Factors Behind the Stock Market Crash, September Quarter Results, and Top Buzzing Stocks Today

Thu, 29 Oct Pre-Open

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Indian share markets witnessed a sharp sell-off yesterday and ended their session deep in the red.

Benchmark indices witnessed selling which was largely led by losses in finance and banking stocks.

At the closing bell yesterday, the BSE Sensex stood lower by 600 points (down 1.5%).

The NSE Nifty closed lower by 160 points (down 1.3%).

HDFC and IndusInd Bank were among the top losers.

The BSE Mid Cap index ended down by 0.9%. The BSE Small Cap index ended down by 0.8%.

On the sectoral front, stocks from the banking sector and finance sector bled the most, falling more than 2.2% each.

Gold prices were trading down by 0.3% at Rs 50,825 per 10 grams at the time of losing stock market hours yesterday.

In global markets, gold prices were marginally lower amid ebbing hopes of a US stimulus before the elections.

Note that gold prices are up about 30% so far this year in Indian markets. Most of these gains are seen as gold is seen as an inflation hedge amid unprecedented pandemic-driven stimulus across the world.

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the stock markets, India's #1 trader Vijay Bhambwani, talks about a great profit opportunity in PSU stocks in latest video for Fast Profits Daily.

In this video below, Vijay shares how you could have made up to Rs 300,000 in just three trading sessions from the recent sharp move in these stocks.

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Top Stocks in Focus Today

Inox Leisure will be among the top buzzing stocks today as the company is preparing to raise as much as Rs 2.5 billion through a qualified institutional placement, hoping to attract investor attention with movie theatres reopening after a more than six-month closure.

Reports state that Inox Leisure is working with investment banks ICICI Securities and IIFL for the fundraise.

Shares of Bharti Airtel will also be in focus as the National Securities Depository (NSDL) increased the company's foreign ownership limits to 100%.

According to the NSDL website, the limit was 49% and approval for 100% foreign limit was pending.

Top Factors Why Indian Stock Markets Crashed Yesterday

Here are the main factors behind yesterday's stock market selloff:

Banking and Finance Stocks Bleed: Banking and finance stocks witnessed most of the selling pressure yesterday. The Nifty Bank and Financial Service indices fell more than 2% each. IndusInd Bank, Kotak Mahindra Bank, SBI, Federal Bank, ICICI Bank, HDFC Bank, Axis Bank, and Bank of Baroda were down in the range of 1.5% to 3%.

Rising Coronavirus Infections: The United States, Russia, France and other countries have registered record numbers of coronavirus infections in recent days. Mainland China also reported increase in virus infections. Furthermore, European governments have introduced fresh movement restrictions as the coronavirus infections, hospitalization, and deaths increased sharply again. Stock markets across the world corrected yesterday after taking cues from these restrictions which ultimately could impact global growth.

US Presidential Elections: Stock market participants were cautious ahead of the US presidential elections scheduled to be held next week on November 3. Reports indicated that there could be tough competition between Republican Donald Trump and Democrat Joe Biden.

Weak Global Cues: Indian share markets yesterday opened amid muted global cues with weaker Asian markets and stocks in Europe falling sharply. European shares fell on reports of potential lockdowns in Germany and France, losing 2.5% to hit five-month lows and rattled by a media report that France might bring in a national lockdown from midnight on Thursday.

US Stimulus Hopes Fade: Stock markets also witnessed selling as investors lost hope that a US fiscal stimulus would be approved before the presidential election. US President Donald Trump clearly stated that there won't be coronavirus relief bill before election, which has not yet cleared amid several negotiations between Republicans and Democrats.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Q2FY21 Results: Tata Motors Loss Widens; Bharti Airtel Posts 22% Rise in Revenue

Tata Motors' consolidated net loss widened in the quarter ending 30 September 2020 to Rs 3.1 billion as against net loss of Rs 1.9 billion in the year-ago period. Tata Motors posted a loss for a third straight quarter.

Consolidated revenue from operations decreased 18% to Rs 535.3 billion as against Rs 654.3 billion in the year-ago period.

The company said its revenue in the six months ended September 30 had been impacted as the group's manufacturing plants and offices had to be closed down for a considerable period of time due to the Covid-19 pandemic.

The auto major said its Jaguar Land Rover (JLR) unit returned to profit with significant positive cash flow in the quarter as sales and revenue recovered from the impact of Covid-19 in fiscal Q1, but remain below the pre-Covid levels from a year ago.

The company also announced that it had recorded a massive 103% jump in bookings and 90% rise in passenger vehicles' retail this Navratri, compared to the same period in 2019.

Titan Company reported 37.8% year-on-year (YoY) decline in net profit at Rs 1.9 billion for the second quarter ended September 30, 2020.

The company posted 1.7% YoY decline in total income at Rs 43.8 billion in Q2FY21. The decline in total income excluding gold sale was around 11% YoY. The total income for the quarter include sale of gold to the extent of Rs 3.9 billion.

As on September 30, 2020, the company's retail chain (including CaratLane) stands at 1,832 stores, with a retail area crossing 2.4 million square feet for all its brands covering 290 towns.

With the lockdowns being lifted in most parts of the country, the company said it was able to operate most of its stores across all its divisions.

Bharti Airtel reported its highest ever quarterly consolidated revenue on the back of a rise in data usage and higher realizations, helping it narrow losses for the quarter ended September.

The company's consolidated revenue rose 22% to Rs 257.8 billion during the September quarter while net loss narrowed to Rs 7.6 billion. This was bolstered by an all-round growth across the portfolio and rise in Average Revenue Per User (ARPU) as well as strong 4G additions.

4G data customers increased by 48% to 152.7 million compared to the previous year.

The company said that with respect to engagement parameters, it continues to be "best in industry" with average data usage per data subscriber at 16 GB per month and voice usage at 1,005 mins/subscriber/month.

Airtel is the first of the three private telecom operators to announce its quarterly results this earnings season. Vodafone Idea's second quarter numbers are scheduled today while Reliance Jio will announce its September quarter results on October 30.

We will keep you updated on all the news from this space. Stay tuned.

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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