Indian Share Markets End Flat; Metal and FMCG Stocks Witness Selling

Fri, 12 Feb Closing

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Indian share markets witnessed selling pressure during closing hours and ended today's volatile session on a flat note.

Benchmark indices slipped into the red in afternoon trade as metals, pharma, and FMCG stocks came under pressure.

At the closing bell, the BSE Sensex stood higher by 13 points. The Sensex ended at 51,540 levels, having earlier risen to as high as 51,805.

Meanwhile, the NSE Nifty ended down by 10 points.

ICICI Bank was among the top gainers today. ITC, on the other hand, was among the top losers today.

HDFC hit Rs 5 trillion in market capitalisation today after its shares surged to touch a record high of Rs 2,808.75 apiece on the BSE.

SGX Nifty was trading at 15,156, down by 28 points, at the time of writing.

The BSE Mid Cap index ended up by 0.1%. The BSE Small Cap index ended down by 0.1%.

Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing buying interest.

Metal stocks and FMCG stocks, on the other hand, witnessed selling pressure.

Asian share markets ended just below a record high as mixed US economic data caused some investors to show restraint after a global stock market rally pushed many bourses to dizzying heights. The Nikkei ended down by 0.1%.

Markets in Greater China and most of Southeast Asia are closed today for the Lunar New Year holiday. China's stock and bond markets, foreign exchange and commodity futures markets are closed through February 17 for the holiday.

European stock markets edged lower today, on track to end the second straight week of gains, as investors awaited more signs of progress in US stimulus measures.

US stock futures are trading lower today indicating a negative start for Wall Street indices. Nasdaq Futures are trading down by 27 points, while Dow Futures are trading down by 70 points.

The rupee is trading at 72.77 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 47,370 per 10 grams.

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In news from the mutual funds space, the Supreme Court today upheld the validity of e-voting process for winding up of six mutual fund schemes of Franklin Templeton, and said disbursal of funds to unit holders will continue.

On February 2, the top court had ordered that Rs 91.2 billion be disbursed within three weeks to the unit holders of Franklin Templeton's six mutual fund schemes which are proposed to be wound up.

It had said that disbursal of money would be done in proportion to unit holders' interest in the assets.

Earlier, the apex court had asked the markets regulator to appoint an observer for overseeing the e-voting process.

Franklin Templeton MF closed six debt mutual fund schemes on April 23, citing redemption pressure and lack of liquidity in the bond market.

Till November 27, 2020 the six schemes received total cash flows of Rs 115.8 billion from maturities, pre-payments and coupon payments since April 24 last year.

The cash available stands at Rs 72.3 billion as of November 27, 2020 for the four cash positive schemes, subject to fund running expenses.

We will keep you updated on the latest developments from this space. Stay tuned.

In news from the auto-ancillary sector, shares of Motherson Sumi Systems hit a 52-week high of Rs 199.20, rallying as much as 11%, after the company reported highest-ever quarterly revenues of Rs 179.2 billion, up by 15% over the previous year quarter, in Q3FY21.

The company's consolidated profit after tax (PAT) more-than-doubled to Rs 8 billion from Rs 2.7 billion in the corresponding quarter of previous fiscal.

EBITDA grew 56% year-on-year (YoY) at Rs 20.4 billion, while margins improved 300 basis points (bps) to 11.4% during the quarter.

On a sequential basis, the company posted robust performance with 27% YoY growth in revenues and 49% growth in PAT.

Motherson Sumi Systems share price ended the day up by 10.7%.

Moving on to news from the FMCG sector, ITC was among the top buzzing stocks today.

Shares of ITC fell as much as 5% intra-day today as investors booked profit following the firm's December quarter results.

Cigarette-FMCG-to-hotel major ITC posted a 11.4% YoY decline in consolidated profit at Rs 35.8 billion in the quarter ended December 2020, impacted by slower revenue growth and weak operating performance in cigarette business.

Consolidated profit in the corresponding period stood at Rs 40.5 billion.

Consolidated revenue from operations grew by 6.1% YoY to Rs 141.2 billion in Q3FY21, with cigarette business showing 2.5% YoY growth in operating revenue.

The company reported revenue from its cigarette business, which contributed 43% to total business, at Rs 60.9 billion for December quarter 2020, compared with Rs 59.4 billion in corresponding period.

Cigarette business' earnings before interest and tax (EBIT) fell 8.7% YoY to Rs 36.5 billion in Q3FY21.

FMCG-others segment registered a 13% YoY growth in revenue at Rs 37.5 billion with its EBIT showing a massive 123.8% YoY rise at Rs 2.4 billion for the quarter ended December 2020.

The group's hotel business was badly hit by the COVID-19 pandemic, reporting a sharp 56.7% YoY decline in revenues at Rs 2.4 billion in Q3FY21, and at the operating level, its EBIT loss stood at Rs 722 million in Q3FY21 against profit at Rs 889 million in the corresponding period last year.

The company's agri-business also turned out to be strong in the quarter ended December 2020, showing a 19.3% increase in revenues at Rs 26.9 billion.

However, paperboards, paper and packaging segment's revenue fell 5% to Rs 14.7 billion and its EBIT dropped 14.6% YoY.

The company also declared an interim dividend of Rs 5 per ordinary share for the financial year ending March 2021.

ITC share price ended the day down by 3.8%.

To know more, you can read ITC's Q3FY21 result analysis on our website.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While the Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.

Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes this outperformance could continue for many years.

With a rising population and standards of living, Indian's consumption demand for FMCG products will skyrocket over the coming years.

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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