Indian markets skid southwards

Tue, 13 Oct 11:30 am

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After opening the day on a flat note, the Indian Indices have slipped into the red. Sectoral indices are trading mixed with stocks from the IT and metal sectors leading the losses. However capital goods stocks are trading firm.

The BSE-Sensex is trading down by 99 points (0.4%) and the NSE-Nifty is trading down by 27 points (0.3%). The BSE Mid Cap index is trading flat while the BSE Small Cap index is trading up by 0.4%. At the time of writing, the rupee stood at 65.03 to the US$.

Stocks in the automobile space are trading mixed with Maharashtra Scooters and Force Motors leading the gains. As per a leading financial daily, car exports from India have witnessed a marginal decline in the first six months of the current fiscal. These were reported at 2,67,043 units and the fall was on the back of challenges faced in various markets including Sri Lanka and Bangladesh. Exports for the same period last year stood at 2,68,863 units.

For April 2015-September 2016 (1HFY16), the country's largest car exporter Hyundai Motor India saw 13.9% drop in its car exports. On the other hand, Maruti Suzuki India's exports during the period witnessed a rise of 6.3% YoY. Overall domestic car sales for 1HFY16 grew by 9.7% YoY.

While car sales' growth may not look that impressive, as we had discussed in the recent edition of 5 Minute WrapUp, auto component manufacturers in India are more than making up for it. In the past five years, auto component exports have grown at a compounded annual growth rate of 22%. With the launch of 'Make In India' program, the industry may evolve further.

Aluminum stocks are trading on a mixed note. As per an article in Economic Times, another bauxite mine- Potangi Bauxite reserve, has been allocated to the aluminium major Nalco Ltd after recommending first renewal of Panchpatmali bauxite reserve.

The above development can be beneficial for NALCO as it is likely to resolve the company's raw material problem. The company has been seeking government's permission for allocation of Potangi mines since 1992. Potangi mines are said to have bauxite deposit of about 75.22 million tonnes.

Meanwhile, Nalco has committed taking up corporate social responsibility (CSR) by spending as many as Rs 3 billion at Damanjodi, Angul and other places of the state. Recently, it has been allocated Utkal-D and Utkal-E coal blocks by the Centre. Stock of the company is trading marginally higher.

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