Sensex Down Over 145 Points; Healthcare Stocks Witness Losses

Wed, 27 Sep 11:30 am

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After opening the day marginally higher, Indian share markets witnessed selling pressure and are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks from the healthcare sector and metal sector witnessing maximum selling pressure. Realty stocks are trading in the green.

The BSE Sensex is trading down 148 points (down 0.5%) and the NSE Nifty is trading down 45 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading down by 0.1%. The rupee is trading at 65.65 to the US$.

As per an article in Livemint, oil marketing companies are drawing up plans to expand their presence in renewable energy space. The initiatives are geared towards setting up infrastructure for electric vehicles.

As per the news, Indian Oil Corporation Ltd (IOC) is exploring opportunities for setting up battery charging stations and battery replacement facilities for electric vehicles in its petrol pumps.

Also, HPCL and BPCL are planning to strengthen their presence in the renewables space.

The above developments come as the Indian government is targeting to have all cars propelled by electric engine by 2030.

However, the above target for electric engine is more daunting than in many advanced countries.

According to the industry, the 2030 target would require eight to ten times the global stock of such vehicles. India would need to sell more than 10 million electric cars in 2030, compared to 5,000 electric vehicles India had on the road in 2016.

As you can see from the chart below, India is barely visible compared to other developed countries when it comes to battery cars.

Is India Prepared to Meet the Ambitious Battery Car Target?

So if the government is serious about such ambitious targets, it should offer the necessary infrastructure support and do its bit for a smooth transition.

That said, electric vehicles could very well create the next wave of multibaggers in the auto industry.

In the news from global financial markets, Federal Reserve Chair Janet Yellen warned that it would be imprudent to keep policy on hold until inflation is back to 2%. She said that the US central bank should also be wary of moving too gradually on interest rates.

The above comments led to speculations for a December interest rate hike by the Fed.

One shall note that the Fed kept interest rate unchanged at its policy meeting held last week. It, however, signaled a hike by the end of this year.

Regarding the forecasts for upcoming years, the US Fed forecasts only two rate increases in 2019 and 2020, respectively.

The above measures explain that with the US economy chugging along for many months, the Fed is now gradually easing off the stimulus it provides to the economy by raising interest rates to more normal levels.

Yet, so far, the cost of lending has been slow to respond to the interest rate increases. But as the Fed continues with this policy, consumers who borrow to buy houses, cars, refrigerators, and other items will have to pay more for those goods.

In other news, economic data showed annual profits at China's industrial companies rose 24% YoY to US$ 101.2 billion in August. This was the biggest percentage jump since the Jan-Feb period and higher than 16.5% growth seen in July.

The above growth was driven by higher prices, particularly in sectors such as oil, steel and electronics.

The above data came as sweetener for authorities as Beijing focuses to strip out financial risks from years of debt-fueled growth and keeping the economy on a steady footing ahead of a crucial party gathering next month.

One of the recent issues from Vivek Kaul's Inner Circle takes a closer look at what's happening in the dragon economy, its internal politics challenges and its global ambitions. You can read the same here (requires subscription).

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

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