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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

IT Stocks Lead the Losses
Thu, 9 Jun 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 mixed note with stocks from the Information Technology (IT) and FMCG sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 222 (down 0.8%) and the NSE Nifty is trading down by 60 points (down 0.7%). The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap index is trading up by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,665 levels. Silver price, per kilogram, is trading at Rs 40,500 levels. The rupee is trading at 66.69 to the US$.

At the time of writing, crude oil was trading at Rs 3,428 per barrel, up by 0.9%. The commodity has been witnessing buying interest this week and has hit its 2016 highs. Most of the gains are on the back of reports that showed a higher-than-expected drop in US crude supplies. Also, disruptions to output on the back of attacks on Nigeria's oil industry has aided the rally.

Do read what Richa Agarwal, research analyst at Equitymaster, has to say on the future prospects of crude oil prices.

To keep a regular tab on the movements in crude oil prices, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

Stocks in the automobile space are trading on a mixed note with Bajaj Auto and Hero MotoCorp leading the losses. As per a leading financial daily, domestic passenger car sales dipped marginally by 0.8% YoY during May. According to data released by the Society of Indian Automobile Manufacturers (SIAM), sales of domestic passenger cars stood at 1,58,996 units in the month of May as against 1,60,371 units in the year-ago month.

However, motorcycle sales during last month rose 3.3% YoY to 9,85,158 units, while total two-wheeler sales in May rose 9.7% YoY to 15,15,556 units.

Sales of commercial vehicles rose 16.8% YoY to 57,089 units in May. Vehicle sales across categories registered an increase of 9.8% YoY to 18,50,764 units from 16,84,263 units in May 2015.

One shall note that FY16 turned out to be a tepid year for the Indian auto industry. The only segment that managed to grow in double digits was commercial vehicles (CVs). But this was largely led by medium & heavy CVs. Going ahead, good monsoon rainfall can spur up the demand of automobile companies. This is because good rainfall will revive the demand in rural areas, which makes for a big market for auto companies.

Being on the topic of car sales, Vivek Kaul, editor of Vivek Kaul's Diary, has written an insightful article that correlates car sales to black money.

Moving on to the news from pharmaceutical space. Sun Pharmaceutical Industries has launched its first dermatology product in the form of its sunscreen brand 'Suncros'. The product has been launched through the company's Global Consumer Healthcare business vertical.

With this launch, the company stated that it is going to focus on dermatology as the fourth engine of growth for its OTC (over-the-counter) business. The management of Sun Pharma stated that with Suncros being marketed directly to consumers, the company is now expanding consumers' access to the country's number one dermatologist recommended sunscreen brand.

The product is said to offer maximum protection from harmful UV rays till the inner layers of the skin.

Currently, Sun Pharma's Global Consumer Healthcare business in India markets dietary supplements, analgesics and antacids.

Presently the stock of Sun Pharmaceuticals is trading up by 0.3%.

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

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Oct 19, 2017 (Close)

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