Sensex Trades Weak; Automobile Stocks Extend Losses

Fri, 8 Feb 12:30 pm

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Stock markets in India are presently witnessing selling pressure. The BSE Sensex is trading lower by 243 points and the NSE Nifty is trading lower by 71 points. Meanwhile, the BSE Mid Cap index and the BSE Small Cap index are trading down by 1% & 0.5% respectively.

Among the sectoral indices, realty stocks and telecom stocks are witnessing buying interest. While, metal stocks and automobiles stocks are trading in red.

Indian equities have had a tough time in the past one year. With elections around the corner, volatility in the markets has been on a constant rise.

Till date in FY18-19, foreign investors have pulled out around Rs 515 billion from the Indian equity market.

In the past, such panic would have meant the domestic investor would have followed suit.

That hasn't happened this time.

Domestic investors have shown surprising resiliency to the market's volatility.

The month-wise SIP in FY18-19 has seen a constant rise.

Also, close to 1 million new SIP accounts have been added during FY18-19 according to AMFI.

Rising Retail Particpation Even In A Falling Market

The days of knee-jerk panic withdrawals by individual investors are slowly but surely reducing. If they ride out this volatility, they will see the benefit of the cycle turning in their favor.

That will mark a significant change in the mindset of the retail investor for the long term.

Moving on, Indian rupee strengthened against the US dollar today after the Reserve Bank of India's (RBI) surprise repo rate cut and change in its policy stance to 'neutral' from the earlier 'calibrated tightening'.

In RBI's sixth bi-monthly monetary policy review on Thursday, the RBI surprisingly reduced the repo rate by 25 basis points to 6.25%.

Besides, weakening of the US dollar as against other currencies overseas and easing crude prices supported the local unit.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 4.2 billion, and domestic institutional investors (DIIs) purchased shares worth Rs 2.9 billion on Thursday.

On the global front, the dollar held near a two-week high today, as demand for safe-haven assets rose on uncertainties about the path of US-China trade negotiations and broader worries about slowing global growth.

The partially convertible currency is currently trading at 71.30, stronger by 15 paise from its previous close of 71.45 on Thursday.

Moving on to the news from FMCG sector. Britannia Industries on Thursday reported 13.8% rise in consolidated net profit to Rs 3 billion for the third quarter ended December 31, driven by sales growth and cost efficiency.

The company had posted a net profit of Rs 2.6 billion in the October-December period a year ago.

Its total income from operations during the period under review was at Rs 29 billion, up 11.5% compared to Rs 26 billion in the corresponding quarter previous fiscal.

Total expenses stood at Rs 24.4 billion as against Rs 22 billion, up 10.5%.

To know more about the company, you can access to Britannia's Q2FY19 result analysis and Britannia FY18 annual report analysis on our website.

At the time of writing, Britannia share price was trading down by 2.6%.

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

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