Sensex Plummets 500 Points, Tata Motors Tank 9% Post Q2 Result

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Indian share markets fell further in the afternoon session on worries about capital outflows as US bond yields surged and the dollar strengthened. Sentiment also continued to be weighed down by the government's move last week to withdraw higher-denomination bank notes and slow replenishment in new bills.

At the closing bell, the BSE Sensex stood lower by 514 points, while the NSE Nifty finished down by 188 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished down by 3.9% and 4.7% respectively. Losses were largely seen in auto, metal and realty stocks.

Tata Motor's share price slumped as much as 9.9% after second-quarter profit missed estimates by a wide margin due to a weak performance by its Jaguar Land Rover unit. The company, which is currently mired in a corporate power struggle, hit its lowest level since July 7.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.46%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.11% and 0.03% respectively. European markets are trading mixed today. The FTSE 100 is up 0.84% while the CAC 40 was up with gains of 0.43%. The DAX is off 0.06%.

The rupee fell and was trading at 67.72 against the US$ in the afternoon session. Oil prices were trading at US$ 44.45 at the time of writing.

Power Grid Corporation of India's share price finished on an optimistic note (up 0.7%) after it was reported that the company is planning to build energy highways across the country in order to meet a projected growth in demand and ease the load on the national grid.

The highways will include 11 high-capacity corridors, each with a capacity of about 4,000 Mw and three high-capacity HVDC (high-voltage, direct current) systems (6,000 Mw each). The central transmission utility will also develop eight inter-state transmission systems (ISTS) or green energy corridors to help the renewable energy sector.

In this regard, the company has planned investment of Rs 1.12 trillion, with the energy highways costing Rs 580 billion and the HVDC systems Rs 120 billion each. The cost of the ongoing green corridors is Rs 180 billion. The ISTS for solar parks is about Rs 90 billion each. The costs are for the lifetime of the projects and would be invested according to commissioning time lines.

The central government has accelerated the development of power transmission networks to match the projected electricity demand in several regions. Along with states, which would offer transmission projects, the Centre is looking to unleash an investment opportunity of close to Rs 1 trillion for the sector. However, the award of projects under the bidding route has been growing slowly. Eight projects costing Rs 96.35 billion have been announced to be offered through tariff based competitive bidding this financial year.

Meanwhile, Power Grid posted 32% rise in standalone net profit at Rs 18.72 billion for the quarter ended September 30 on the back of higher income from operations. The company had clocked a net profit of Rs 14.18 billion on a standalone basis in the corresponding quarter of previous fiscal.

Total income increased to Rs 64.80 billion in July-September this year, over Rs 49.9 billion in the year-ago period.

Stocks from power sector languished in red with JSW Energy and Reliance Infrastructure leading the losses.

In another development, after 2 months fall, export rose by 4.62% to US$ 22.88 billion in September backed by higher growth in engineering and gems & jewellery sectors. The exports recorded in the same month last year stood at US$ 21.87 billion.

Commerce and Industry Minister Nirmala Sitharaman has reiterated that there is definitely prospect for the exporters, who are struggling in depressed demand globally, as India's export for the month of September has shown very significant development. This news has brought hope to exporters who are battling depressed demand globally.

On foreign direct investment (FDI), she said that during the first half of 2016-17, FDI into the country has increased over 30% to US$21.62 billion, on account of government's policies, reinforcing India's image of a 'shining star'. She added that India has clearly sustained its image in the last 2.5 years as a shining star, is performing and showing the growth which is required and actually proving as an the engine of the global growth itself.

Sitharaman further said that the flow of capital into the country has improved because of the policies of the government, very clear and policy driven, not discretion driven policy of the government.

She also said that there will be a lot of successful economic activity during the India International Trade Fair (IITF), which is being held from November 14 to November 27. According to the organizers, over 7,000 firms from India and overseas are participating in the fair.

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