Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

IT Stocks Lead the Losses
Thu, 10 Mar 01:30 pm

Following a negative trend since the opening of the trading day, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the capital goods, FMCG and IT sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 241 (down 1%) and the NSE Nifty is trading down by 65 points (down 0.9%). The BSE Mid Cap index is trading lower by 0.1% while the BSE Small Cap index is trading lower by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,312 levels. Silver price, per kilogram, is trading at Rs 36,903 levels. Crude oil is trading at Rs 2,557 per barrel. The rupee is trading at 67.13 to the US$.

Stocks in the automobile space are trading on a mixed note with Maharashtra Scooters leading the losses and Tube Investments leading the gains. According to the data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales witnessed a decline of 4.2% in February on a YoY basis. It was reported that sales fell to 1,64,496 units in February, from 1,71,703 units in the same month last year.

The fall was witnessed on the back of weak consumer sentiments and disruption in supplies in northern India on account of the agitation by the Jat community. Further, the ban on sale of large diesel vehicles in NCR (national capital region) also dragged the sales lower. In one of our articles of The 5 Minute Wrap Up Premium, we have explained the impact of such rulings that are likely to change the long-term product development plans and strategies of automobile companies. You can read it here (subscription required).

However, motorcycle sales jumped 11% to 8,59,624 units during last month. This was as against 7,74,122 units a year earlier. Also, total two-wheeler sales in February rose 12.8% to 13,62,219 units as against 12,08,084 in the year-ago period.

Sales of total commercial vehicles increased 19.9% to 62,359 units as against 51,998 in the year-earlier month.

Vehicle sales across categories registered a growth of 11.8% at 17,03,688 units in February compared with 15,24,395 in February 2015.

In another news it was reported that Blue Star wants to garner a healthy share in the air cooler market in India with its new brand Windus Aircoolers. For this, the company has started test marketing in Gujarat, Delhi and Telangana with four models.

Further, the company is setting up green-field plants for AC (air conditioners) and commercial freezers in Jammu and Sri City in Andhra Pradesh. The new facilities will add about 10 lakh units of capacity by 2020 to the company's existing 3.5 lakh units capacity per annum.

Also, in its bid to open up newer channels of revenue, the company is going to roll out its air-purifier range by April this year.

The company's management stated that Blue Star is clocking a 12% growth rate, and enjoys a 10% market share (in terms of value) in the room AC segment, and 9.5% in terms of volumes.

The above developments point towards a pick-up in the financials for Blue Star in the near future. To know our view on the stock of the company, read our analysis of the third quarter results (subscription required).

Presently the stock of Blue Star is trading down by 1.7% on the BSE.

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

Equitymaster requests your view! Post a comment on "IT Stocks Lead the Losses". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Jan 24, 2018 12:01 PM