Indian Indices Open Strong

Tue, 3 May 09:30 am

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Major Asian stock markets have opened the day on a mixed note with stock market in China is trading higher by 1.6%. However, stock market in Hong Kong is trading lower by 1.1%. Barring UK, major indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 66.34 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 188 points (up 0.7%) and NSE Nifty is trading higher by 60 points (up 0.8%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.7% and 0.8% respectively. Barring stocks from pharmaceutical sector, major sectoral indices have opened the day on a positive note with stocks from telecommunication and automobile sectors witnessing maximum buying interest.

HDFC reported its results for the quarter ended March 2016. The company's standalone net profit grew by 40% YoY to Rs 26 billion during the quarter.

During the quarter, the company has sold its stake in its life insurance unit for Rs 15.1 billion. Further, the company has also provided for a one time exceptional provision to the quantum of Rs 4.5 billion during the quarter. Excluding these exceptional items, the net profit growth was 6% YoY for the quarter.

As reported in Mint, while the retail loan book grew by 24% YoY, the wholesale book too showed some traction with a 9% YoY growth. Further, while loan growth has happened at a decent pace, HDFC's stand-alone operating profit growth has decelerated in recent times.

During the quarter, the operating profit grew just by 6% YoY, much slower than the overall loan book growth. The slow pace in operating profits is mainly on account of a fall in the net interest income margins coupled with a higher share of the non-retail loans. The stock of HDFC is trading up by 1.9%.

In another news update, auto sales advanced at a brisk pace in the month of April. The traction was mainly on account of customer demand for the newly launched models.

As reported in Mint, the demand for two-wheeler also strengthened for the third consecutive month as the launch of new scooters and motorcycles targeted towards the urban markets paid off.

Maruti Suzuki India witnessed a growth of 16.2% YoY in the sales of its domestic vehicles in April. The growth was on account of strong demand for their compact cars and the utility vehicle. Reportedly, sales of its entry-level models such as the Wagon R and Alto declined by 9.9% YoY to 31,906 units. Whereas, sales of its compact car models, led by the Baleno hatchback, grew by 8% YoY to 45,700 units.

There is a strong indication in the recent years, suggesting that the demand for entry level models is shrinking every year in the broader passenger vehicle market. The customers are shifting towards premium hatchbacks, sedans and utility vehicles. The shift in the consumer preference towards premium models will be the key things to watch out for in the automobile space going forward.

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