Realty and Auto Stocks Lead the Losses

Fri, 10 Jun 01:30 pm

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Indian indices are witnessing volatile trades today. After opening on a flattish note, the stock markets registered gains and continued to trade in the green. However, the markets lost momentum and are trading in the negative zone in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the realty and auto sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 133 (down 0.5%) and the NSE Nifty is trading down by 34 points (down 0.4%). The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading flat. Gold prices, per 10 grams, are trading at Rs 29,940 levels. Silver price, per kilogram, is trading at Rs 41,020 levels. Crude oil is trading at Rs 3,347 per barrel. The rupee is trading at 66.83 to the US$.

As per a leading financial daily, India is planning to introduce a 25% tax on sugar exports. This is in order to maintain local sugar supplies that are going to decline due to a drought in major growing regions.

Food Minister Ram Vilas Paswan said the levy is aimed at curbing the county's exports and would help in keeping local prices under control in domestic markets. The above move is said to push up the sugar prices globally and boost shipments from Thailand.

According to US Department of Agriculture (USDA) figures, India exported 2.9 million tonnes (MT) of sugar in 2015-16, accounting for 5.3% of world exports.

Reports released early this financial year had stated that the output of sugar is projected to be the lowest in five years in FY17 due to two consecutive years of drought. One shall note that many parts of India are going through a water crisis on the back of below normal monsoons for two consecutive years.

Presently, drought conditions have hit consumption levels in rural markets. The most affected is the FMCG sector where the companies were eyeing rural consumption to fuel demand. India thus needs to focus on drought mitigation measures that would solve the problem for the long-run. For this, more water storage facilities must be added. As Vivek Kaul, editor of Vivek Kaul's Diary, states that lack of water storage facilities is the real problem for water shortage across the country.

Stocks in the software space are trading on a mixed note with Moser-Baer India and Tech Mahindra leading the gains. As per an article in Business Standard, a leading global IT company HCL Technologies is teaming up with Movimento and Rightware to expand its offerings to its clients. Movimento is a leading provider of over-the-air (OTA) update solutions while Rightware is a leader in advanced user interface (UI) technology for automotive applications.

HCL stated that the two companies will offer auto original equipment manufacturers (OEMs) a one-stop-shop solution. It basically covers everything from initial system integration to deployment, ongoing operations and customer support globally.

Another significant aspect of this new solution is its ability to offer connection to the cloud as well as back-end enterprise systems. The strategic partnership is said to provide next-generation, innovative solutions for the auto industry.

In its third quarter results for FY16 (financial year ends June), the company reported a 3.5% QoQ increase in sales and a 0.3% QoQ rise in net profits. To know our view on HCL Technologies, you can read our latest result analysis (subscription required).

Presently the stock of HCL technologies is trading down by 0.2%.

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