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Indian Indices End Flat; Metal and Banking Stocks Witness Buying
Wed, 30 Jan Closing | Monish Vora, TM Team

Indian share markets continued to trade near the dotted line during closing hours and ended the day on a flattish note. Stocks from the metal sector and banking sector witnessed buying interest, while stocks from the telecom sector and energy sector were trading in the red.

At the closing bell, the BSE Sensex stood lower by 1 point and the NSE Nifty stood flat. The BSE Mid Cap index closed up by 0.2%, while the BSE Small Cap index ended the day up by 0.8%.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 0.3% and the Nikkei was trading down by 0.3%. The Shanghai Composite was trading up by 0.1%.

European markets were trading on a positive note. The FTSE 100 was up by 1.3%. The DAX was up by 0.1% while the CAC 40 was up by 0.8%.

The rupee was trading at 71.16 to the US$ at the time of writing.

In the news from the steel sector, according to World Steel Association, India has replaced Japan as the world's second-largest steel producing country, while China is the largest producer of crude steel, accounting for more than 51% of production.

The report by the global steel body stated that China's crude steel output jumped 6.6% to 928.3 million tonnes (MT) in 2018 from 870.9 MT in 2017. The country's share increased from 50.3% in 2017 to 51.3% in 2018.

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India's crude steel production in 2018 stood at 106.5 MT, up 4.9% from 101.5 MT in 2017. This meant India has replaced Japan as the world's second-largest steel producing country. Japan produced 104.3 MT in 2018, down 0.3% compared to 2017.

Global crude steel production reached 1,808.6 MT in 2018 from 1,729.8 MT in 2017, a rise of 4.6%.

Note that in the last 6 years, India has been the world's fastest growing steel producer, among the top 10. This is evident in the chart below:

India's Steel Production Growing at the Fastest Rate

Over the last 6-year period, India's steel production grew at a CAGR of 6%. Countries such as Germany and Japan registered negative growth. Growth has been flat in USA, South Korea, Russia, and Brazil.

China, the world leading steel producer, which saw double-digit growth over 2001-2010, grew marginally by 4% CAGR in the last six years.

Here's what we wrote about this in one of our recent editions of The 5 Minute WraUp...

  • Importantly, India's production growth is due to strong domestic demand. Particularly, on the back of strong infrastructure development and housing demand, especially affordable housing.

    No wonder India has surged past Japan and USA to become the second largest steel producer in the world.

    ...In the coming years, steel demand will grow in India. This is on the back of increased infrastructure construction, a thrust on affordable housing, and the thriving auto sector.

    I can give you two more reasons... our country's favourable demographics and increasing use of steel in rural areas.

    And don't forget that China's stringent environmental protection measures will lead to capacity cuts in that country. This will help support the profitability of our industry.

    India's steel industry is in a sweet spot.

And this is just one of the 50 irreversible trends in the Rebirth of India.

Moving on to the news from the automobiles space, Bajaj Auto share price was in focus today as the company today reported a 16% year-on-year (YoY) rise in net profit at Rs 11 billion for the December quarter.

Total income for the quarter rose 19% YoY to Rs 78.8 billion against Rs 65.9 billion in the same quarter last year.

Operating profit for the quarter fell 2% YoY to Rs 12.2 billion from Rs 12.5 billion in the year-ago quarter.

The company's motorcycle segment recorded 38% growth in volume in the December quarter. This compares with the industry growth of 11%.

Overall share in the domestic motorcycle industry for the company increased to 20.3% against 18.6% in September quarter and 16.3% in the year-ago quarter.

Speaking of automobiles sector, India's auto sales slowed down in last two months due to weak consumer sentiment because of high interest rate, a spike in fuel price and insurance cost and liquidity crunch.

During H1 of FY18, the sector grew 11% in which CV & tractor segment expanding 34% and 13% while PVs grew by only 7%. On the other hand, higher rural participation has led the 2-wheeler & 3-wheeler segments to grew 36% and 10%.

Also, speaking of blue-chip automobile stocks, one out of every three household in India is a buyer of their products. They own some of the cult brands in Indian automobile space.

They have formidable R&D teams. They have been through several economic cycles over decades. Few have even visited near-bankruptcy in the past and come out successful.

Yet, some of the biggest passenger car, commercial vehicle, and two-wheeler companies in India have seen a huge dent in valuations in recent times.

Tanushree Banerjee, Co-head of Research at Equitymaster believes, this could be the opportunity long term investors were waiting for.

Apart from the above, market participants were also tracking ICICI Bank share price, JSW Energy share price, and Torrent pharma share price as these companies announce their December quarter results.

You can also read our recently released Q3FY19 results of other companies here: Reliance Industries, Federal Bank, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, DHFL, Gruh Finance.

And 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!

Read the latest Market Commentary


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Stock Market Updates

CAPLIN POINT Share Price Down by 6%; BSE HEALTHCARE Index Down 1.1% (Today's Market)

Aug 11, 2020 11:47 AM

CAPLIN POINT share price is trading down by 6% and its current market price is Rs 575. The BSE HEALTHCARE is down by 1.1%. The top gainers in the BSE HEALTHCARE Index are J.B.CHEMICALS (up 4.5%) and ERIS LIFESCIENCES LIMITED (up 2.4%). The top losers is CAPLIN POINT (down 6.1%).

TV TODAY NETWORK Share Price Up by 11%; BSE 500 Index Up 0.3% (Today's Market)

Aug 11, 2020 11:27 AM

TV TODAY NETWORK share price is trading up by 11% and its current market price is Rs 237. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are TV TODAY NETWORK (up 11.0%) and GARWARE TECHNICAL (up 11.5%). The top losers are SHILPA MEDICARE and GILLETTE INDIA .

TORRENT PHARMA at 52 Week High; BSE 500 Index Up 1.0% (Today's Market)

Aug 11, 2020 11:07 AM

TORRENT PHARMA share price has hit a 52-week high. It is presently trading at Rs 3,040. BSE 500 Index is up by 0.6% at 14,843. Within the BSE 500, TORRENT PHARMA (down 12.9%) and NESCO (up 12.9%) are among the top gainers, while top losers are VA TECH WABAG and SUZLON ENERGY.

JINDAL STEEL & POWER Share Price Up by 5%; BSE METAL Index Up 2.7% (Today's Market)

Aug 11, 2020 10:49 AM

JINDAL STEEL & POWER share price is trading up by 5% and its current market price is Rs 212. The BSE METAL is up by 2.7%. The top gainers in the BSE METAL Index are JINDAL STEEL & POWER (up 5.1%) and SAIL (up 6.4%).

VAIBHAV GLOBAL Share Price Up by 10%; BSE 500 Index Up 0.8% (Today's Market)

Aug 11, 2020 10:45 AM

VAIBHAV GLOBAL share price is trading up by 10% and its current market price is Rs 1,862. The BSE 500 is up by 0.8%. The top gainers in the BSE 500 Index are VAIBHAV GLOBAL (up 10.0%) and GARWARE TECHNICAL (up 14.5%). The top losers are PFIZER and BRITANNIA .

Sensex Opens Over 300 Points Up; ICICI Bank and Axis Bank among Top Gainers (Today's Market)

Aug 11, 2020 09:30 am

Indian share markets open higher. The BSE Sensex opened up by 319 points, while the Nifty is trading up by 88 points.

View More Indian Share Market News

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