Sensex Opens Over 300 Points Up; Metal and Automobiles Stocks Lead

Wed, 12 Feb 09:30 am

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Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.1% while the Hang Seng is up 0.6%. The Nikkei 225 is trading up by 0.6%. Meanwhile, S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday as Chinese officials said the deadly coronavirus epidemic could be contained by April.

Back home, India share markets opened on a strong note. The BSE Sensex is trading up by 308 points while the NSE Nifty is trading up by 89 points. The BSE Mid Cap index opened up by 0.4% while BSE Small Cap index opened up by 0.2%.

Except capital goods stocks, all sectoral indices have opened the day on a positive note with metal stocks and automobiles stocks witnessing maximum buying interest.

The rupee is currently trading at 71.22 against the US$.

In the news from the automobiles sector. As per the latest report by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle sales fell 6.2% to 2,62,714 units in January 2020 as compared to 2,80,091 units in the year-ago month, as vehicle demand continued to be stressed by the rising cost of ownership and slower GDP growth.

According to the data, domestic car sales were also down 8.1% at 1,64,793 units in the reported month as compared with 1,79,324 units in January last year.

Vehicle sales across categories registered a fall of 13.8% to 17,39,975 units as against 20,19,253 units in January 2019. Total two-wheeler sales in January fell 16.1% to 13,41,005 units from 15,97,528 units in the same month last year.

Data further stated that motorcycle sales also declined by 15.2% to 8,71,886 units in January from 10,27,766 units a year earlier.

Scooter sales during the month stood at 4,16,594 units as against 4,97,169 units in January last year, a decline of 16.2%. Sales of commercial vehicles were down 14% to 75,289 units in January as against 87,591 units in the year-ago month.

Speaking of the automobile sector, note that India's automobile industry is bracing itself for a unique challenge 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.

This 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.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Zydus Cadila received the final approval from the USFDA to market Fluocinonide Cream USP, (US RLD - Vanos Cream) 0.1%.

The drug is used to treat a variety of skin conditions (e.g., psoriasis, eczema, dermatitis, allergies, rash).

It will be manufactured at the group's Topical manufacturing facility at Ahmedabad.

The group now has 279 approvals and has so far filed over 386 ANDAs since the commencement of the filing process in FY 2003-04.

Cadila Healthcare share price opened the day 0.4%.

Speaking of pharma sector, co-head of research Tanushree Banerjee talks in great detail about pharma sector in the video below. She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

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