Sensex Opens Marginally Down; Telecom and Power Stocks Lose

Tue, 13 Aug 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.6% while the Hang Seng is down 1.4%. The Nikkei 225 is trading down by 1.2%. US stocks dropped in a broad sell-off on Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.

Back home, India share markets opened on a flat note with negative bias. The BSE Sensex is trading down by 65 points while the NSE Nifty is trading down by 40 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.1%.

Sectoral indices have opened the day on a mixed note with energy stocks and bank stocks witnessing maximum buying interest. Telecom stocks and power stocks have opened the day in red.

The rupee is currently trading at 71.13 against the US$.

Automobile stocks opened the day on a mixed note with Maharashtra Scooters and Tata Motors leading the gainers. In the latest development, Jaguar Land Rover (JLR), a part of Tata Motors, reported a 5% increase in total sales at 37,945 units in July as compared with year-ago period.

Sales of Jaguar brand were at 11,386 units during the month, up 3.6% from the same month last year.

Land Rover sales were at 26,559 units, up 5.6% from the same month last year.

Reportedly, July saw good retail sales growth in the UK, where the company continued to outperform the overall industry trend, and the US, with the highest July sales on record for Jaguar Land Rover.

Results in China were significantly better than the previous year.

Tata Motors share price opened the day up by 1.6%.

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 Suzuki 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. India's factory output growth, measured by the Index of Industrial Production (IIP), slowed down for second straight month to 2% in June 2019 as compared to 7% in June 2018 and it is also lower than 3.1% in May 2019.

The slowdown was mainly due to poor performance of the manufacturing and mining sectors and a contraction in the capital goods and consumer durables sectors.

As per the data released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation, IIP with base 2011-12 for the month of June 2019 stood at 130.2, which is 2% higher as compared to the level in the month of June 2018.

The cumulative growth for the period April-June 2019 over the corresponding period of the previous year stood at 3.6% as against 5.1% in the same period last year.

On the sectoral front, manufacturing sector grew 1.2% in June 2019, much lower than 6.9% a year ago.

Mining growth dropped to 1.6% in June from 6.5% in the corresponding month of the last fiscal. The expansion in power generation sector stood at 8.2%, compared to 8.5% earlier.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2019 stand at 106.6, 130.1 and 173.0 respectively. The cumulative growth in these three sectors during April-June 2019 over the corresponding period of 2018 has been 3%, 3.1% and 7.2% respectively.

Capital goods segment, which is a barometer of investment, saw a contraction of 6.5% in June compared to 9.7% growth a year ago.

In terms of industries, 8 out of the 23 industry groups in the manufacturing sector have shown positive growth during the month of June 2019 as compared to the corresponding month of the previous year.

The industry group Manufacture of basic metals has shown the highest positive growth of 17.7% followed by 16.5% in Manufacture of food products and 10.3% in Manufacture of tobacco products.

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