Sensex Nosedives 400 Points; TCS Slips 2.2% Ahead of Q2 Results

Thu, 13 Oct Closing

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<>Indian share markets plunged in today's trade after the minutes of the US Federal Reserve's September meeting indicated a possible rate hike this year. Sentiments also remained subdued on weak Chinese trade data. At the closing bell, the BSE Sensex stood lower by 439 points, while the NSE Nifty finished down by 135 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 1.5% respectively. <>Stocks from realty and metal sector witnessed maximum selling activity.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.09%, while the Hang Seng & the Nikkei 225 lower fell 1.61% and 0.39% respectively.

European shares fell on weak Chinese trade data with shares in Germany off the most. China's exports tumbled nearly 10% year-on-year in dollar-terms, and imports dipped 1.9% from the previous year. The DAX is down 1.13% while France's CAC 40 is off 1.08% and London's FTSE 100 is lower by 0.40%.

The rupee was trading at 66.85 against the US$ in the afternoon session. Meanwhile, Pound Sterling has shed 18% against the U.S. dollar since the "Brexit" vote. Oil prices were trading at US$ 50.05 at the time of writing.

According to a leading financial daily, ABB group is looking at making India an export hub for power and automation technology solutions. The company is looking at mergers and acquisitions to tap growth in the company as the government pushes for infrastructure sector in India. The company, like most of its peer in the infrastructure segment, is banking on Prime Minister Narendra Modi's Make in India.

As part of its increased India focus, ABB has also launched its venture capital arm, ABB Technology Venture, to scout for opportunities in software engineering, software applications and artificial intelligence.

ABB is currently one of the strongest local players in the power grid space in India. The company is not only using India as a manufacturing base for domestic consumption but is also exporting from India to South Asia and the Middle East. The company is in talks with the Indian government for investing in public transportation segment. ABB plans to go in to electric vehicles with very high ambitions around electric vehicles.

As per the reports, ABB along with BHEL is also executing the world's first multi-terminal UHVDC 6,000 MW transmission corridor which will take power from the hydel plants in the north east India to Agra with a provision for reverse flow. The company is also looking to aggressively expand in the solar energy segment in India.

Currently, India is one of the top 10 markets for the ABB group with an annual turnover of US$1.3 billion in 2015. On an average its annual investments in India have been US$ 100 million to meet capex needs to upgrade facilities or put up new facilities. Share price of ABB India Ltd finished on a flat note.

Moving on to news from stocks in automobile sector. According to an article in The Economic Times, automobile wholesale volumes in India in the first half of FY17 have shown strong growth on improved rural demand and new launches.

The domestic auto sales surged by 16.33% during the period April-September 2016 at 11,652,160 units compared to the same period a year ago.

The growth has been led by two-wheeler and passenger vehicle segment, which grew by 17.47% and 12.34% respectively in H1. India sold 1,494,039 units of passenger vehicles in the first half of FY17 compared to 1,329,874 units sold in the same period a year ago.

The new launches have pushed the utility vehicle sales up in the first six months of FY17, which experienced a growth of 40.2%. While the car sales grew by 5% during the same period.

As per the reports, the passenger vehicle market is expected to witness 9-11% growth in FY17, driven by a strong festive season, coupled with new model launches, implementation of revised salary structures under the 7th Pay Commission, and improvement in the rural economy

Meanwhile, the medium and heavy commercial vehicle segment, which largely depends on the core industries such as mining and road & infrastructure, has reported a decline of 1.19% in the first half of the current financial year at 137,664 units sold, compared to 139,325 units sold in the same period a year ago.

Automobile stocks finished on a weak note with Escorts Ltd and Tata Motors leading the losses.

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