Indian Share Markets Flat; Realty Stocks Witness Buying

Wed, 3 May 11:30 am

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Share markets in India are presently trading flat. Sectoral indices are trading on a mixed note with stocks in the realty sector and IT sector witnessing maximum buying interest. FMCG sector is trading in the red.

The BSE Sensex is trading down 2 points (down 0.01%) and the NSE Nifty is trading up by 2 points (up 0.03%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 64.13 to the US$.

Indian indices are witnessing volatility today ahead of domestic as well as global economic factors. Result announcements by various companies and the rupee movement are some of the factors said to influence the domestic stock markets. On the global front, market participants are keeping tabs on the ongoing US Fed's two-day policy meet.

Among all this volatility and uncertainty, we'd like to remind of you of a rather sobering quote from superinvestor Warren Buffett:

• The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

Remember that and focus on the fundamentals and long term moats of companies before deciding to invest in them.

Talking of superinvestors, do you know who the super investors of India are?

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My colleagues Rohan and Kunal have made getting access to all of these insights easier than ever.

They've compiled all of their interviews for the Superinvestor Project into a special report called The Superinvestors of India.

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As per a report by ratings firm ICRA, the two-wheeler industry is estimated to have incurred a loss of Rs 6 billion due to the three-day discount offered to customers after the Supreme Court ordered a ban on sale of BS-III vehicles.

A major chunk of the above loss is expected to be borne by the Original Equipment Makers (OEMs).

The apex court on March 29 banned the sale and registration of BS-III category vehicles or those not compliant with Bharat Stage IV (BS IV) emission norms from April.

This will impact the revenues and profitability of Indian auto players and auto ancillaries.

The decision by the SC left automobile companies saddled with a large inventory of BS-III vehicles estimated to be worth Rs 60-70 billion, as can be seen from the chart below:

Inventory Pile of Unsold BS III Vehicles

To minimise the damage, companies diverted the vehicles to export markets. Likewise, they also offered higher discounts to clear the inventory.

This was the second major blow for the automobile industry from the SC in the past 15 months. In December 2015, the SC had imposed a ban on sales of diesel vehicles with an engine of 2,000 cc and above in the National Capital Region. This ban was lifted in August 2016.

For investors, this comes as a reminder to consider the impact of regulatory risks such as the above while considering auto stocks for investment.

We, at Equitymaster, rigorously follow Equitymaster Risk Matrix (ERM^®). The risks are objectively evaluated via the ERM^® score. This helps us keep our analysis objective and casts aside all pre-conceived bias.

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

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