Indian Share Market Opens Flat

Thu, 3 Nov 09:30 am

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Barring China, major Asian stock markets have opened the day on a negative note with stock market in Japan is trading lower by 1.8%.

Stock markets in Europe and US too ended their previous session on a negative note with benchmark indices in Germany ending the day lower by 1.5%.

US Presidential election uncertainty is dragging the global markets down. US Federal Reserve in its meeting yesterday decided to keep rates on hold ahead of election.

The rupee is currently trading at 66.7 per US$.

Indian share markets have opened the day on a flattish note. The BSE Sensex is trading marginally lower by 9 points (down 0.03%) and NSE Nifty is trading lower by 14 points (down 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.1% respectively.

Stocks from capital goods space are witnessing selling pressure.

A Mint, analysis of quarterly earnings of 53 members of the BSE-100 index shows that 28 of them have exceeded consensus earnings estimate by Bloomberg.

However, the sustainability of these earnings will much depend on the volume growth going ahead. Why do we say this? Since the preceding year, the commodity prices have stayed benign. Even when the topline growth has remained muted, the bottomline has remained strong on account of lower costs mainly on the back of lower commodity prices.

However, the commodity prices have slowly started moving northwards and hence it will be difficult to sustain the operating margins at the level as seen at present. This in-turn could dent the earnings.

Hence, a volume growth is really important at this juncture to achieve a sustainable earnings growth moving ahead.

In another news update, companies are increasingly trying to cater to the Ayurveda segment. Companies such as HYPERLINK "https://www.equitymaster.com/result.asp?symbol=COLG&name=COLGATE-Stock-Quote-Chart" Colgate Palmolive (India), Dabur India, Hindustan Unilever India are launching products in the herbal segment to tackle competition from the emerging threat from Patanjali.

For example Colgate recently launched a herbal toothpaste named Cibaca Vedshakti to counter Patanjali's toothpaste Dant Kanti. Similarly Dabur India in its recent move laid down a strategy to launch more Ayurveda products such that this segment constitutes more than 75% of the sales of the company by 2020 from the present 60%.

Patanjali does not yet represent an existential threat to incumbents, although it may become one for specific categories or brands. However, companies are no longer dismissive of the threats from such brands. This is a developing story that will attract attention for some time to come.

We in fact met management of a leading hair oil player recently. He validated the view that 'Ayurveda' as a separate category is not a passing trend and is rather here to stay. But its dent in the market will be limited as Ayurveda has a 'functionality' aspect linked to it - it is mainly used as a form of treatment.

While it's too soon to jump to conclusions, this is definitely a space we'll be keeping an eye on.

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