Indian Indices Witness Selling, December Manufacturing PMI, and Top Cues in Focus Today

Thu, 3 Jan Pre-Open

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Share markets in India ended their trading session deep in the red yesterday. All sectoral indices ended in the red with stocks in the metal sector and auto sector witnessing most of the selling pressure.

At the closing bell yesterday, the BSE Sensex stood lower by 363 points (down 1%) and the NSE Nifty closed down by 118 points (down 1.1%). The BSE Mid Cap index ended the day down 1.3%, while the BSE Small Cap index ended the day down 0.7%.

Top Stocks in Focus Today

From the automobiles sector, Eicher Motors share price will be in focus today as Royal Enfield, the motorcycle franchise owned by the company, reported a 13% YoY decline in total sales at 58,278 units in December 2018.

Total motorcycle sales declined by 5.9% at 194,473 units, against 206,585 units sold in the previous year's quarter.

M&M share price will also be in focus today on disappointing sales numbers reported by the company for December 2018 due to tight liquidity and low buying sentiment. According to reports, the company sold 17,404 units of tractors in December, down 6% as compared to 18,488 units sold in the same month last year. Domestic tractor sales were down 2% YoY to 16,210 units, while exports sales almost halved to 894 units in the month of December against 1,633 units in the previous year.

To know more about the company, you can read M&M Q2FY19 result analysis and M&M annual report on our website.

From the airlines sector, market participants will also be tracking Jet Airways share price today as the cash-strapped airline has delayed on debt payments to banks led by SBI. The airline has delayed the payment to a consortium of Indian banks, led by State bank of India.

Last month, Jet was in talks with the SBI for raising Rs 15 billion short-term loan to meet its working capital requirement and some payment obligations.

To know more about the company, you can access to Jet Airways' latest result analysis and Jet Airways' 2017-18 Annual Report Analysis on our website.

Speaking of the airlines sector, note that domestic airlines have been struggling to make profit because of a rise in operating costs.

The new year began on a positive note for domestic airlines as state oil marketing companies (OMCs) slashed aviation turbine fuel (ATF) prices by 14.7%.

This is the second consecutive drop in jet fuel price and the sharpest cut since November 2008.

The surge in crude oil prices led to the domestic airlines posting a loss of 23.4 billion in the September quarter.

Reports state that in the first half of FY19, the listed airlines together lost around Rs 0.2 billion per day collectively registering a loss of Rs 36.4 billion.

Crude oil prices, however, are on a decline over the last few weeks over concerns of a supply glut.

It would be interesting to see how this trend follows in 2019. Meanwhile, we will keep you updated on all the developments from this space.

Manufacturing PMI Expands in December

In the news from the macroeconomic space, Indian manufacturing activity expanded at a slower pace in December. This was seen as growth in new orders and output waned, despite factories cutting their prices.

Going by the numbers, the Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, declined to 53.2 in December, below November's 54.0 reading.

This, however, was above the 50 mark, which separates growth from contraction, for a 17th month. Also, manufacturing activity registered its strongest quarterly performance since late 2012.

Although new orders and output expanded at a slower rate last month, both remained well into expansion territory for more than a year, supported by weaker inflationary pressures.

December also saw the weakest increase in input costs for nearly three years, giving factories room to cut their prices for the first time since July 2017.

Despite a strong performance in 2018, the survey indicated manufacturing firms were turning cautious. Hiring in December slowed as optimism waned amid uncertainty ahead of a national election scheduled for May.

It would be interesting to see how the manufacturing activity performance pans out in the coming months. Meanwhile, we will keep you updated on all the developments from this space.

From the GST Space...

In the news from Goods and Services Tax (GST) space, as per a leading financial daily, the GST Council is slated to meet on January 10 to discuss lowering GST on under-construction flats and houses to 5%.

Along with that, it is also going to consider hiking exemption threshold for small and medium enterprises.

The council, in its previous meeting on December 22, 2018, had rationalised the 28% tax slab and reduced rates on 23 goods and services.

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