Sensex Ends 21 Points Higher; Banking and Oil & Gas Stocks Witness Buying

Mon, 11 Nov Closing

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Indian share markets witnessed buying interest during closing hours today and ended their day marginally higher.

At the closing bell, the BSE Sensex stood higher by 21 points (up 0.1%) and the NSE Nifty closed higher by 4 points (up 0.04%).

The BSE Mid Cap index ended up by 0.3%, while the BSE Small Cap index ended the day up by 0.2%.

On the sectoral front, gains were seen in the banking sector and oil & gas sector. IT sector and FMCG sector, on the other hand, witnessed selling.

Asian stock markets finished on a negative note as of the most recent closing prices. The Hang Seng stood down by 2.62% and the Nikkei was trading down by 0.26%, while the Shanghai Composite was trading down by 1.83%.

European markets were trading on a mixed note. The FTSE 100 was down by 0.48%. The DAX was trading down by 0.33%, while the CAC 40 was trading up by 0.03%.

The rupee was trading at 71.44 to the US$ at the time of writing.

In the news from the automobile sector, data from industry body Society of Indian Automobile Manufacturers (SIAM) showed total passenger vehicle sales in the domestic market increased 0.28% year-on-year (YoY) in October.

A total of 2,85,027 passenger vehicles were sold in October, as against 2,84,223 in the corresponding period a year ago. The marginal increase in passenger vehicles sales fuelled hopes of a recovery in the auto sector, which is struggling against low demand and thousands of job cuts.

Domestic car sales were down 6.34% to 1,73,649 units as against 1,85,400 units in October 2018.

Motorcycle sales declined 15.88% to 11,16,970 units in October as against 13,27,758 units a year earlier. Total two-wheeler sales in October declined 14.43% to 17,57,264 units compared to 20,53,497 units in the year-ago month.

Sales of commercial vehicles were down 23.31% at 66,773 units in October. Vehicle sales across categories registered a decline of 12.76% to 21,76,136 units from 24,94,345 units in October 2018.

In fact, barring utility vehicles, passenger carriers and quadricycles, all other vehicle categories witnessed decline in sales during the month.

How these numbers show up in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Moving on to the news from the banking sector, Bank of Baroda share price was in focus today as the lender reported nearly five-fold year-on-year (YoY) growth in its net profit at Rs 7.36 billion for the second quarter ended September 30, 2019. The growth here was driven by higher other income.

The bank's net interest income (NII), or the core income a bank earns by giving loans, rose 10.09% YoY to Rs 70.2 billion in Q2FY20, while net interest margin (NIM) stood at 2.81%, up 19 basis points (bps) on a sequential basis.

The other income stood at Rs 9.4 billion as compared to Rs 1.3 billion in the same period last year.

Bank of Baroda's asset quality declined improved during the quarter, with gross non-performing assets (NPAs) ratio declining to 10.25% versus 11.78% in the year-ago quarter. Net NPA stood at 3.91% as compared to 4.86% in the corresponding quarter last year.

The bank's provisions stood at Rs 42 billion in the September quarter. This was up 6.9% YoY, of which Rs 34.2 billion was for bad loans.

Ashok Leyland share price was also in focus today after the company reported a massive 92.6% YoY decline in its net profit for the quarter ended September 30, 2019.

The company posted a one-time loss of Rs 648 million in Q2FY20 against loss of Rs 193 million in the corresponding period last fiscal, due to expenses on voluntary retirement scheme and provision for obligation relating to a subsidiary.

Revenue from operations fell 48.4% YoY to Rs 39.2 billion while volumes dropped 44% YoY in Q2 to 28,938 units.

At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) plunged 72.4% YoY to Rs 2.2 billion during the quarter.

Speaking of quarterly results and corporate profits, economic growth (GDP) and corporate profit growth hardly go hand in hand.

Over the past few years, the share of corporate profits to GDP has steadily declined.

This is evident in the chart below:

Rebound in Corporate Profits May Not Immediately Reflect in GDP

As per Tanushree Banerjee, the revival of capex cycle may cause corporate profits to soar much faster than the GDP growth.

Investors who stay focused on macro numbers may miss this bus.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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