Sensex Opens Flat; M&M, Tata Steel & ONGC Among Top Gainers

Mon, 16 Aug 09:30 am

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Asian share markets have made a cautious start today, ahead of a raft of Chinese data that could confirm a slowdown in the economy, as much of the world races to stem the spread of the Delta variant.

The Hang Seng is trading down by 0.8%, while the Shanghai Composite is trading up by 0.4%. Japan's Nikkei is trading down by 1.9%.

In US stock markets, Wall Street indices managed to end at fresh records last week even as a survey showed a shock slump in US consumer sentiment to the lowest since 2011 amid Delta fears.

US consumer sentiment dropped sharply in early-August to its lowest level in a decade, amid rising concerns over the Delta variant that could prompt Federal Reserve policymakers to pause decisions to pull back pandemic-era stimulus.

The Dow Jones Industrial Average added 16 points while the Nasdaq Composite edged higher by 7 points.

For the week, the Dow booked a 0.9% gain and the Nasdaq Composite fell 0.1%.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

Four companies will list on the bourses today - Devyani International, Windlas Biotech, Krsnaa Diagnostics, and Exxaro Tiles.

All four of them had received strong response from investors with Devyani getting subscribed 116 times, followed by Krsnaa that received 64 times bids while Windlas Biotech and Exxaro Tiles garnered 22 times subscription each.

The BSE Sensex is trading up by 41 points. Meanwhile, the NSE Nifty is trading higher by 7 points.

Tata Steel and M&M are among the top gainers today. Bajaj Auto, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened on a flat note.

Sectoral indices are trading mixed with stocks in the metal sector and realty sector witnessing buying interest.

Power stocks and IT stocks, on the other hand, are trading in red.

Shares of Tejas Networks and Tata Steel hit their 52-week highs today.

The rupee is trading at 74.27 against the US$.

Gold prices are trading up by 1.2% at Rs 46,930 per 10 grams.

Meanwhile, silver prices are trading up by 2.2% at Rs 63,227 per kg.

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In news from the banking sector, Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on 25 August to review financial performance of the lenders and progress made by them to support the economy battered by Covid-19 pandemic.

This would be the first physical review meeting since the outbreak of the pandemic in March last year.

Given the importance of the banking sector in generating demand and boosting consumption, this meeting with the MD and CEOs of PSBs will be of huge importance.

Recently, the Finance Minister said the government is ready to do everything required to revive and support economic growth hit by the pandemic.

The meeting is expected to take stock of the banking sector, progress on restructuring 2.0 scheme announced by Reserve Bank of India (RBI), as per sources.

They added that banks may be nudged to push loan growth in productive sectors.

The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai.

Besides, the Finance Minister will also discuss the bad loan or non-performing asset (NPA) situation, and discuss various recovery measures by banks.

As a result of government's strategy of recognition, resolution, recapitalisation and reforms, NPAs have declined to Rs 7,395.4 bn as on March 2019, Rs 6,783.2 bn on March 2020, and further to Rs 6,166.2 bn as on March 2021.

Notwithstanding the economic disruptions caused by the pandemic, PSBs have managed to raise a record Rs 587 bn from markets in 2020-21 through a mix of debt and equity to enhance capital base.

PSU bank stocks have opened on a negative note today with Bank of Maharashtra and Central Bank leading the losses.

We will keep you updated on what discussions happen in the meeting. Stay tuned.

Moving on to stock specific news...

Eicher Motors is among the top buzzing stocks today.

Royal Enfield wouldn't be entering the electric vehicles (EV) anytime in the near future, said Siddhartha Lal, managing director at the Bullet motorcycle maker's parent Eicher Motors.

This is because Lal does not see any customer economics at all for that in the premium end of the two-wheeler market.

On Royal Enfield's approach to EVs, Lal said the company is playing a very long-term game on EVs.

There are people getting in, it is certainly a less than one percent game, Lal said during Eicher Motors' earnings call last week.

Note that his comments come at a time when the rush for the electric two-wheelers is gathering momentum.

Royal Enfield too has formed a team consisting of Allabaksh Nekodi and Satheesh Rajagopal as key executives to define its EV approach, reporting to executive director Govind Rajan.

Also, R&D work has begun at its technical centers both in India as well as the UK. But it may take more than four to five years for a Royal Enfield EV to hit the road, as per the current plans.

Already mainstream two-wheeler makers in India have started work on a range of EV products.

Royal Enfield's global rivals Norton, Triumph, BSA and Harley-Davidson have all given strong indications on their intention of participating in the EV market.

Eicher Motors share price has opened the day up by 0.1%.

Here's an interesting data on Royal Enfield...when Siddhartha Lal entered the family business in the year 2000, Eicher's management was examining a sale or shutdown of the Royal Enfield business.

This was because at that time, Royal Enfield's motorcycle sales totaled 2,000 units per month.

From 2,000 units in the year 2000, Royal Enfield sells 70,000 units a month on an average at present.

The sales for few months in the past year were impacted due to the impact of nationwide lockdown.

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

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