Manufacturing sector production registered a decline of 17.1 per cent, while the output of mining and power fell 19.8 per cent and 10 per cent, respectively.
Power, realty, FMCG, consumer durables, metal, infrastructure, PSU and oil and gas and banking stocks emerged front-runners on sustained buying by participants.
PowerGrid was the top loser in the Sensex pack, shedding around 3 per cent, followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M.
Equity indices staged a pullback on Tuesday after three days of declines as investors scooped up IT, metal and consumption stocks amid a largely positive trend overseas. A recovery in the rupee added to the momentum, traders said. Overcoming a wobbly start, the 30-share BSE Sensex climbed 274.12 points or 0.45 per cent to settle at 61,418.96.
Postpone the purchase of big-ticket consumer durable items, recreational spending on holidays, and other such expenses unless your financial position is very secure, advises Sarbajeet K Sen.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
Chairman Venugopal's son, Anirudh, pushes premiumisation agenda with higher technology poducts such as LED TVs
Automobiles, banks, pharma and software firms growth drivers slowdown in cap goods, construction, power.
There is pain in the business when you expand and bank credit is difficult to come by. Everybody has to readjust the pace and speed with which they are growing, says R Subramanian.
Though Maharashtra has 30 per cent more real income per person, Punjab has more widespread ownership of consumer durables, resulting in more prosperity, says the Crisil study.
Manufacturing sector, which accounts for two-thirds of the industrial production, recorded a growth of 7.3 per cent in June indicating return of consumer demand in the market.
The consumer durable companies such as Videocon, Samsung and Godrej may be aggressively expanding their own brand outlets
As Videocon expands its presence in consumer durable retail, the company has followed it with the launch of its private label under the Next brand.
Insurance, telecom, infrastructure, FMCG and energy are unlikely to downsize; Elsewhere, only top performers are safe.
'Auto, pharma, and industrials have delivered well in the recent quarter, while businesses like quick-service restaurants, consumer staples, and durables have underperformed in volume growth.'
The Reserve Bank of India's latest order prohibiting Bajaj Finance from sanctioning and disbursing loans under its 'eCOM' and 'Insta EMI Card' products may not have serious implications on the non-banking finance company's profitability, provided the ban is lifted within six to eight weeks, analysts said. "In a surprise move, the RBI has asked Bajaj Finance to stop sanction and disbursal under two of its digital lending products. "While the move is negative, the speed of correction will be key to reinstate products," global brokerage Jefferies said in a report.
Rating agency Crisil said corporates, especially those in the auto, aviation, consumer durables and oil sectors, will be "severely impacted" by rupee depreciation due to large overseas debt and limited hedging.
Moreover, automobile and consumer durables players are slashing their ad expenditure by over 65 per cent this Diwali.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
Reliance Digital, the consumer durables information technology arm of Reliance Retail, on Wednesday announced opening of 'iStore' in Hyderabad to offer a range of Apple products in professional and consumer segments.
Mandarins in the home ministry may be having sleepless nights as violence brews in the Naxal-infested state of Jharkhand, but it is a different story for business here.
There is no change in prices of long steel products, consumed mainly by the infrastructure and construction firms.
Trade deficit falls, inflation steady, but industry is still frozen.
Samsung is also in the process of strengthening its own retail network.
Leaving direct taxes untouched, Finance Minister P Chidambaram today slashed excise duty on cars, SUVs and two-wheelers, and capital goods and consumer durables to boost manufacturing and growth.
Stock clearing to rain discounts on consumers in June ahead of GST rollout.
Korean consumer durables LG on Monday announced its entry into the Indian water purifier market and said it aims to be a major player in the category by offering a range of products across all segments of consumers.
With the new focus, the firm is doubling its advertising and marketing spending to Rs 100 crore this year on new campaigns for its products.
With bouyant demand in domestic market, increasing exports, the co would need to set up a second manufacturing plant in about three years.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
Among the Sensex firms, Kotak Mahindra Bank, Tata Steel, ITC, ICICI Bank, Bajaj Finserv, Maruti, Mahindra & Mahindra and State Bank of India were the biggest winners. Tata Consultancy Services, Infosys, HCL Technologies, Tech Mahindra, Asian Paints, Wipro and Tata Motors were the biggest laggards.
India's industrial production growth slowed down for a fourth straight month in December to 0.4 per cent mainly due to a poor performance by the manufacturing sector. The manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), contracted by 0.1 per cent in December, according to the data released by the National Statistical Office (NSO) on Friday. In December 2021, the mining output rose by 2.6 per cent, and power generation increased by 2.8 per cent.
CRISIL predicts no more than 6.5 per cent yearly from now till FY19, and only with a stable and decisive government; predicts problems in job generation, poverty and demand.
Philips, the Dutch electronics company, has entered into a partnership with Swarovski, the Austrian cut crystal and jewellery manufacturer, to introduce consumer lifestyle electronics and fashion accessories for women.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
The BSE Sensex maintained its winning run for the fourth session on the trot on Wednesday to reclaim the 60,000-level after a gap of over four months as investors remained upbeat amid softening crude oil prices and persistent foreign fund inflows. A strengthening rupee and positive Asian markets further bolstered sentiment, traders said. The 30-share BSE benchmark jumped 417.92 points or 0.70 per cent to settle at 60,260.13 -- closing above the psychologically key 60,000-mark for the first time since April 5 this year.
According to the job portal TimesJobs.com's job index Recruittex, the top hiring industries are healthcare, petrochemicals/oil and gas, consumer durables/FMCG and automobiles/auto ancillaries.
Within IIP, the capital goods sub-index has contracted for seven continuous months, suggesting investment demand continues to be weak.
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