Telecom Stocks Lead the Losses

Fri, 1 Apr 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the telecom, IT and energy sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 201 (down 0.8%) and the NSE Nifty is trading down by 64 points (down 0.8%). The BSE Mid Cap index is trading lower by 0.2% while the BSE Small Cap index is trading up by 0.5%. Gold prices, per 10 grams, are trading at Rs 28,556 levels. Silver price, per kilogram, is trading at Rs 36,775 levels. Crude oil is trading at Rs 2,539 per barrel. The rupee is trading at 66.35 to the US$.

Market participants are watching out for the Reserve Bank of India's (RBI) decision on rate cut in next monetary policy which is scheduled for April 5, 2016.

While the market seems to be expecting a 25 basis points rate cut, Ajit Dayal, in a recent article in The Honest Truth is willing to challenge the consensus. If you want to know more about why he thinks 1% rate cut is possible, visit here.

However, this is just a part of the picture. In a recent article in Vivek Kaul's diary, he makes a point exactly opposite of what Mr Dayal is making, i.e., RBI should not cut the repo rate by 1%, or at least not all at once. His reasons are equally sound - the strongest being that banks have not passed the cut in deposit rates to the lenders and that the entire thing needs to be viewed from the point of view of savers as well. To know more about Vivek's views on interest rates , please click here.

Who do you think is right - Ajit or Vivek? To vote your opinion, please click here.

Stocks in the automobile space are trading on a mixed note with Tube Investments and Maharashtra Scooters leading the gains. As per a leading financial daily, Maruti Suzuki has sold 1.29 lakh units in March, a growth of 15.9% year-on-year. This was aided by domestic sales growth of 14.6% and exports growth of 33.4%.

Domestic sales for the company rose 14.6% to 1,18,895 units in March over a year ago. The growth here was led by new model offerings, including the Baleno and Brezza launched in October and March, respectively.

The company stated that compact car segment (Swift, Ritz, Dzire, Celerio and Baleno) - the highest contributor to total sales by units - registered a 20.9% growth.

Further, super compact car segment (Dzire Tour) and mid-size segment (Ciaz) sales increased by 21% and 28.9% YoY, respectively.

One shall note that the above growth in March for the company comes after the disappointment in February due to Haryana Jat agitation that resulted production loss of 10,000 units.

Presently the stock of Maruti Suzuki is trading up by 0.2%.

In another news it was reported that the government has set the target of 'zero import' of urea in the next three-four years. This comes as India recorded highest-ever production of fertilizer at 245 lakh tonnes during 2015-16.

This record production is said to likely to reduce the import of the fertiliser by about 20 lakh tonnes, thereby saving at least Rs 40 billion for the government.

Fertilizer minister Ananth Kumar regarding this achievement said that we need about 310 lakh tonnes of urea annually and to meet this demand we import about 80 lakh tonnes. However, this will reduce to 60-65 lakh tonnes this year. He further added that now the target should be how we can become self-sufficient in the next three years and may even reach a level of production to export it.

It was reported that the above remarkable achievement in domestic urea production took place in the last nine months after the government took a series of policy decisions.

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