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Indian Indices Witness Selling, Passenger Vehicles Sales Data, and Top Cues in Focus Today
Thu, 22 Aug Pre-Open | Monish Vora, TM Team

India share markets witnessed selling pressure yesterday and ended their session deep in the red.

At the closing bell yesterday, the BSE Sensex stood lower by 267 points (down 0.7%) and the NSE Nifty closed down by 98 points (down 0.9%).

Sectoral indices ended on a negative note with stocks in the metal sector and capital goods sector witnessing most of the selling pressure.

The BSE Mid Cap index ended the day down 1.3%, while the BSE Small Cap index ended the day down 1.4%.

Note that the decline in small-cap segment has been sharper since the Union Budget, with the BSE Smallcap index hitting its lowest level since February 2017.

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But Richa Agarwal says this fall currently offers the best bargains to the market.

In the below video, she talks about picking right stocks to benefit from the upcoming rebound.

Top Stocks in Focus Today

From the engineering sector, CG Power and Industrial share price will be in focus today. The company of the company plunged as much as 20% yesterday to hit an all-time low of Rs 11.80.

The selling pressure came as the Ministry of Corporate Affairs (MCA) has ordered an inspection into the affairs of the company after reports of financial wrongdoings came into the light.

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On Monday, shares of the company fell 20% after the company in a regulatory filing said that an internal probe uncovered some irregularities in the financial statements of the company.

From the realty sector, market participants will be tracking Oberoi Realty share price and Capacite Infraprojects share price today.

Shares of the companies witnessed selling pressure after the income Tax (IT) Department carried out searches for suspicious transactions, including alleged purchase from dubious entities.

Capacite Infraprojects is Oberoi Realty group's biggest vendor.

As per the news, clarification has been sought by stock exchanges on the development and the companies are yet to respond.

HDIL share price will also be in focus today. The stock of the company slumped 20% yesterday, its biggest daily percentage loss since October 10, 2008. The selling pressure came as the debt-ridden real estate firm has been admitted under the provisions of insolvency bankruptcy code passed by the National Company law Tribunal (NCLT) pursuant to an application filed by the Bank of India.

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Retail Sales of Passenger Vehicles Drop in July

Moving on to the news from the automobiles sector... According to automobile dealers' body, federation of Automobile Dealers Associations (FADA), retail sales of passenger vehicles (PVs) dropped by 11% to 2,43,183 units in July 2019 as compared to 2,74,772 units the same period last year.

The drop in PV sales was mainly on account of weak demand across the country.

Two-wheeler sales declined by 5%, while commercial vehicle sales dropped by 14%. However, three-wheeler sales saw an increase of 3%.

Total sales across categories declined by 6% to 16,54,535 units in July as against 17,59,219 units.

As per the report, consumer sentiment and overall demand continued to be quite weak across all segments and most geographies. FADA represents over 15,000 automobile dealers who run around 25,000 dealerships across the country.

Reports state that many dealers who have recently entered the auto industry are finding it difficult to manage their repayment obligations. Banking industry experts estimate the total outstanding loans to automobile dealers to be in the range of Rs 700-800 billion.

Crude Oil Witnesses Buying on Inventory Drawdown

In the news from the commodity space, crude oil prices rose above US$ 60 a barrel for the first time in over a week amid data that showed a larger-than-expected drawdown in US crude inventories.

The American Petroleum Institute (API) reported a crude oil inventory draw of 3.45 million barrels for the week ending August 15, compared to analyst expectations of a 1.889-million barrel draw.

The inventory build this week compares to last week's surprise build of 3.7 million barrels, according to API data.

Oil prices rose on the back of above announcement but ongoing worries about a global economic recession capped gains.

Note that crude oil has been witnessing volatility lately amid weekly declines in US inventories and rising geopolitical tensions between Iran and other countries.

Meanwhile, volatility is also seen on the back of ongoing geopolitical tensions in the Middle East.

How this all pans out remains to be seen.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's recent article here: Message of the Markets - What is Crude Oil Indicating?

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!

Read the latest Market Commentary

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Stock Market Updates

Sensex Trades Marginally Higher; Tata Steel & Bajaj Finance Top Gainers (Today's Market)

Sep 18, 2019 12:30 pm

The BSE Sensex is trading up by 47 points, while the NSE Nifty is trading up by 14 points.

MMTC LTD Plunges by 5%; BSE 500 Index Up 0.2% (Today's Market)

Sep 18, 2019 12:13 PM

MMTC LTD share price has plunged by 5% and its current market price is Rs 21. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are PRESTIGE ESTATES (up 7.5%) and ITI LTD (up 5.2%). The top losers are MMTC LTD (down 5.3%) and INDIA TOURISM DEV. (down 6.7%).

HEXAWARE TECHNOLOGIES Surges by 5%; BSE IT Index Up 0.2% (Today's Market)

Sep 18, 2019 11:15 AM

HEXAWARE TECHNOLOGIES share price has surged by 5% and its current market price is Rs 394. The BSE IT is up by 0.2%. The top gainers in the BSE IT Index is HEXAWARE TECHNOLOGIES (up 5.3%). The top losers are CYIENT (down 0.1%) and WIPRO (down 0.1%).

HEG Plunges by 5%; BSE CAPITAL GOODS Index Up 0.2% (Today's Market)

Sep 18, 2019 10:05 AM

HEG share price has plunged by 5% and its current market price is Rs 1,295. The BSE CAPITAL GOODS is up by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are AIA ENGINEERING (up 1.1%) and ELGI EQUIPMENTS (up 1.0%). The top losers is HEG (down 5.3%)..

PRESTIGE ESTATES Surges by 5%; BSE REALTY Index Up 0.3% (Today's Market)

Sep 18, 2019 10:03 AM

PRESTIGE ESTATES share price has surged by 5% and its current market price is Rs 290. The BSE REALTY is up by 0.3%. The top gainers in the BSE REALTY Index is PRESTIGE ESTATES (up 5.1%). The top losers are OMAXE LTD (down 0.1%) and INDIABULLS REAL EST (down 0.4%).

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

Sep 18, 2019 09:55 AM

JAMNA AUTO share price has plunged by 6% and its current market price is Rs 38. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are ITI LTD (up 5.3%) and JINDAL SAW LTD (up 5.1%). The top losers are JAMNA AUTO (down 5.9%) and V-MART RETAIL (down 5.3%).

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