Indian Share Market Opens Weak

Wed, 2 Nov 09:30 am

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Major Asian stock markets have opened the day on a negative note with stock market in Japan and Hong Kong is trading lower by 1.4% and 1.3% respectively.

Stock markets in Europe and US too ended their previous session on a negative note with benchmark indices in US ending the day lower by 0.6%.

US Presidential election uncertainty is dragging the global markets down.

The rupee is currently trading at 66.69 per US$.

Indian share markets have opened the day on a negative note ahead of weak global cues. The BSE Sensex is trading lower by 200 points (down 0.7%) and NSE Nifty is trading lower by 83 points (down 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading lower by 0.4% each.

Major sectoral indices have opened the day in red with stocks from realty space are witnessing selling pressure.

Eicher Motors reported September quarter results for fiscal 2017. Company's flagship brand Royal Enfield, reported robust numbers for the month of October. Sales volume of Royal Enfield grew by 33% during the month of October as compared to a year ago. For the first seven months of the current fiscal year, the sales volume growth stood at a robust 34%.

The company also took a price hike in Royal Enfield in the month of August-ahead of the festive season, in-turn leading to realizations growing by 4% YoY during the September quarter. Operating margins too came in at a healthy 31.3% during the quarter.

However, their commercial vehicle segment isn't performing as expected. The competition is intense in the commercial vehicle space. Lower demand coupled with intense competition led the company to give hefty price discounts. Hence, realizations in the commercial space declined by 7% during the quarter as compared to a year ago. This in-turn dented the overall profitability of the company.

The continuation of the strong growth of Royal Enfield coupled with the performance of their commercial division will be the key things to watch out for going ahead. The share price of Eicher Motor is trading lower by 0.4%.

In another news update, the Nikkei India Manufacturing Purchasing Manager's Index (PMI) rose to 54.4 for October, highest in last 22 months. A reading above 50 denotes expansion, while one below 50 indicates contraction.

The improvement is not only attributable to the festive season demand as the index is seasonally adjusted. Both output and new orders showed good growth during the month. Reportedly, consumer goods producers outperformed their intermediate and investment goods counterparts, registering stronger rates of expansion for both output and new orders.

While expansion in manufacturing bodes well for GDP, there are other parts in the equation that may disappoint. The most crucial will be investment spending aspect that does not offer reasons to cheer.

Another important part of the equation is jobs in the manufacturing sector. While manufacturing remains an important part of growth, thanks to automation and lack of skilled labour, it may not offer jobs to the millions of Indians joining work force every year.

If this trend continues in the years to come, the demographic dividend can easily turn into a demographic nightmare. Irrespective of what the monthly macro-economic data suggests, this could pose a serious threat to the India growth story.

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