Indian Indices End Lower ahead of RBI meet; IT and Healthcare Stocks Witness Selling

Tue, 4 Jun Closing

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After opening the day on a flat note, Indian share markets witnessed selling pressure throughout the day and ended their trading session lower.

Sectoral indices ended on a mixed note with IT stocks and healthcare stocks witnessing maximum selling pressure while capital goods stocks and telecom stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 184 points (down 0.5%) and the NSE Nifty closed down by 70 points (down 0.6%). The BSE Mid Cap index and the BSE Small Cap index ended lower by 0.2%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down 0.5% and the Shanghai Composite was down by 1%.

The rupee is trading at Rs 69.25 against the US$. The domestic currency erased all its early gains and is presently trading lower by 7 paise.

Yesterday, the domestic currency rose 44 paise to end at 69.26 against the US dollar amid hopes of rate cut by the Reserve Bank in the upcoming meeting.

Data showed the India economy grew at 6.8% compared to estimates of 7%. On the domestic front, market participants will be keeping an eye on the RBI policy statement and expectation is that the central bank could consider a rate cut.

In the news from the automobile sector, Eicher Motors and Volvo Group's joint venture (JV) - VE Commercial Vehicles has reported sales of 4,801 units in May 2019 as compared to 5,977 units in May 2018.

Eicher branded trucks & buses have recorded sales of 4,750 units in May 2019 as compared to 5,874 units in May 2018, a decline of 19.1%.

In the domestic CV market, Eicher branded trucks & buses have recorded sales of 4,446 units in May 2019 as compared to 5,268 units in May 2018.

On the exports front, Eicher branded trucks & buses have recorded sales of 304 units in May 2019 as compared to 606 units in May 2018.

In other news, Maruti Suzuki India has flagged off one-of-its-kind mobile NEXA terminal, taking the NEXA experience to markets where it is currently not present.

Reportedly, the NEXA terminal will reach out to prospective and existing customers throughout the country, giving them an opportunity to experience NEXA.

Eicher Motors share price and Maruti Suzuki share price ended the day up by 0.5% and 0.6%, respectively.

Moving on to the news from the energy sector, market participants were tracking BPCL share price and HPCL share price.

Both the companies have joined in the country's longest LPG pipeline project being laid by state-owned Indian Oil Corporation (IOC) to cater to cooking fuel needs of a fourth of the country's population.

BPCL and HPCL will take 25% stake each in the Rs 90 billion project that involves laying of a pipeline from Kandla to Gorakhpur. IOC will hold the remaining 50% stake.

Reportedly, the pipeline will carry 6 million tonnes per annum of LPG. This will be the longest LPG pipeline in the country.

In addition, the pipeline would feed LPG through road-bridging to an additional 21 LPG bottling plants in Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, and Uttar Pradesh.

In its application to oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB), IOC stated that, the demand for LPG is increasing consistently in recent years.

IOC has committed to using 3 million tonnes of capacity while HPCL and BPCL have committed 1.8 million tonnes and 1.7 million tonnes, respectively.

Speaking of PSUs, the companies which were largely left out from the market rally in 2017, have once again caught investor fancy. Stocks are riding high on the hopes of the government pumping money into infrastructure projects.

PSUs with monopolistic share are in the limelight for the possibility of winning big orders. And the prospect of the government privatizing some PSUs has got even the foreign investors interested in them.

It is evident from the chart below that PSU majors have been the market darlings ever since the exit poll results were announced.

Recent Gains in PSU Heavyweights Here to Stay?

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