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Auto Stocks under Pressure
Wed, 18 May 01:30 pm

After opening the day on a negative note, the Indian Markets have continued to trade lower. The BSE Sensex is trading lower by 134 points (down 0.5%) and the NSE Nifty is trading lower by 41 points (down 0.5%). The BSE Mid Cap is trading lower by 0.3%. While the BSE Smallcap is trading higher by 0.1%. The rupee is trading at 66.91 to the US$.

Barring metal and mining, major sectoral indices are trading in red with stocks from the automobile sector witnessing maximum selling pressure.

As per an article in leading financial daily, global performance management company Nielsen in its latest study has stated that Indian consumers were the most confident in the world in terms of job prospects, personal finances and concerns in the first quarter of 2016.

According to the study, India and Indonesia are the bright spots among Asian growth markets. The report further added that all three confidence indicators increased from the previous quarter in both countries with job sentiment, personal finances and immediate spending intentions at consistently high levels.

However even as the consumer sentiments improve, there is not much improvement as seen at the ground level. India's factory output barely grew in the month of March. The Index of Industrial Production (IIP) rose 0.1% in the month of March, against a 2% increase in February. The weak growth in factory output was on account of a 0.1% contraction in mining and a 1.2% decline in manufacturing output in March. Going forward, growth in savings, data pertaining to IIP would closely be tracked to assess an actual impact at the ground level.

Housing Development Finance Corporation (HDFC), the country's largest mortgage lender, has decided to raise Rs 15 billion by issuing debentures on a private placement basis. The object of the issue is to augment long-term resources of the corporation.

The proceeds of the present issue would be utilized for financing or refinancing the housing finance business requirements of the corporation. The debt instruments - secured redeemable non-convertible debentures will carry a coupon rate of 8.45 per cent per annum. The stock of HDFC is trading down by 0.8%.

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Apr 25, 2017 (Close)

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