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Sensex Slips Over 400 Points; Automobile & Healthcare Stocks Drag

Fri, 19 Jul 12:30 pm

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Indian share markets have extended their losses and are presently trading deep in the red amid concerns over growth and earnings recovery.

Barring consumer durables sector and power sector, all sectoral indices are trading on a negative note with stocks in the automobile sector, realty sector and healthcare sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 358 points (down 0.9%), while the NSE Nifty is trading down by 111 points (down 1%). The BSE Mid Cap index is trading down by 1%, while the BSE Small Cap index is trading down by 1.3%.

The rupee is trading at Rs 68.82 against the US$.

The domestic currency appreciated by 23 paise against the US dollar in early trade today, as market participants pinned their hopes on aggressive interest cut by the US Federal Reserve later this month.

Forex traders said rupee along with most Asian currencies were trading in the positive territory following dovish comments from both New York Fed President John Williams and Vice Chair Richard Clarida.

On Thursday, the rupee had settled at 68.97 against the US dollar.

Moving on, market participants are tracking RBL Bank share price, Bandhan Bank share price, and IndiGo share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can also read our recently released Q1FY20 results: Mindtree, Wipro, Yes Bank, Federal Bank, Colgate, Tata Elxsi.

In news from the cement sector, ACC share price is witnessing buying interest today. Shares of the company gained 5% in early trade today after the company reported a better-than-expected 39% year-on-year (YoY) growth in consolidated net profit at Rs 4.6 billion in June quarter.

The company had a profit of Rs 3.3 billion in the same quarter last year. Net sales grew 8% at Rs 40.6 billion against Rs 37.7 billion in the corresponding quarter of previous year.

EBITDA margin improved 260 bps to 17% on account of better realizations, operational efficiencies and supply chain efficiency improvement.

Company's management said that despite the subdued cement demand, ACC's strong customer relationships, loyal channel network and range of innovative products have helped the company deliver a robust quarter.

The company's ready-mix concrete business grew strongly, aided by eight new ready-mix concrete plants in this quarter.

To know more about the company, you can read ACC's latest result analysis on our website.

Moving on to news from the realty sector, Prestige Estates is likely to sign-up 2 prime office project deals in Mumbai. The firm is in talks with D B Realty to enter into a joint development pact for two of the company's projects.

As per an article in a leading financial daily, Bengaluru-based Prestige Group is close to signing a joint development agreement, spanning 4 million sq. ft, to mark its entry into the city's lucrative commercial real estate market.

Prestige Group has been looking to enter Mumbai's office market for several years and has explored similar deals in the past. While the project at Bandra Kurla Complex is entirely new, it will also help develop an under-construction residential project, Turf View, at Mahalakshmi in south Mumbai.

Last month, the company also entered into a joint development agreement with another Bengaluru-based firm, RMZ Corp, to redevelop Mumbai's 60-year old Kamalistan Studio into an office park.

As part of the deal, both companies will develop and sell part of the land belonging to Mahal Pictures, an associate of D B Realty, into an office park.

Prestige Estates share price is presently trading down by 0.9%.

Note that, the real estate sector in India has been facing a lot of obstacles lately.

Due to all the headwinds, the number of developers has reduced, and this has created consolidation in the market.

The chart below shows a sharp decline in the number of developers in major Indian cities.

Supply-Side Consolidation in the Real Estate Industry

Typically, such a reduction in investment in an industry, i.e. contraction of supply, paves the way for a recovery of profits.

From a supply perspective, the competitive intensity has reduced due to leveraged balance sheets of many developers.

This, in turn, has resulted in subdued launches and stalling of existing projects, thus overall reducing inventory and consolidation in the sector.

With this, the share of organized market players is expected to go up in the medium to long term.

This is a huge opportunity for long term serious players in the sector.

Research analyst, Sarvajeet Bodas talks about how Modi's push towards affordable housing can revive the real estate sector and accelerate the economic activity in the video below.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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