Sensex Ends 292 Points Higher; Tata Motors and Bajaj Auto Top Gainers

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Indian share markets ended higher tracking positive global sentiment stemmed from trade truce between the US and China. At the closing bell, BSE Sensex ended up by 292 points, while, NSE Nifty ended up by 77 points.

Sectoral indices ended the day on a mixed note with automobile stocks and realty stocks witnessing maximum buying interest. Oil & gas and consumer durables stocks ended the day in red.

Globally, Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 2.2% and the Nikkei 225 rose 2.1%. The Hang Seng lost 0.3%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.3% while London's FTSE 100 is up 1.1% and France's CAC 40 is up 0.8%.

Automobile stocks ended the day on a mixed note with SpiceJet & indigo leading the gainers. Maruti Suzuki's passenger car sales dropped by 18.1% to 83,952 units in June from 1.02 lakh units recorded in the same period last year.

In total, the car maker sold 1.24 lakh units in June, down by 14% as the firm had sold 1.44 lakh units in the same month last year. This is the third consecutive month the automaker has reported a double-digit drop in sales.

The company said the exports in the month of June increased by 5.7% to 9,847 units, compared to 9,319 units recorded in June 2018.

The domestic sale, however, slipped by 15.3% to 1.14 lakh units. The company sold 1.35 lakh units last year in June.

In the first quarter of this financial year, the company has sold a total of 4,02,594 units, which include 3,69,985 units in the domestic market, 4,496 units of domestic OEM sales and 28,113 units of exports.

Meanwhile, Bajaj Auto sold 4.04 lakh units in June 2019. The company had sold 4,04,429 units in same month last year. The moderate growth was driven by exports that grew by 3% to 1.75 lakh units in June 2019 YoY.

Domestic sales fell 2% to 2.29 lakh units in the month gone by, against 2.34 lakh units sold in the same period last year.

Notably, the Indian auto sector is in the middle of a storm.

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.

Never Ending Woes For The Automobile Sector

The decline in May is the worst seen since 2001.

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.

Only the ones adapting their business models to the rapidly changing environment will survive and thrive.

Moving on to the news from the economy. After hitting three-month high in May, Indian manufacturing sector lost growth momentum in the month of June, on the back of softer increase in output.

As per the survey report, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) figure indicator of manufacturing performance eased to 52.1 in June from 52.7 in May.

The report found that a softer increase in new work intakes translated into slower rises in output and employment.

The upturn in total sales was the second slowest in nine months, ahead of that noted in April. Further, growth of new export orders also showed signs of weakness, easing to the second-slowest in over a year.

Besides, suppliers comfortably accommodated for the uptick in input buying growth, as signaled by an overall reduction in delivery times. Subsequently, input stocks rose further.

On price front, only a moderate increase in input costs reported, which in turn supported another round of selling charges discounting.

Manufacturers remained upbeat about growth prospects in June, with marketing initiatives, stable political conditions and forecasts of a pick-up in demand underpinning positive sentiment. However, the degree of optimism weakened slightly from that recorded in May.

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

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Indian Share Market Update: Top Gainers and Losers