Sensex Ends 266 Points Higher; Auto and Telecom Stocks Witness Buying

Thu, 11 Jul Closing

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Indian share markets continued to trade in the green during closing hours and ended their day on a positive note.

Gains were seen in the auto sector and telecom sector.

At the closing bell, the BSE Sensex stood higher by 266 points (up 0.7%) and the NSE Nifty closed higher by 84 points (up 0.7%).

The BSE Mid Cap index ended up by 0.6%, while the BSE Small Cap index ended the day up by 0.4%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.8% and the Nikkei was trading up by 0.5%, while the Shanghai Composite was trading up by 0.1%.

European markets were also trading on a positive note. The FTSE 100 was up by 0.1%. The DAX was trading flat, while the CAC 40 was up by 0.16%.

The rupee was trading at 68.42 to the US$ at the time of writing.

Speaking of the current mood in Indian share markets, the post-budget reaction saw a negative reaction from the market participants.

Most of the losses came as the Union Budget failed in offering bold plans and a clear roadmap for propping up the economy.

While the markets gave a thumbs-down to the Budget, Tanushree Banerjee's Rebirth of India call remains intact.

In the video below, she explains how investors could continue to make the most of the irreversible trends and India's US$ 5 trillion potential.

In the news from the finance space, DHFL share price was in focus today.

This was seen as the meeting among DHFL's stakeholders concluded and exploratory talks were held on resolution plan.

As per a leading financial daily, lenders gave the housing finance company 7 days to present resolution proposal and the meeting said to have discussed broad contours of resolution plan and debt conversion.

Lenders said to have assured NCD holders of a comprehensive resolution plan to maximise value for all stakeholders, the report added.

DHFL remains in talks with Aion Capital, Cerberus Capital & Oaktree for potential deal.

Last week, it was reported that the mortgage lender is planning to ask banks to lend Rs 15 billion (US$217 million) every month to help revive the company.

The other proposals by the lender include increasing the tenor of some loans and converting part of its debt into equity.

Last week, large lenders to the debt-laden firm agreed to sign an inter-creditor agreement (ICA) on July 5 and considered a resolution plan for the beleaguered firm.

Bankers to DHFL met on Monday and agreed in principle to sign an ICA which is mandatory for any revival plan according to the new framework for restructuring of stressed loans which came into effect from June 7.

It would be interesting to see how this pans out ahead for DHFL. Meanwhile, we will keep you updated on all the developments from this space.

From the automobile sector, Tata Motor share price was in focus today as the company reported a 5% decline in global sales, including that of Jaguar Land Rover, to 95,503 units in June. It had sold 1,00,135 units in June last year.

The company in a statement today said that global wholesale units of all Tata Motors' commercial vehicles and Tata Daewoo range last month stood at 38,846 units, down 12% from 44,229 units a year ago.

The company's global sales of all passenger vehicles were at 56,657 units, up 1% from 55,906 units in June 2018.

Global sales of JLR stood at 43,204 units. Jaguar wholesale units for the month were 12,839 vehicles, while Land Rover wholesale stood at 30,365 units. JLR sold a total of 37,490 units in June 2018.

Speaking of the auto sector, note that the past months have been difficult for the auto sector owing to weak demand and liquidity issues. The sector expected some sops from the Union Budget on Friday. The Budget did address liquidity concerns in the system but failed to impress the industry with specific measures.

Auto manufacturers are now hoping for a normal monsoon and expect revival in sales as the liquidity crunch gets addressed.

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.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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