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Indian equities continue lackadaisical trade
Jan-15-2021

Indian bourses continued to show a sluggish trend and were trading with cut of over half a percent each in afternoon session as selling appeared in IT, consumer discretionary and auto stocks. Sensex and Nifty tumbled by 316 and 94 points, respectively. Traders took note of rating agency CRISIL’s report which projected CPI Inflation at 6.4% for fiscal 2021 (FY21). It mentioned that after eight months above the Reserve Bank of India (RBI's) target band of 2-6%, Consumer Price Index (CPI) inflation was finally back in range, declining for the second straight month to a below-consensus 4.6% in December, from 6.9% in November. Average CPI inflation during April-December now measures 6.6%, down from the April-November average of 6.9%. 

Most of the Asian markets were trading lower as rising COVID-19 cases in China reinforced investor concerns over the prospects for a global economic recovery. Back on street, the overall market breadth on BSE was in the favour of declines which thumped advances in the ratio of 1752:1076; while 132 shares remained unchanged.

The BSE Sensex is currently trading at 49267.74, down by 316.42 points or 0.64% after trading in a range of 49088.03 and 49656.71. There were 4 stocks advancing against 26 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.67%, while Small cap index was down by 0.61%.

The only gaining sectoral indices on the BSE were Telecom up by 3.48% and Power was up by 0.11%, while IT down by 1.01%, Consumer Discretionary down by 0.88%, Auto down by 0.88%, Bankex down by 0.86%, Oil & Gas was down by 0.83% were the top losing indices on BSE.

The top gainers on the Sensex were Bharti Airtel up by 3.74%, Bajaj Auto up by 0.78%, Sun Pharma up by 0.61% and Bajaj Finance was up by 0.01%. On the flip side, HCL Tech down by 1.88%, Tech Mahindra down by 1.86%, HDFC down by 1.52%, ICICI Bank down by 1.48% and Ultratech Cement was down by 1.48% were the top losers.

Meanwhile, Society of Indian Automobile Manufacturers (SIAM) in its latest report has said that India’s automobile exports declined 18.87 per cent in 2020, a year marked by coronavirus pandemic induced disruptions across the globe. It added that overseas shipments of vehicles in the January-December period last year stood at 38,65,138 units as against 47,63,960 units in the same period in 2019.

It said one of the main reasons for the drop in automobile exports was the dip in shipments of passenger vehicles, which were down 39.38 per cent last year at 4,28,098 units as compared to 7,06,159 units in 2019. as per  the data, passenger cars exports dropped by 47.89 per cent at 2,76,808 units last year as against 5,31,226 units exported in 2019. Utility vehicles exports also dropped by 12.60 per cent at 1,49,842 units as compared to 1,71,440 units in the previous year. Another category that contributes majorly to the export basket, two-wheelers, also suffered a dip of 12.92 per cent last year at 30,06,589 units as compared to 34,52,483 units in 2019, with scooters witnessing a decline of 37.28 per cent at 2,33,327 units as against 3,72,025 units in the previous year.

Motorcycle exports were also down 9.87 per cent in 2020 at 27,64,301 units as compared to 30,67,153 units in the previous year. Similarly, overseas shipments of three-wheelers were down 27.71 per cent at 3,82,756 units as compared to 5,29,454 units in 2019. SIAM said total commercial vehicles exports declined by 36.80 per cent at 44,687 units as compared to 70,702 units in 2019.

The CNX Nifty is currently trading at 14501.25, down by 94.35 points or 0.65% after trading in a range of 14445.85 and 14617.45. There were 9 stocks advancing against 40 stocks declining, while 1 stock remains unchanged on the index.

The top gainers on Nifty were Bharti Airtel up by 3.68%, UPL up by 2.26%, Bajaj Auto up by 0.80%, Tata Steel up by 0.66% and Sun Pharma was up by 0.60%. On the flip side, Hindalco down by 2.18%, BPCL down by 2.11%, HCL Tech down by 1.91%, Tech Mahindra down by 1.84% and Shree Cement was down by 1.81% were the top losers.

Asian markets were trading mostly lower; Jakarta Composite lost 56.38 points or 0.88% to 6,371.94, Nikkei 225 slipped 179.08 points or 0.62% to 28,519.18, KOSPI fell 64.03 points or 2.03% to 3,085.90, Hang Seng decreased 18.69 points or 0.07% to 28,478.17 and Taiwan Weighted was down by 90.80 points or 0.58% to 15,616.39.

On the flip side, Straits Times advanced 6.93 points or 0.23% to 3,006.93 and Shanghai Composite was up by 3.43 points or 0.1% to 3,569.33.
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