Sensex Trades Marginally Lower; M&M and ONGC Top Losers

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Share markets in India are presently trading on a negative note. Barring IT sector, all sectoral indices are trading in red with stocks in the healthcare sector, metal sector and energy sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 116 points (down 0.3%), while the NSE Nifty is trading down by 50 points (down 0.5%). The BSE Mid Cap index is trading down by 1.3% and the BSE Small Cap index is trading down by 1.4%.

The rupee is trading at Rs 71.18 against the US$.

Market participants are tracking Eicher motors share price, SpiceJet share price, Motherson Sumi share price, and Care ratings share price as these companies are set to announce their December quarter results later today.

You can also read our recently released Q3FY19 results: Reliance Industries, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, Tata Motors, Tata Steel.

In the news from the pharma sector, Glenmark Pharma share price is in focus today as the company's subsidiary, Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Sevelamer Hydrochloride Tablets, 400 mg and 800 mg.

According to sales data for the 12-month period ending December 2018, the Renagel Tablets, 400 mg and 800 mg market achieved annual sales of approximately $102.1 million.

In another news, Aurobindo pharma share price is also in focus today as the company has closed the acquisition of Apotex's commercial operations and certain supporting infrastructure in five European countries.

The agreement to acquire five of Apotex's businesses which include infrastructure, personnel, products, certain established trademarks was announced last year on July 14.

Aurobindo pharma share price is presently trading down by 0.8%.

Moving on to the news from the automobiles sector, M&M share price is witnessing selling pressure today as the management revised its tractor volume guidance lower to 10% from earlier lower band of 12-14%.

The company posted 60% YoY growth in net profit at Rs 14.8 billion in December 2018 quarter (Q3FY19) against Rs 9.2 billion in year ago quarter.

The revenues grew 12% at Rs 128.9 billion in Q3FY19 against Rs 114.9 billion in Q3FY18.

The company's operating profit margins were lower by 150 basis points at 13.2% during the quarter against previous year of 14.7% on account of commodity cost pressure, higher discounts and new launch expenses.

Reportedly, the earnings were boosted by robust growth in tractors even as higher raw material expenses and high discounts in passenger vehicles and lower commercial vehicles sales weighed on its margins.

Last month, the company said that it has sold 17,404 units of tractors in December, down 6% as compared to 18,488 units sold in the same month last year.

The company's total sales on the automotive business front remained flat with 39,755 units sold in December buoyed by strong performance in exports. It had sold 39,200 units sold in the same month of the previous year.

M&M share price is presently trading down by 3.4%.

In another news, Hero MotoCorp share price is also in focus today.

The country's largest two-wheeler maker posted operationally disappointing numbers in Q3FY19. On a year-on-year (YoY) basis, net operating revenue clocked a subdued growth of 7.5% driven by a weak volume growth of 5.3%.

You can read Hero MotoCorp Q3FY19 result analysis on our website.

Speaking of the auto 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, it is interesting to note that 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. This is evident in the chart below:

Bluechip Auto Are Stocks Way Off Their Valuation Peaks

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers