Sensex Plunges 372 Points; Healthcare and Capital Goods Stocks Witness Selling

Mon, 13 May Closing

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India share markets witnessed huge selling pressure during closing hours and ended their trading session deep in the red. Most of the losses were seen on the back of weak global cues.

At the closing bell, the BSE Sensex stood lower by 372 points (down 1%) and the NSE Nifty closed down by 131 points (down 1.2%).

The BSE Mid Cap index ended the day down 1.8%, while the BSE Small Cap index ended the day down 2.2%.

Sectoral indices ended in the red with stocks in the healthcare sector, capital goods sector and power sector witnessing most of the selling pressure.

The rupee was trading at 70.37 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.8% and the Shanghai Composite was down by 1.2%. The Nikkei 225 was down 0.7%.

European markets were also trading on a mixed note. The FTSE 100 was up by 0.1%. The DAX was trading down by 0.6%, while the CAC 40 was down by 0.5%.

Speaking of share markets in general, the India Volatility Index (VIX) score indicates that Indian share markets are in for a turbulent ride ahead.

The India VIX Index measures the volatility expected over the next 30 days. It touched an all-time high recently.

Have a look at the chart below that shows market volatility in recent years:

Market Volatility Highest in Years

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

• Uncertainty over the general elections, trade war threats between US and China and rising crude oil prices have all contributed to widespread fear among investors.
  
  While the 2018 correction was mainly due to corporate governance issues back home, the threat of macro issues looms large in 2019.
  
  For you, dear reader, it is important to ignore the short-term noise of the mainstream media.
  
  While the volatility index is high, it is no indicator of the market direction. The index was high during 2014 as well, prior to the elections. Post that we had a multi-year bull run.

She believes, safe stocks with strong fundamentals will do well regardless the short-term volatility.

In the news from the FMCG space, ITC share price was in focus today as the company posted a 18.7% year-on-year (YoY) rise in profit at Rs 34.8 billion.

Revenue for the quarter came in at Rs 122 billion compared with Rs 105.8 billion in the year-ago period.

Earnings before interest tax depreciation and ammortisation rose to Rs 45.7 billion against Rs 41.4 billion on a yearly basis. Margins during the quarter fell to 31.8% YoY from 39.1%.

Cigarette sales for the quarter rose 11% to Rs 54.8 billion from Rs 49.4 billion in corresponding quarter last year. Sales from hotel operation were up 25% and stood at Rs 5.1 billion.

The board of the company has recommended a dividend of Rs 5.75 per share for FY19. This will be subject to declaration of the same by the members at the 108th AGM of the company convened for July 12.

The FMCG major also named its managing director Sanjiv Puri as Chairman effective immediately.

In the news from the automobiles space, according to data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales declined 17.1% to 2,47,541 units in April from 2,98,504 units in the year-ago month.

This was the worst monthly fall in nearly eight years as weak sentiment, high insurance costs and liquidity crunch dented car sales.

Domestic car sales declined 19.9% to 1,60,279 units compared to 2,00,183 in April 2018.

Motorcycle sales last month declined 11.8% to 10,84,811 units as against 12,30,046 units a year earlier.

Total two-wheeler sales in April declined 16.4% to 16,38,388 units compared to 19,58,761 units in the year-ago month.

Sales of commercial vehicles were down 5.9% to 68,680 units in April.

Vehicle sales across categories registered a decline of 15.9% to 20,01,096 units from 23,80,294 units in April 2018.

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.

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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