Sensex Ends 324 Points Lower; Telecom and Energy Stocks Witness Selling

Tue, 7 May Closing

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Indian share markets fell sharply during closing hours, extending losses to the fifth straight day. Sectoral indices ended on a mixed note with telecom stocks, energy stocks, and banking stocks losing the most while IT stocks and capital goods stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 324 points (down 0.8%) and the NSE Nifty closed down by 100 points (down 0.9%). The BSE Mid Cap index closed lower by 1% and the BSE Small Cap index ended the day down by 0.9%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng was up 0.6% and the Nikkei was trading down by 1.5%. The Shanghai Composite stood higher by 0.7%.

Speaking of Indian share markets, is the party just about to start in India's growth story?

Some indicators certainly seem to suggest so. Take for instance India's smartphone penetration.

Currently, only 20% of India's population has a smartphone.

India's Rapid Increase in Smartphone Penetration

Here's what Tanushree Banerjee wrote about it in one of the recent edition of The 5 Minute WrapUp...

• This is expected to go up to 33% by 2022. With India's population, it is a significant market that will open up soon.
  
  Imagine the number going up to 50% of the population in the near future. And the opportunity that it presents to consumption companies.
  
  Add to this India's population demographic. More than 65% of India's population is below the age of 35.
  
  With higher disposable income, urbanization, the tendency to consume is likely to increase at a rapid pace.
  
  This points to a huge opportunity that lies ahead in India's consumption story.

She believes this is just one of the 50 irreversible trends that will drive the Rebirth of India going forward.

Market participants were tracking Vedanta share price and Escorts share price as these companies announced their Q4FY19 results today.

You can also read our recently released Q4FY19 results: Tata Chemicals, MRF, Tata Power.

In the news from the pharma sector, Unichem Labs share price was in focus today as it received tentative approval from the US health regulator for its generic copy of allergic rhinitis Johnson & Johnson Consumer Inc's Zyrtec-D 12 Hour used for treating allergic rhinitis.

The tentative nod by the US Food and Drug Administration (USFDA) is for the company's Cetirizine Hydrochloride and Pseudoephedrine Hydrochloride extended-release tablets, 5 mg/120 mg.

In other news, shares of Glenmark pharma were also in focus as the company appointed Yasir Rawjee as the Chief Executive Officer (CEO) of Glenmark Life Sciences, its subsidiary for the active pharmaceuticals ingredients (API) business.

Yasir joins the company from Mylan Inc. where most recently, he was the head of Global API Operations. He has held positions of increasing responsibility at Mylan including Senior Vice President of API Technical Operations and Senior Vice President and Head for Sales and Marketing for the API Business.

Last week, the company announced the launch of its novel, patent protected and globally-researched sodium glucose co-transporter-2 (SGLT2) inhibitor Remogliflozin etabonate (Remogliflozin) in India. The drug is indicated in the treatment of type-2 diabetes mellitus in adults.

Glenmark is the first company in the world to launch the novel SGLT2 inhibitor Remogliflozin and India is the first country to get access to this innovative drug. Glenmark will commercialize Remogliflozin in India under the brand names "Remo" and "Remozen"

Glenmark Pharma share price ended the day up by 1.5%.

Moving on to the news from the auto sector, Tata Motors' wholly owned subsidiary - Jaguar Land Rover (JLR) has initiated sales of locally manufactured Range Rover Velar in the country with prices starting from Rs 7.25 million.

Reportedly, the locally manufactured model is offered in a single trim, R Dynamic-S variant, and is available with both petrol and diesel powertrains.

The company also announced the introduction of Women Assist Program, along with TVS Auto Assist (TVS AA). As per the Women Assist Program, supported by TVS Auto Assist, this service assistance will be available in 14 locations currently and will apply to women drivers of Tata Motors passenger vehicles, between 8 PM to 5 AM on all days.

In other news, Eicher Motors' motorcycle arm - Royal Enfield has initiated recall of nearly 7,000 units of its Bullet and Bullet Electra models to rectify faulty brake caliper bolt.

Reports state that the company is undertaking a proactive field service action, concerning brake caliper bolt on motorcycles of the two models manufactured between March 20, 2019 and April 30, 2019.

Tata Motors share price and Eicher Motors share price ended the day down by 5% and 0.1%, respectively.

Speaking of automobiles sector, one thing we must keep in mind is that not all auto companies will make money over time. And also, you shouldn't stay away from auto stocks altogether.

Even Tanushree Banerjee, Co-head of research at Equitymaster believes that there are businesses in this sector that you cannot ignore. She is particularly talking about the blue-chip auto stocks.

She believes, This could be the opportunity long term investors were waiting for.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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