Sensex Ends Flat; Metal and Telecom Stocks Witness Buying

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Indian share markets witnessed volatile trading activity throughout the day and ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the metal sector and telecom sector witnessing buying interest, while consumer durable stocks and automobile stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 36 points and the NSE Nifty closed up by 22 points. The BSE Mid Cap index ended the day up by 0.2%, while the BSE Small Cap index ended up by 0.3%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Shanghai Composite was up 1% and the Hang Seng was up by 0.7%.

The rupee is trading at 70.89 against the US$.

Amid the volatility witnessed in stock markets lately, Tanushree Banerjee, in the video below, talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

In news from the automobile sector, Mahindra & Mahindra (M&M) reported a 11% decline in total sales at 51,896 units in the month of October. The auto major had sold 58,416 units in the corresponding month last year.

In the domestic market, sales were down 11% at 49,193 units in October 2019 as compared to 55,350 units in October 2018.

In the passenger vehicles segment, the company sold 18,460 units as compared to 24,066 units in the same month last year. In the commercial vehicle segment, the company sold 23,582 units as against 24,353 units in the same month a year ago.

Meanwhile, India's largest carmaker Maruti Suzuki reported a 4.5% increase in total sales at 1,53,435 units in October. The company had sold 1,46,766 units in October last year.

Domestic sales also grew 4.5% to 1,44,277 units last month as against 1,38,100 units in October 2018.

Sales of mini cars comprising Alto, WagonR and newly launched S-Presso stood at 28,537 units as compared to 32,835 units in the year-ago month, down 13.1%.

Sales of compact segment grew 15.9% to 75,094 units as against 64,789 units in October last year.

In a statement to exchanges, the company said exports in October were 5.7% up at 9,158 units as against 8,666 units in the corresponding month last year.

Maruti Suzuki share price ended the day up by 0.7%.

To know more, you can read Maruti's latest result analysis on our website.

Moving on to news from the banking sector, IndusInd Bank share price was in focus today. Shares of the private lender surged over 5% today after the bank announced selection of a potential successor to Ramesh Sobti, the current Managing Director and Chief Executive Officer (MD & CEO).

However, the bank did not name the successor. Sobti's tenure will end in March 2020, when he turns 70.

In a regulatory filing, the bank said, "pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the bank, at its meeting held on Thursday, October 30, 2019, has finalised a potential candidate for the position of MD & CEO."

The bank further added "as mandated under the extant RBI norms, the bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for the appointment of the new MD & CEO of the bank."

Reports state that, the three names which are doing rounds for the position are Sumant Kathpalia, the lender's head of consumer banking, Paul Abraham, the current chief operating officer and Suhail Chander, head of corporate and commercial banking.

In other news, the Delhi High Court sought response of the Centre, AAP government and the Reserve Bank of India on a Public Interest Litigation (PIL) seeking removal of restrictions on cash withdrawals from the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank.

A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100% insurance cover for customers' money deposited in the bank.

Note that the recent PMC bank fiasco has put small savers in the limelight yet again. These banks have poor lending practices. Depositors have had to pay the price time and again.

In the short run, this has an adverse effect on microfinance lending as well. Micro finance institutions (MFIs) are skeptical about lending to even genuine borrowers in an uncertain environment.

But this is actually a blessing in disguise for MFIs with strong business practices.

After all, last mile connectivity in lending is still a huge opportunity.

Huge Opportunity in Last Mile Lending in India

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

• The average ticket size of a microfinance borrower in India is around Rs 38,000 which is much lower than the global average (Rs 65,000).
  
  The sector itself has grown at an average annual rate of 27% for the last 4 years.
  
  Still states like Uttar Pradesh, Bihar, and Madhya Pradesh with a large rural population are highly under-penetrated even today.

A private bank that is part of Tanushree's 7 stocks to buy list has already taken a step in this direction.

It will be a big beneficiary when the microfinance boom plays out in 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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