Sensex Ends 164 Points Higher; Capital Goods and Banking Stocks Witness Buying

Mon, 9 Sep Closing

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After opening the day on a negative note, Indian share markets witnessed buying interest throughout the day and ended higher.

Gains were largely seen in the FMCG sector, banking sector and capital goods sector, while IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 164 points (up 0.4%) and the NSE Nifty closed higher by 57 points (up 0.5%). The BSE Mid Cap index ended the day up 1% and the BSE Small Cap index ended the day up by 0.9%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was down by 0.1% and the Shanghai Composite stood higher by 0.8%. The Nikkei 225 was up 0.6%.

The rupee was trading at 71.67 against the US$.

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Ruchi Soya Industries share price was in focus today. The stock of the company witnessed buying interest today after the company informed bourses that the National Company Law Tribunal (NCLT), Mumbai has approved Patanjali's resolution plan of Rs 43.5 billion with certain modifications.

The company said that Patanjali group will infuse Rs 2.04 billion as equity and Rs 32.3 billion as debt. It will infuse another Rs 9 billion through the subscription of non-convertible debentures and preference shares in the SPV.

It will also provide a credit guarantee of nearly Rs 120 million.

How this development pans out remains to be seen. Meanwhile, we will keep you updated on all the news from this space.

In the news from the automobile sector, Ashok Leyland share price witnessed selling pressure today after the company announced no working days at various manufacturing plants for September.

In a filing to exchanges, the company said its Pantnagar plant will have as many as 18 non-working days, while Ennore unit would have 16. The Alwar and Bhandara plants would have 10 non-working days each, while Hosur 1 and 2 will have five such days.

The company has been adjusting production since the past few months due continued weak demand for its products. Earlier, the company had said it would be observing five non-working days starting from September 6, 2019, at its Chennai plant.

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

In other news, India's domestic passenger vehicle sales fell for the tenth straight month in August, declining 31.6% to 1,96,524 units from 2,87,198 units in the year-ago period.

According to data released by the Society of Indian Automobile Manufacturers (SIAM), domestic car sales were down 41.1% to 1,15,957 units as against 1,96,847 units in August 2018.

Motorcycle sales last month declined 22.3% to 9,37,486 units as against 12,07,005 units a year earlier.

Total two-wheeler sales in August declined 22.2% to 15,14,196 units compared to 19,47,304 units in the year-ago month.

Sales of commercial vehicles were down 38.7% to 51,897 units in August.

Vehicle sales across categories registered a decline of 23.6% to 18,21,490 units from 23,82,436 units in August 2018.

In fact, all vehicle categories witnessed decline in sales during the month.

How this trend pans out in the following months remains to be seen.

Note that multiple factors have affected the auto sector of late.

The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms...they have all taken their toll.

Automobile sales have fallen every month for almost a year now, except for October when the numbers were flat. In June, nine out of India's 11 main passenger vehicle makers reported a double-digit decline in sales.

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.

However, it is interesting to note that despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Have a look at the chart below:

Electric Vehicle Sales on a High Growth Trajectory!

Electric-2 wheelers sales volume registered 130% YoY growth in FY19. 4-wheeler EVs grew by 200% YoY.

Similarly, electric three-wheelers reported the highest sales volume of 630,000 units. It is important to note that the electric three-wheeler industry has been growing without government support.

The base is quite low compared to the internal combustion engine (ICE) vehicle sales. However, you cannot ignore the growing momentum in EV sales.

The recently announced government incentives will give a further boost to EV sales.

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!

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