Indian Indices Marginally Negative

Wed, 22 Jun 11:30 am

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After opening the day on a flat note, the Indian stock markets witnessed choppy trades and continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks from the banking and realty sectors leading the gains.

The BSE Sensex is trading down by 8 points (down 0.03%) and the NSE Nifty is trading down by 4 points (down 0.04%). The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap is trading flat. The rupee is trading at 67.56 to the US$.

Stocks in the automobile space are trading on a mixed note with Tata Motors leading the losses and Escorts leading the gains. As per an article in the Economic Times, the voluntary vehicle fleet modernisation programme (V-VMP) will initially focus on incentivising buyers of new commercial vehicles. The V-VMP programme is in the working and is aimed at providing tax benefits and discounts to people who junk old vehicles and replace them with new ones. Its primary aim is to reduce emissions and get polluting trucks off the road.

As for now, the programme will keep passenger vehicles and two-wheelers out of its ambit. The proposed policy will allow vehicles bought prior to March 31, 2005 or those below BS IV emission standards for incentives if those were scrapped and replaced by new ones. The incentives are said to reduce the cost of new vehicle for a buyer on an average 8-12%.

Reportedly, a Cabinet note on the above programme will be sent for clearance in the next three months. The road transport ministry has received an in-principle approval from relevant government departments to proceed with the scheme.

The above development bodes well for the automobile industry. It would also boost sales of commercial vehicles. Investors can look out for investment opportunities in this space going forward.

One shall note that FY16 turned out to be a disappointing year for the Indian auto industry. The only segment that managed to grow in double digits was commercial vehicles (CVs). But this was largely led by medium & heavy CVs.

Moving on to the news from global markets. Minutes of Bank of Japan's (BoJ) April policy showed that the central bank's policymakers believe overseas economies continue to pose downside risks to Japan's economy and prices.

It was reported that the BOJ could soon be facing extra challenges. This would be from slowing emerging markets, volatility caused by US monetary policy, and Britain's vote on European Union membership.

One must note that the BoJ, during last week, refrained from expanding its monetary policy stimulus. The bank kept the annual target for expanding the monetary base at 80 trillion yen ($764 billion). Further, it held its key interest rate at minus 0.1%.

Dan Denning, in one of the recent articles from the Vivek Kaul's Diary, explains why Japan is unable to stimulate any growth with new money tricks.

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