Sensex Opens 207 Points Down; Banking & Realty Stocks Drag

Wed, 30 May 09:30 am

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 1.9% while the Hang Seng is down 1.5%. The Nikkei 225 is trading down by 1.8%. Overnight US markets closed sharply lower as political turmoil in Italy gripped financial markets.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading down by 207 points while the NSE Nifty is trading down by 64 points. The BSE Mid Cap index opened down by 0.7% while BSE Small Cap index opened down by 0.1%.

Barring IT stocks, all sectoral indices have opened the day in red with banking stocks and realty stocks witnessing maximum selling pressure. The rupee is trading at 67.82 to the US$.

Automobile stocks opened the day on a mixed note with Tata Motors & Force Motors leading the losses. Boosted by strong sales across tractors and utility vehicles, Mahindra & Mahindra (M&M) on Tuesday posted a 50% rise in net profit during the January-March quarter of fiscal 2018 at Rs 11.6 billion, compared to Rs 7.7 billion during the comparable quarter in the previous year.

M&M's total revenue rose by 24% to Rs 133.6 billion during Q4FY18, compared to Rs 107.95 billion in the year-ago period. M&M's board also announced a dividend of Rs 7.5 per share.

For the full year, M&M more than doubled its FY18 consolidated net profit to Rs 75.1 billion, which came from a 10% growth in revenues to nearly Rs 940 billion.

For FY18, the robust performance came on the back of strong growth in sales of tractors and other vehicles, and also good performance of its financial services and software business.

During Q4FY18, M&M sold 1.56 lakh utility vehicles, up 20% from 1.3 lakh in the year-ago period, while it sold 66,885 tractors in the quarter under review, up 44% from 46,583 units it had sold during Q4FY17.

To know more about the company, you can access to M&M's latest result analysis and M&M stock analysis on our website.

And to get more updates on share market, click here.

M&M share price surged 1.7% in the opening trade.

Moving on to the news from the economy. As per industry body Ficci, India's GDP growth is expected at 7.1% for the January-March quarter of the last fiscal and 6.6% for the entire 2017-18.

One shall note that, the Central Statistics Office (CSO) is scheduled to release GDP numbers for the fourth quarter as well as the 2017-18 fiscal tomorrow.

The GDP growth in the third quarter (October-December 2017-18) is seen at 7.2%, and for the entire last fiscal (2017-18), it is projected at 6.6% at constant prices, as per CSO data.

Ficci's Economic Outlook Survey, based on opinion of economists, projects the annual economic growth for 2018-19 at 7.4% with a minimum and maximum of 6.9% and 7.5%, respectively.

The chamber's survey further said that "some concerns" are visible on external front with median current account deficit forecast pegged at 2.1% of GDP for 2018-19.

The surge in oil prices has emerged as a major risk factor and can weigh down heavy on India's external position and overall growth prospects. The weakening rupee is further adding strain on the imports.

The report also shared views on rising protectionist policies by some of the leading economies and its impact on India. As per Ficci, the brewing trade war can impact India indirectly, if not directly, as the country is deeply integrated with global economy.

As per the report, protectionist measures could undermine the multilateral trading system governed by WTO rules.

Notably, India's GDP grew by 7.2% in Q3 FY18. Manufacturing grew by 8.1% for the quarter compared to 7.9% in the same quarter last year. Cement, electricity, coal, and steel, the bedrock of the economy, all witnessed robust growth.

GDP Growth Getting Back on Track

India also surpassed China as the world's fastest growing economy. Rest assured, we'll keep a close eye on this trend.

We, at Equitymaster, we do not attempt to predict how and when macroeconomic developments will unfold. Instead, we focus all our energy on understanding the underlying business strength of companies.

In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.

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