Sensex Trades above 39,000-Mark; IndusInd Bank & ICICI Bank Top Gainers

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Share markets in India are presently trading on a positive note. Barring telecom sector and FMCG sector, all sectoral indices are trading in green with stocks in the banking sector, consumer durables sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up by 129 points (up 0.3%), while the NSE Nifty is trading up by 33 points (up 0.3%). The BSE Mid Cap index is trading up by 0.6% and the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 69.79 against the US$.

Yesterday, the domestic currency fell 11 paise to end at 69.91 against the US dollar on the back of sell-off in domestic equity market amid concerns over trade worries.

In the news from the finance sector, HDFC AMC share price is witnessing selling pressure today after the company said it has offered exits to investors of some fixed-maturity plans (FMPs) by transferring Rs 5 billion worth of their exposures to Essel group firms on to its own books.

Shares of the company slipped around 7% in early trade today on the back of above news.

The company said such liquidity arrangement is in the long-term interest of the company and is being undertaken purely as a measure to provide liquidity to the relevant unit holders.

As per a disclosure made by the asset management company (AMC), the liquidity arrangement may involve an aggregate outlay not exceeding Rs 5 billion and will be put in place shortly.

However, sources say if the payments related to Essel firms don't come through within the September deadline, the AMC will sell the collateral shares to recover the dues and pay the realizable value to the investors.

In April, some FMPs belonging to Kotak MF and HDFC MF were unable to give full maturity amount to the investors as Essel-related maturities were effectively extended beyond these FMPs' own maturity dates following the 'standstill' agreement.

Last month, the markets regulator had sent show-cause notices to the two fund houses in relation to the FMPs' investments in Essel group companies.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments form this space.

Moving on to the news from the automobile sector, Mahindra & Mahindra (M&M) has launched Thar 700, the last batch of 700 units of the iconic 4x4 off-road SUV. It comes packed with unique and differentiated features and will be competitively priced at Rs 1 million.

Reports state that Thar 700 aptly marks the 70 years legacy of Mahindra, as its lineage traces back to 1949 when the first Mahindra vehicle was built in India.

This limited special edition of the iconic brand, will be available in an all new Aquamarine color, in addition to the popular color of Napoli Black.

Meanwhile, Tata Motors has launched automated manual transmission (AMT) versions of its compact sedan Tigor.

The company has introduced two variants under its Tigor AMT range - XMA and XZA+. The two new trims will be offered with a 1.2 litre petrol engine.

M&M share price and Tata Motors share price are presently trading up by 0.2% and 0.7%, respectively.

Speaking of automobiles sector, according to a report by the Federation of Automobile Dealers' Associations (FADA), retail auto sales in May that fell 7.5% from a year ago show that the overall consumer sentiment is poor. Latest data shows that production cuts will continue as retail demand continues to falter.

After the growth in January, auto sales growth has declined every month. Rating agency CRISIL share price pegs FY20 growth at 3% for passenger vehicles (PVs) and two-wheelers and 6-8% for commercial vehicles (CVs).

Note that, passenger sales fell 20.5% in May 2019 compared to May 2018. This follows a 17.1% year on year decline in April as well.

The decline in May is the worst seen since 2001.

Never Ending Woes For The Automobile Sector

Here's what Tanushree Banerjee wrote about it in one of the recent edition of The 5 Minute WrapUp...

• Multiple factors have affected the auto sector of late.
  
  The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms... they have all taken their toll.
  
  Also, this sector is ripe for disruption with electric vehicles and ride sharing applications.
  
  Maruti, India's largest car maker announced it would stop making diesel cars from April next year.
  
  The coming one year will be a real test for India's auto companies.
  
  It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.
  
  There is one thing I know for sure, dear reader. Only the ones adapting their business models to the rapidly changing environment will survive and thrive.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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