Sensex Slips Over 300 Points; Automobile & Metal Stocks Plunge

Mon, 29 Jul 12:30 pm

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Share markets in India are presently trading on a negative note. All sectoral indices are trading in red with stocks in the metal sector, automobile sector, and telecom sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 340 points (down 0.9%), while the NSE Nifty is trading down by 129 points (down 1.1%). The BSE Mid Cap index is trading down by 1.1%, while the BSE Small Cap index is trading down by 1%.

The rupee is trading at Rs 68.88 against the US$.

The domestic currency opened on a weak note and fell 6 paise against the US dollar in early trade today amid foreign fund outflows.

Forex traders said the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31.

On July 26, the rupee ended 15 paise higher at 68.89 against the US dollar, snapping its four days of losses following a recovery in the domestic equity market.

Market participants are tracking Castrol India share price, DLF share price, and Tata Sponge share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can read our recently released Q1FY20 results: Force Motors, Maruti Suzuki, Vedanta, Tata Motors.

In news from the auto sector, shares of automobile companies are witnessing selling pressure today with Maruti Suzuki share price, Hero MotoCorp share price, Bajaj Auto share price, and Ashok Leyland share price, hitting their respective 52-week lows on weak demand and regulatory headwinds.

Reports state that the government has proposed an increase in vehicle registration fees. The Road Transport and Highways Ministry has proposed in a draft policy that buyers would not have to pay registration fees for new vehicles if they present a scrapping certificate.

Last week on Friday, the government proposed amendments to Motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.

In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current timeframe of one year.

Note that, the BSE Auto index is down 35% since the start of this year.

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.

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.

Richa Agarwal, editor of Hidden Treasure believes that the companies which will adapt their business models to the rapidly changing environment will survive and thrive.

In fact, she has picked out 4 Rebound Stocks to profit from the market crash.

Moving on to news from the finance sector, BJP leader Subramanian Swamy has sent a letter to PM Modi, accusing Indiabulls Housing Finance of Rs 1 lakh crore fraud.

As per the letter circulating on twitter, Swami accused that the company is heading for a financial collapse and bankruptcy, resulting in large corruption issues in the real estate, banking, stock markets and loss of more than Rs 1 lakh crore of public and of National Housing Bank (NHB).

The letter alleged that Indiabulls created more than 100 shell firms and took loans from NHB. It then re-allotted or siphoned it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bangalore and Chennai in the range of Rs 300 million to Rs 10 billion.

The letter suggested that the company accepted these amounts back as investments from the friendly real estate firms.

Indiabulls acknowledged Swamy's letter being circulating in the social media that alleged embezzlement from NHB. The company told stock exchanges that loans outstanding as on date from NHB to Indiabulls Housing was nil.

In response to exchanges, the company, "Indiabulls Housing, in its history, has never taken any loan or refinancing facility from NHB. The total loan book of Indiabulls Housing is nearly Rs 870 billion."

Indiabulls Housing Finance share price is presently trading down by 7.7%.

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

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