Sensex Opens Flat; Divis Lab Rallies 17%

Thu, 2 Nov 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.17% while the Hang Seng is down 0.04%. The Shanghai Composite is trading down by 0.52%. US equities closed mostly higher on Wednesday after the US Federal Reserve kept interest rates unchanged.

Back home, India share markets have opened the day on a flattish note. The BSE Sensex is trading higher by 30 points while the NSE Nifty is trading higher by 6 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.6% & 0.3% respectively.

All sectoral indices have opened the day in green with banking sector and realty sector leading the pack of gainers. The rupee is trading at 64.77 to the US$.

Divis Lab share price rallied 17.7% in the early trade on the reports that USFDA will be lifting the Import Alert 66-40 and moving to close out the Warning letter issued to the company's Unit-II at Visakhapatnam.

Automobile stocks are witnessing buying interest today with only GTL Ltd trading in red. Automobile sales of most manufacturers cooled in October as dispatches to dealers moderated after the festive season ended. Auto firms in India count dispatches to dealerships as sales.

The top five passenger vehicles makers-Maruti Suzuki India Ltd, Hyundai Motor India Ltd, Mahindra and Mahindra Ltd, Honda Cars India Ltd, and Tata Motors Ltd sold a cumulative 238,838 units in the month, up 3.7% from a year ago.

Sales Lose Momentum

Market leader Maruti Suzuki India Ltd led sales in the month. The local arm of the company sold 135,128 units, up 9.3% over a year ago.

While Tata Motors and Toyota Kirloskar Motor saw modest improvement in volume, Hyundai Motor posted a 0.9% fall in sales and Honda Cars sold 8.6% fewer cars than a year earlier.

At Ford Motor, sales fell as much as 43.8%, but the American automaker said this was because of a production rejig ahead of the launch of the new EcoSport which affected wholesale numbers.

Among two-wheeler makers, Royal Enfield continued to enjoy a good run with sales (domestic and exports) growing 18% to 69,492 units in October. Meanwhile, TVS Motor reported a 1.5% increase in two-wheeler sales at 3,08,364 units last month.

In another development, the Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid US economic growth and a strengthening labor market while playing down the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December.

In keeping with that encouraging tone, the central bank's policymakers acknowledged that inflation remained soft but did not downgrade their assessment of pricing expectations.

Further, US Treasury yields were largely unchanged after the release of the statement.

Notably, the Fed has raised rates twice this year and currently forecasts another nudge upwards in its benchmark lending rate from its current target range of 1% to 1.25% by the end of 2017.

In its statement, the central bank reiterated it expects inflation to rise back to its target over the medium term and emphasized that the unemployment rate has declined further.

US financial conditions remain loose, strengthening the argument that another rate rise would not slow the current brisk growth. The government reported last week that the economy grew at a 3% annual rate in the third quarter.

A decline in hiring in September has largely been dismissed as a blip caused by the temporary displacement of workers due to Hurricanes Harvey and Irma.

One shall note that, the central bank is scheduled to hold its final policy meeting of the year on 12-13 December.

But, why should we in India be worried about which way the American economy and interest rates are headed? As Vivek writes in The Vivek Kaul Letter:

• "The answer is simple. The United States still forms around one-fourth of the global gross domestic product(GDP). It remains the largest consumer in the world. And any global recovery isn't going to happen, without the American economy finding its way back to where it was during its heydays or somewhere close to it."

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