Sensex Trades Marginally Higher; HDFC & Hero MotoCorp Among Top Gainers

Tue, 7 May 12:30 pm

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Share markets in India are presently trading marginally higher. Barring telecom sector and energy sector, all sectoral indices are trading on a positive note with consumer durables stocks and metal stocks witnessing maximum buying interest.

The BSE Sensex is trading up by 108 points while the NSE Nifty is trading up by 22 points. The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 69.31 against the US$.

In the news from the FMCG space, Marico share price is in focus today as the company reported 18% year-on-year increase in its net profits at Rs 2 billon for the quarter ended March.

However, marketing expenditure contracted the operating margin to 20.8% during the quarter. This compares to 21.8% in Q4 in FY18. The margin, for the entire financial year 2019, also shrunk to 19.6% from 21.3% in FY18.

The company's flagship product Parachute Rigids (hair oil) posted 6% volume growth during the quarter. This growth came during the time when copra (dried coconut) prices were down 19% on a YoY basis.

As per the company statement, the brand visibly led the growth in the category during the quarter, gaining more than 200 bps in volume market share.

Overall, the volume market-share of the coconut oil franchise (includes Nihar Naturals and Oil of Malabar) rose to 59.4%.

The company's portfolio of Saffola edibile oils volume grew 18% during the quarter, as compared to 2% in the preceeding quarter.

As per the company, the above volume growth was seen on the back of focused marketing initiatives taken towards re-establishing the brand, tactical pricing inputs, and sales through e-commerce and modern trade.

From the banking space, HDFC Bank share price is also in focus today as the board of the lender will consider a proposal to split the face value of its shares on May 22, a move that will increase liquidity.

The bank intends to cut the face value of its stock from Rs 2 to Rs 1 apiece.

This is the second time HDFC Bank is splitting the face value of its stock.

In July 2011, the private lender split its stock in the ratio of 1:5 - one share of Rs 10 split into 5 shares of Rs 2 each.

The bank has an equity capital of Rs 5.5 billion with 2.2 billion fully paid shares.

In the news from the commodity space, the US on Monday said it cannot ensure the sale of its crude oil to India at concessional rates to make up for the cheaper Iranian oil going out of the market.

As per the news, US Commerce Secretary Wilbur Ross stated that oil is owned by private people, so the government cannot force people to make concessionary price.

Note that India this month stopped importing crude oil from Iran following the US move to end sanction waivers.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Also, speaking of crude oil, note that oil prices tumbled by more than 2% yesterday after US President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world's two biggest economies.

Trump on Sunday said on Twitter he would drastically hike US tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures.

The Wall Street Journal reported that Beijing is considering cancelling all trade talks with Washington.

Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd.

That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, the reports noted.

Also, crude oil prices have quietly creeped up this year.

Oil prices jumped as much as 3.2% to their highest level since late 2018.

As you know, rising crude oil prices have a big impact on the Indian economy as it imports over 70% of its energy needs.

Rise in crude oil increases input costs for dependent firms. It also means rising inflation. Rising inflation means rising interest rates.

It also puts pressure on the government to cut excise duty, thereby impacting its revenues. We have already seen that happening.

Research Analyst, Richa Agarwal believes that this has the potential to bring down sentiments in the domestic markets. She further believes that, if oil prices continue their upward march in a tight global environment, a broader correction in the sentiment fueled domestic market cannot be ruled out.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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