Sensex Ends 136 Points Lower; Telecom and Automobile Stocks Witness Selling

Fri, 30 Oct Closing

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Indian share markets witnessed volatile trading activity throughout the day and ended marginally lower.

After opening the day on a positive note, benchmark indices erased gains in the afternoon session tracking weak global cues as investors took money off the table ahead of next week's US presidential election while uncertainty over the global economic outlook grew due to rising Covid-19 cases.

Further, sentiment dampened as the output of eight core infrastructure sectors dropped by 0.8% in September, contracting for the seventh consecutive month, mainly due to a decline in production of crude oil, natural gas, refinery products and cement.

The decline in output during the month under review was the lowest since March.

At the closing bell, the BSE Sensex stood lower by 136 points. Meanwhile, the NSE Nifty ended down by 28 points.

Bharti Airtel was the top loser in NSE. Meanwhile, the top gainers in NSE today include Adani Ports and BPCL.

SGX Nifty was trading at 11,630, down by 39 points, at the time of writing.

The BSE Mid Cap index ended up by 0.6%. The BSE Small Cap index ended on a flat note.

On the sectoral front, telecom stocks and automobile stocks witnessed selling pressure. Realty stocks, on the other hand witnessed buying interest.

Asian stock markets ended deep in the red as investors looked ahead to next week's US presidential election and weighed the chances of economic stimulus from Washington and Europe.

Investors have been dismayed by the lack of progress in talks between the White House and Congress on new US stimulus.

As of the most recent closing prices, the Hang Seng dipped 2.1% and the Shanghai Composite ended down by 1.47%. The Nikkei ended down by 1.5%.

US stock futures are trading deep in the red indicating a gap-down opening for Wall Street indices.

Nasdaq Futures are trading down by 162 points (down 1.4%), while Dow Futures are trading down by 261 points (down 1%).

Gold prices are trading up by 0.4% at Rs 50,496 per 10 grams.

The rupee is trading at 74.54 against the US$.

Speaking of stock markets, in her latest video, co-head of Research at Equitymaster, Tanushree Banerjee explains why the proposed Kotak Bank-IndusInd Bank merger has merit and urgency.

Which bunch of shareholders will benefit from this deal? Should you buy Kotak Mahindra Bank or IndusInd Bank?

Tune in to the video to know the math behind this proposed merger.

Moving on to stock specific news...

Angel Broking was among the top buzzing stocks today.

Shares of the company rallied 17% intraday today, after Kuwait Investment Authority acquired more than 400,000 equity shares via open market transactions on Thursday.

On October 29, 2020, Kuwait Investment Authority FD F238 bought 430,000 equity shares, representing 0.5% of its total paid-up equity, at Rs 321.73 per share on the NSE via bulk deal, the exchange data shows.

Earlier this week, Angel Broking reported its highest-ever quarterly profit after tax (PAT) at Rs 746 million for the September quarter (Q2FY21). It had posted a profit of Rs 483 million in the June quarter of the current fiscal (Q1FY21).

The company said its total income grew 29% quarter-on-quarter (QoQ) at Rs 3.2 billion against Rs 2.5 billion in the previous quarter.

Shares of the retail broking firm have soared as much as 50% in the past four trading sessions.

Angel Broking share price ended the day up by 8.5%.

Moving on to news from the automobile sector, shares of TVS Motor Company zoomed over 7% after the two-wheeler maker reported healthy operational performance in Q2FY21.

The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) margin improved by 50 basis points to 9.3% from 8.8% in Q2FY20, due to strong focus on cost reduction initiatives taken by the company.

Net sales for the quarter under review stood at Rs 46.1 billion, up 6% year-on-year (YoY) amidst 2% decline in volumes for the quarter.

Profit after tax stood at Rs 2 billion. The company said that PAT is not comparable on a YoY basis due to exceptional gains in the base quarter.

TVS Motor said that despite the Covid-19 challenges, the company strengthened its supply chain during the September quarter. The production and sales improved consistently from July onwards.

The total 2-wheeler sales of 834,000 for the quarter were almost in line with last year second quarter number of 842,000.

TVS Motor Company share price ended the day up by 7.5%.

In other news, the Telangana government, as part of its new policy to promote electric vehicles, offers 100% exemption of road tax and registration fee for the first two lakh electric two-wheelers purchased and registered within the state.

Telangana Ministers KT Rama Rao and Ajay Kumar today launched the policy which will be effective from 2020 to 2030.

The policy also gives 100% exemption on road tax and registration fee for electric tractors purchased and registered in the state as per the existing rules/guidelines applicable for tractors by the Transport Department.

The government also signed MoUs with five firms which are set to invest in the EV space.

We will keep you updated on the latest developments from this space. Stay tuned.

Speaking of electric vehicles, note that the power ministry has approved setting up 2,636 electric vehicle charging stations across 62 cities in 24 states.

Here's what co-head of Research at Equitymaster, Tanushree Banerjee wrote about electric vehicles in one of her editions of Profit Hunter:

• 106 public and private entities have approached the government for permissions to set up about 7,000 EV charging stations.
  
  This clearly shows the vehicle manufacturers have enough incentive to capture this latent demand.
  
  The tax benefit in terms of a lower GST rate (at 5%) is a further shot in the arm of the EV industry.

As per Tanushree, electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

Tanushree believes one of the companies manufacturing lithium ion batteries for powering electric cars will be a key catalyst for the Rebirth of India.

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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