Sensex Tanks 370 Points, Auto Sales Slump, and Top Stocks in Action Today

Tue, 14 May Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day deep in red after a volatile day of trading.

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$.

Top Stocks in Action Today

Jet Airways share price is likely to be in focus today after media reports said a buyout offer from Etihad Airways was non-binding and might not guarantee a deal for the cash-strapped Indian airline.

As per an article in The Economic Times, Etihad submitted a bid for the airline which raised hopes of a bailout for Jet, which has about US$ 1.2 billion in bank debt.

ITC share price will be in focus 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.

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.

Passenger Vehicle Sales Drop 17%

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.

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

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