Indian Indices Continue Uptrend

Tue, 17 May 11:30 am

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After opening the day on a positive note, the Indian stock markets have continued to trade in the green. Sectoral indices are trading on a positive note with stocks from the engineering, realty, and energy sectors leading the gains.

The BSE Sensex is trading up 134 points (up 0.5%) and the NSE Nifty is trading up 40 points (up 0.5%). The BSE Mid Cap index is trading up by 0.6% while the BSE Small Cap index is trading up 0.4%. The rupee is trading at 66.71 to the US$.

Stocks in the automobile space are trading on a mixed note with Escorts and Hero MotoCorp leading the gains. As per an article in Economic Times, automobile exports from India plunged 15.87% YoY in April on the back of continuous demand slump in major overseas markets of Africa and Latin America. As per the latest data from Society of Indian Automobile Manufacturers (SIAM), the domestic industry shipped 2.44 lakh units in the month of April.

The worst hit were three-wheeler exports as their shipments declined by 61.8% YoY in April. Motorcycle exports were down 15.3% YoY during April while that of two-wheeler were down by 10.8% YoY. Commercial vehicles export also declined by 2.7% YoY during the month at 6,826 units.

However, not all the numbers were bad. Passenger vehicle shipments rose by 6.6% during last month and stood at 53,651 units. Also, passenger car exports rose 2.3% YoY while utility vehicle shipments grew 30% YoY in April.

The fall came in after three months of growth. In January, shipments had grown by 3.8% in January, 0.95% in February and 6.53% in March.

The slowdown in Africa and Latin America due to the decline in commodity exports and record low crude oil prices have led to a fall in demand from these markets.

One shall note that exports growth for automobile sector were subdued during most of the months in FY16 because of currency problems in certain markets of Africa and Asia.

Clearly, once the Indian economy picks up pace, volumes for most of the major auto companies are expected to ramp up.

In another news update it was reported that Wholesale Price Inflation (WPI) turned positive after a gap of 17 months, rising 0.34% YoY in April. This was as against -0.85% recorded in March.

On a seasonally adjusted basis, the headline Wholesale Price Index (WPI) rose 0.86% month-on-month. This was recorded as the biggest sequential jump in the last 32 months.

The rise in the WPI in April was greatly due to higher food prices, strong global commodity prices and a slight improvement in domestic demand in select segments.

Core inflation touched -0.8%, compared with -1.1% in the previous month, while manufactured items inflation turned positive at 0.71% in April after following a negative trend for 13 months.

The above data has dashed hopes of a rate cut by the Reserve Bank of India (RBI) in its next monetary policy review meeting scheduled on June 7.

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