Sensex Trades Lower Tracking Weak Global Cues; Tata Steel & IndusInd Bank Top Losers

Wed, 10 Nov 10:30 am

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Asian share markets are lower today after US shares dropped on inflation worries. The Nikkei is down 0.6% while the Hang Seng fell 1.3%.

China's Shanghai Composite plunged 1.2%.

In US stock markets, Wall Street indices closed lower on Tuesday, ending a multi-day rally of consecutive record closing highs as profit-taking and worries over ongoing inflation fueled a broad sell-off.

The Dow Jones Industrial Average fell 0.3% while the Nasdaq Composite shed 0.6%.

Back home, Indian share markets opened in the red, following the trend on SGX Nifty.

Market participants will track shares of Pidilite Industries, Zomato, Berger Paints (India), and Bank of Baroda as these companies will announce their September quarter results today.

Meanwhile, FSN E-commerce Ventures, the parent company of Nykaa, is all set to list today. The company's IPO was open between 28 October to 1 November in the price range of Rs 1,085-1,125.

The BSE Sensex is trading down by 288 points. Meanwhile, the NSE Nifty is trading lower by 87 points.

M&M is among the top gainers today. Tata Steel and IndusInd Bank, on the other hand, are among the top losers today.

The BSE Mid Cap index is trading down by 0.1%. The BSE Small Cap index is trading higher by 0.4%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and banking sector witnessing most of the selling pressure.

Automobile stocks, on the other hand, are trading in green.

Shares of Siemens and BPCL hit their 52-week high today.

The rupee is trading at 74.07 against the US$.

Gold prices are trading down by 0.1% at Rs 48,219 per 10 grams.

Crude oil prices rose today, extending strong gains in the previous session, after industry data showed US crude stocks unexpectedly fell last week just as near-term travel demand picked up with pandemic curbs easing.

Speaking of stock markets, ace chartist at Equitymaster Brijesh Bhatia shows how he picks stocks for intraday trading, in his latest video for Fast Profits Daily.

In the video, Brijesh shares the system he uses for intraday trading. It's a proven system which should serve the needs of any intraday trader.

In news from the electric vehicles (EV) space, Indian Oil Corporation (IOC) and two other public sector oil firms will install 22,000 EV charging stations over the next 3-5 years.

This will support India's target to reduce its carbon intensity and reach net zero emissions by 2070.

The country's largest state-controlled refiner by capacity, IOC, will set up EV charging facilities at 10,000 fuel outlets over the next three years, Chairman Shrikant Madhav Vaidya said.

Meanwhile, Bharat Petroleum Corporation (BPCL) said it will set up 7,000 stations over the next five years while Hindustan Petroleum Corporation (HPCL) has plans for 5,000 stations.

Prime Minister Narendra Modi, at the 2021 Climate Change Conference, outlined a net-zero emissions target by 2070 for India.

Also, India is targeting to increase its low-carbon power capacity to 500 gigawatts (GW) by 2030 and meet 50% of its total energy requirements by 2030.

It is looking to reduce the carbon intensity of its economy by 45%, cut projected carbon emissions by 1 bn tonne by 2030 and achieve a net-zero target by 2070.

IOC plans to install 2,000 charging stations over the next year, with BPCL and HPCL targeting 1,000 each over the same period.

Note that Reliance Industries' mobility joint venture with BP also launched its first mobility retail outlet in Maharashtra last month, which will offer EV charging and battery swapping.

It also finalised an agreement with all-electric ride-hailing service BluSmart to set up EV charging infrastructure in India.

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

Speaking of EVs, have a look at the chart below which shows the massive opportunity in the two-wheeler EVs.

Here's what lead Smallcap Analyst at Equitymaster, Richa Agarwal wrote about this in a recent edition of Profit Hunter:

• In the last five years, two-wheeler sales in India were around 2 crore units per year. Now the sector is cyclical and has been in the downturn for some time. So let's consider a moderate 5% growth for the next 10 years.
  
  By 2030, we are looking at 2-wheeler sales of 3 crore units. Even if one third of this is EV sales, that's 1 crore electric 2-wheelers per year.
  
  In the last 2 years, average electric 2-wheeler sales were 1.5 lakh units. From 1.5 lakh to 1 crore, that's a 66x opportunity in 2-wheeler EVs.
  
  This is an annual growth rate of 52% over next 10 years. It's an almost vertical growth opportunity.

As per Richa, this is like a gold rush. But like in any gold rush, the winners will just be a few.

Moving on to news from the pharma sector, a lobby group that represents over 1,000 Indian pharma manufacturers has urged the government to allow drug-makers to increase prices of all non-scheduled drugs by 20% as the pharma industry battles rising input costs.

At present, drugs in non-scheduled are allowed a maximum annual price increase of 10%.

The increase in input costs has affected all cost heads including key starting materials, packaging materials and transportation costs.

In other news, shares of Aurobindo Pharma are in focus today.

Aurobindo Pharma on Tuesday said that its Covid-19 vaccine UB-612 programme hasn't progressed, as its partner Vaxxinity failed to secure the emergency use authorization (EUA) in Taiwan.

The Taiwan Food and Drug Administration (TFDA) denied EUA for UB-612 in August, citing that the vaccine failed to meet the two efficacy standards for granting EUA in its experts review.

The Texas-based Vaxxinity has conducted clinical trials in Taiwan with a local partner United BioPharma Inc.

This was announced at the company's earnings call by MD N Govindarajan. He, however, didn't comment on status of the licensing agreement.

As per the licensing agreement, Aurobindo can terminate the agreement if UB-612 fails to meet clinical end-points or fails in development.

Aurobindo which has entered into licensing agreement in December 2020 with Vaxxinity, was banking on the EUA in Taiwan to develop, manufacture and commercialise the vaccine in India and other countries.

Aurobindo earlier said that Vaxxinity has placed orders for 30 m doses (for contract manufacturing), linked to the approval of TFDA.

It had even set up a new facility to manufacture viral vector vaccines with an investment of Rs 2.8 bn, to grab a slice of Covid-19 vaccine opportunity.

Aurobindo Pharma share price is currently trading up by 2.8%.

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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