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Sensex Ends Marginally Higher; Automobile and Power Stocks Witness Buying
Fri, 16 Aug Closing | Monish Vora, TM Team

After opening the day on a negative note, Indian share markets traded on a volatile note throughout the day and ended their trading session marginally higher.

Sectoral indices ended on a mixed note with stocks in the power sector, automobile sector and telecom sector witnessing buying interest, while IT stocks and metal stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 39 points (up 0.1%) and the NSE Nifty closed up by 18 points (up 0.2%). The BSE Mid Cap index and the BSE Small Cap index ended the day up by 0.1%.

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Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up 0.9% and the Shanghai Composite stood higher by 0.3%. The Nikkei 225 was up 0.1%.

In news from the engineering sector, HEG share price was in focus today. Stock of the company slipped up to 8% after the company reported a 69% decline in its net profit at Rs 2.4 billion during Q1FY20.

The graphite electrode manufacturer had posted profit of Rs 7.8 billion in year ago quarter.

Operational revenue during the quarter dipped 48% to Rs 8.2 billion from Rs 15.9 billion reported in Q1FY19.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margin contracted to 42.6% from 74.8%, due to increase in average needle coke cost. Graphite electrode is a key component for electric arc furnaces (EAFs) that turn scrap into steel.

The Double Income Project: The Lazy Man's Guide to Doubling Your Income in The Long Term

As per reports, global slowdown in steel demand coupled with increased steel exports from China is expected to impact demand of electrodes.

China is expected to have graphite electrode capacity totaling 1.5 million tonnes by 2020, up 66.7% from 0.9 million tonnes in 2017 to support newly installed EAF capacities.

To know more about the company, you can read HEG's latest result analysis and HEG's 2018-19 Annual report analysis on our website.

Moving on to news from the automobile sector, India's largest two-wheeler maker, Hero MotoCorp has decided to close its manufacturing facilities for three days due to annual holidays and the prevailing market condition.

The company, in an announcement to exchanges said, ""in line with this trend, our manufacturing facilities will be closed from August 15 to 18. While this has been part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario".

The company reported sales of 535,810 units in July 2019, slipping 21% from the same month a year ago, when the two-wheeler manufacturer had reported overall sales volumes of 679,862 units.

The company's sales have been declining since the beginning of the current financial year. In the April-July period this year, the two-wheeler market leader's production stood at 2,466,802 units, down 12% from the year-ago period.

Hero MotoCorp will be the first two-wheeler maker to officially announce a temporary stop in production after car makers announced plant closures for a few days.

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According to reports, Mahindra & Mahindra (M&M) has already announced the closure of its plants for 8-14 days in July-September. Similarly, Tata Motors has announced closure for eight days, Maruti Suzuki for three days, Ashok Leyland for nine days and Bosch for 10 days.

Hero MotoCorp share price ended the day up by 1.3%.

Speaking of the Indian auto industry, note that the sluggish market environment prevalent in the first quarter has continued in the beginning of the second quarter as well as its impact are visible in the despatch volumes.

The sector has been battling many negative forces - slowing economic activity, rising car prices (led by stricter emission norms and insurance costs), shortage of financing options because of the NBFC crisis, and weak rural sentiment. All these factors have dampened demand.

Have a look at the chart below:

April to July Auto Sales Are Down in the Dumps

In the Long Run, Elections Don't Influence the Stock Market

It seems unlikely that the upcoming festival season will work wonders in terms of bolstering growth...unless the government steps in to help the industry.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

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!

Read the latest Market Commentary

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Stock Market Updates

ASTRAL POLY TECHNICK Plunges by 16%; BSE CAPITAL GOODS Index Down 0.2% (Today's Market)

Sep 20, 2019 09:23 AM

ASTRAL POLY TECHNICK share price has plunged by 16% and its current market price is Rs 1,164. The BSE CAPITAL GOODS is down by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON LTD (up 1.2%) and HEG (up 0.7%). The top losers is ASTRAL POLY TECHNICK (down 15.9%)..

ZEE ENTERTAINMENT Plunges by 6%; BSE 500 Index Up 0.1% (Today's Market)

Sep 20, 2019 09:23 AM

ZEE ENTERTAINMENT share price has plunged by 6% and its current market price is Rs 309. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are HEIDELBERG CEMENT (up 5.7%) and TATA COMM. (up 5.0%). The top losers are ZEE ENTERTAINMENT (down 5.6%) and ZYDUS WELLNESS (down 5.8%).

ZYDUS WELLNESS Plunges by 6%; BSE 500 Index Up 0.3% (Today's Market)

Sep 20, 2019 09:19 AM

ZYDUS WELLNESS share price has plunged by 6% and its current market price is Rs 1,766. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are TATA COMM. (up 5.0%) and GUJARAT FLUORO (up 5.0%). The top losers are ZYDUS WELLNESS (down 5.8%) and ENDURANCE TECHNOLOGIES LTD (down 5.0%).

TAKE SOLUTIONS Plunges by 5%; BSE IT Index Up 0.1% (Today's Market)

Sep 20, 2019 09:19 AM

TAKE SOLUTIONS share price has plunged by 5% and its current market price is Rs 123. The BSE IT is up by 0.1%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 1.6%) and PERSISTENT SYSTEMS (up 1.3%). The top losers is TAKE SOLUTIONS (down 5.3%)..

ISGEC HEAVY ENG. Plunges by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Sep 20, 2019 09:19 AM

ISGEC HEAVY ENG. share price has plunged by 5% and its current market price is Rs 396. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 1.5%) and SUZLON ENERGY (up 1.0%). The top losers is ISGEC HEAVY ENG. (down 5.5%)..

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