Sensex Opens Marginally Down; Yes Bank and IndusInd Bank Top Losers

Thu, 13 Jun 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.4% while the Hang Seng is down 1.2%. The Nikkei 225 is trading down by 0.8%. Wall Street ended down slightly on Wednesday, with bank stocks declining as prospects of a US interest rate cut rose and energy shares tumbling along with oil prices. The S&P 500 energy index slid 1.4%, the most among the 11 S&P sectors, as demand worries drove US crude prices down 4%.

Back home, India share markets opened marginally lower amid subdued global cues. The BSE Sensex is trading down by 71 points while the NSE Nifty is trading down by 21 points. The BSE Mid Cap index and BSE Small Cap index opened down by 0.1% and 0.2% respectively.

Sectoral indices have opened the day on a mixed note with realty stocks and capital goods stocks leading the pack of gainers. Metal stocks and FMCG stocks have opened the day in red.

The rupee is currently trading at 69.33 against the US$.

Yes bank share price slipped over 6% after the bank board on Wednesday studiously avoided shareholder queries on Rana Kapoor's future at the lender, which held its AGM in the backdrop of two directorial exits by independent members earlier in the week.

In the news from the economy. According to government data released on Wednesday, retail inflation touched a seven-month high of 3.05% in May 2019.

The previous high was in October 2018, when the retail inflation was recorded at 3.38%.

Higher vegetable and food prices led to the fourth consecutive monthly increase in retail inflation, which is calculated on the basis of Consumer Price Index (CPI).

As per the data released by Central Statistics Office (CSO), inflation in the food basket increased to 1.83% in May. The same was recorded at 1.1% in April.

The retail inflation in April 2019 was revised upwards to 2.99% from the earlier 2.92%. The retail inflation level during the May 2018 was recorded at 4.87%.

The Reserve Bank of India has set the targets of 4% for the inflation rate.

The Monetary Policy Committee (MPC) under the central bank factors in CPI-based retail inflation while finalising its monetary policy.

On the other hand, Index of Industrial Production (IIP) grew by 3.4% in April 2019 as compared to the levels in April 2018. The rise was mainly due to better performance by mining and power generation segments.

In terms of industries, 14 out of the 23 industry groups in the manufacturing sector showed positive growth in comparison to the corresponding month of the previous year.

The industry group 'Manufacture of wearing apparel' showed the highest positive growth of 33.6%.

On the other hand, the industry group 'Manufacture of paper and paper products' showed the highest negative growth of -12.3% followed by -9.6% in 'Manufacture of fabricated metal products, except machinery and equipment' and -3.5% in 'Manufacture of other transport equipment'.

According to use-based classification, the growth rates in April 2019 over April 2018 were 5.2% in primary goods, 2.5% in capital goods, 1% in intermediate goods and 1.7% in infrastructure and construction goods.

The consumer durables and consumer non-durables recorded growth of 2.4% and 5.2%, respectively.

Moving on to the news from the automobiles sector. Jaguar Land Rover Ltd, the UK subsidiary of Tata Motors Ltd, is not out of the woods yet.

The 12.2% sales decline in May makes it the twelfth consecutive month of falling sales for the luxury carmaker.

What's worrisome is that in May, sales fell across regions, unlike in earlier months where poor China sales had dragged overall performance.

True, the magnitude of sales decline in China is moderating. At 26.4% year-on-year, the drop in China sales is lower than the 46.7% drop in April, and the steep decline of 51% in the March quarter.

But trade tensions and weak domestic consumer demand continues to haunt the region.

Adding to Jaguar Land Rover's cup full of woes is the U-turn in sales in the UK, North America and Europe in May, snapping the improving trend in these regions.

Reportedly, higher retail sales of the new models and the all-electric I-Pace were offset by lower sales of other models, primarily in China.

As per the reports, if the slowdown in other markets continues, it may again raise concerns on Tata Motors' financial performance in FY20.

Jaguar Land Rover seemed to be on a recovery path, especially after the March quarter results announcement, which were better than forecasts. Ebitda (earnings before interest, tax, depreciation and amortization) margin of 10.5% was better on a sequential basis by nearly 130 basis points.

Of course, margin improvement was mainly due to cost-cutting measures, such as workforce reduction, and lower advertising and marketing expense.

Against this backdrop, plummeting commercial vehicle and passenger vehicle sales on the home ground is an additional drag for Tata Motors' consolidated performance.

Tata Motors had reported substantial decline in sales numbers in the month of May. Overall, automobiles sector is witnessing lower demand.

Automobile Sales Skid as Demand Remains Sluggish

On the whole, it is still raining bad news for Tata Motors.

While Tata Motors' shares made a relief rally after the announcement of the March quarter results, they are likely to continue the long-drawn underperformance for some more quarters, the reports noted.

The stock has fallen 43% from a year ago compared to the 10% rise in the benchmark Nifty 50 Index.

Tata Motors share price opened the day

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