Sensex Crashes 433 Points; Banking and Auto Stocks Bleed

Fri, 14 Aug Closing

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Indian share markets ended on a negative note today amid a huge selloff in auto and banking stocks.

Benchmark indices erased all the early gains and went on to trade deep in the red during closing hours on signs of escalating US-China tensions. Losses were also seen as India's retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI's medium-term target for a 10th straight month.

At the closing bell, the BSE Sensex stood lower by 433 points (down 1.1%). The NSE Nifty closed down by 122 points (down 1.1%).

The SGX Nifty witnessed huge selling pressure and was trading at 11,189, down by 145 points, at the time of writing.

The BSE Mid Cap index ended the day down by 1%. Meanwhile, the BSE Small Cap index ended down by 0.6%.

On the sectoral front, banking stocks and auto stocks were the hardest hit.

Asian share markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng was down by 0.2% while the Nikkei stood higher by 0.2%.

The rupee is trading at 74.91 against the US$.

Gold prices on MCX are trading down by 0.9% at Rs 52,441 per 10 grams.

Gold had tumbled on Tuesday this week, then swung in a wide arc on Wednesday, as last-week's rally likely spurred some technical selling and profit-taking.

Even with the correction in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic. Last week, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

So, is it time to book profits in gold and silver?

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Moving on to stock specific news, Bharat Petroleum Corporation Ltd (BPCL) was among the top buzzing stocks today.

BPCL said its consolidated net profit in the quarter ended June rose 21.6% year-on-year (YoY) to Rs 21.8 billion. The company had reported a net profit of Rs 17.9 billion a year ago.

The company's revenues from operations dropped 41.09% YoY to Rs 509 billion from Rs 864.1 billion a year ago.

The company pointed that the Covid-19 outbreak and subsequent lockdown had an impact on its business. It said the lower demand for crude oil and petroleum products impacted the prices and refining margins globally.

Since petroleum products are covered under essential services, the refining and marketing operations of the company continued during the lock down period, but there was lower refinery throughput and revenue from operations which was mainly due to lower demand of petroleum products.

The company said that with the gradual reopening of the economy, it expects the refinery throughput and revenue from operations will improve and will be at normal levels post COVID 19 impact and removal of complete lockdown restrictions.

Moving on to the news from macroeconomic space, India's retail inflation rose for the fourth straight month in July as costs of some food articles and transportation remained high.

Consumer price index (CPI) inflation stood at 6.93% in July, compared to a revised estimate of 6.23% in June 2020.

At over 6%, inflation continued to remain just above the Monetary Policy Committee's (MPC) tolerance band of 4 (+/-2)%, for the fourth straight month since April, creating a stagflation like scenario where inflation is high despite a collapse in growth.

The MPC which met earlier this month had left rates unchanged as they sought greater clarity on inflation, which they see easing in the second half of the year.

The break-up of the July CPI data suggests that inflation in the vegetables and pulses categories was elevated. Transportation and communication also saw high levels of inflation.

Rural inflation stood at 7.04% in July compared 6.3% in June. Inflation in urban areas stood at 6.84% compared to 6.1% in June.

Among key food categories, vegetable inflation stood at 11.29%, from 4% in June, while inflation in the fruits category stood at 0.13% from 0.3% in June. Pulses prices rose by 15.92% in July, compared to 17.6% in the previous month.

Fuel and light inflation rose to 2.8% in July from 0.5% in the previous month, while inflation in transport and communication rose to 9.95% in July from 8.3% in June.

It would be interesting to track how these numbers show up in the coming months. Stay tuned, we'll keep you updated on all the developments from this space.

And 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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