), premium (150cc, 160cc) and on-off segments - and scooters. All these products are being designed and developed at Hero's state-of-the-art R&D hubs in India and Germany.

In other news, as per a leading financial daily, Hero MotoCorp may launch an electric car as part of its next leap in mobility.

The article said the auto major is looking "beyond its traditional two-wheeler business" and such "innovations and solutions will form the new line-up" as part of its "vision of future of mobility".

Notably, the company already has a three-wheeler electric vehicle (EV) offering called Quark 1, which is a modular product that can be converted into a two-wheeler based on user requirement. The commercial and/or personal use vehicle has been showcased.

Pawan Munjal, CEO, MD and Chairman of Hero MotoCorp told the paper the company has rolled out a record 100 million two-wheelers since its inception in the early 1980s', and the next 100 million line-up in all likelihood will not only be a motorcycle, scooter or three-wheeler.

Hero MotoCorp share price has opened the day down by 0.2%.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

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

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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