Rising Auto Sales, Manufacturing Activity in October, and Top Buzzing Stocks Today

Tue, 3 Nov Pre-Open

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Share markets in India ended marginally higher yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 143 points (up 0.4%).

The NSE Nifty closed higher by 26 points (up 0.2%).

IndusInd Bank and ICICI Bank were among the top gainers.

The BSE Mid Cap index ended up by 0.4%. On the other hand, the BSE Small Cap index ended down by 0.7%.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

Energy stocks, on the other hand, witnessed selling pressure.

Global stock markets were trading on a mixed note on worries about global demand as many economies slid back into second wave of coronavirus lockdowns while upcoming US presidential elections led to heightened caution.

Gold prices were trading up by 0.3% at Rs 50,840 per 10 grams on MCX at the time of closing stock market hours yesterday.

Note that gold prices are now down Rs 6,000 in Indian markets from their August highs. However, the precious metal may benefit from safe-haven buying amid increasing challenges to global economy.

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Top Stocks in Focus Today

ICICI Bank will be among the top buzzing stocks today. ICICI Bank reported an all-time high net profit of Rs 42.5 billion on the back of stake sale in its subsidiary and sequential fall in provisions.

The bank reported a 16% rise in its net interest income (NII) at Rs 93.7 billion versus Rs 80.6 billion a year ago.

The bank earned Rs 3.1 billion for a 2% stake sale in ICICI Securities.

HDFC will also be in focus today as the company posted a 27.5% year-on-year (YoY) fall in September quarter (Q2FY21) standalone net profit at Rs 28.7 billion. The company's total standalone revenue from operations for the said quarter came at Rs 117.2 billion against Rs 134.8 billion in the year-ago period.

Net interest income (NII) for the September quarter rose 20.7% YoY to Rs 36.4 billion against Rs 30.2 billion in Q2FY20. On an AUM basis, the growth in the individual loan book was 9%, that in the non-individual loan book was 13%, and in the total loan book on an AUM basis was 10%.

Market participants will also be tracking Equitas Small Finance Bank share price as the company made a tepid debut yesterday with its scrip getting listed on the bourses at Rs 31, a 6% discount to its issue price of Rs 33.

The bank is one of the leading players in the small finance bank space in India and offers a diversified portfolio of products comprising small business loans, microfinance, and vehicle finance.The initial public offering (IPO), which was sold between October 20 and 22, was subscribed 1.9 times in the three-day bidding process, much less compared to the issues that hit the market prior to it. The high net-worth individual (HNI) quota of shares in the IPO remained undersubscribed at 22%.

This is the third small finance bank to list on the exchanges after Ujjivan Small Finance Bank and AU Small Finance Bank.

India Manufacturing PMI Strongest in Over a Decade

In news from the macroeconomic space, India's manufacturing sector activity improved for the third straight month in October with companies raising output to the greatest extent in 13 years amid robust sales growth.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 56.8 in September to 58.9 in October. This is the strongest improvement in the health of the sector in over a decade.

In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Manufacturers indicated that the ongoing relaxation of COVID-19 restrictions, better market conditions and improved demand helped them to secure new work in October.

On the employment front, the compliance of government guidelines related to the COVID-19 pandemic caused a further reduction in employment. This was the seventh straight fall, albeit the weakest in this sequence, according to the release.

Export orders picked up, recording a rise most pronounced in close to six years.

Although input costs increased at a quicker pace than in September, the overall rate of inflation was modest by historical standards. While a few firms increased output charges, most left prices unchanged over the previous month. As such, the overall rate of charge inflation was negligible.

It would be interesting to see how these numbers pan out in the coming months. While India is currently witnessing recovery in these areas the situation can be different few months from now with the ongoing second wave of coronavirus and lockdown measures worldwide.

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

Auto Sales Rise in October Amid Ongoing Festive Season

In news from the automobile sector, auto sales continued to improve in October 2020 as vehicle manufacturers ramped up production anticipate strong sales during the ongoing festive season.

Hero MotoCorp saw sales rise 35% in October as it sold a record 8.06 lakh vehicles in one month.

Motorcycle sales rose 32.5% over last year to 7.32 lakh units. Scooter sales rose to 74,350 units from 46,576 units earlier.

India's biggest automaker, Maruti Suzuki said it sold 182,448 vehicles in October, an increase of nearly 19% over the same period last year.

Note that Maruti was hit hard by a months-long lockdown imposed in late March to slow the spread of the novel coronavirus, reporting a quarterly loss in July - the first time since its listing in 2003.

Eicher Motors' sales declined 7% to 66,891 units.

Domestic sales were 7% lower than last year at 62,858 units. Exports were down 9% at 4,033 units.

Meanwhile, Mahindra & Mahindra (M&M) saw sales fall 14.5% in October to 44,359 units even as the automaker said it is seeing better demand during the festive season.

Domestic passenger vehicle sales rose 1% over last year to 18,622 units.

While car and SUV sales rose, M&M's commercial vehicle sales continued to struggle. Sales of CVs fell 23.5% to 23,716 units. Exports declined 25% to 2,021 units.

Tractor maker Escorts reported a 2.3% growth in monthly sales to 13,664 units. The company said this is its highest-ever October sales.

The company said that demand was driven by higher crop production, good crop prices, sufficient availability of water and easy financing.

How these numbers pan out in coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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