Sell off continues on Dalal Street, Sensex tanks over 500 points

New Delhi: Indian shares extended sell off on Friday, ahead of the announcement of Q1 earnings from Reliance Industries, with auto and financial shares leading the fall. The BSE Sensex failed to hold opening gains and fell over 500 points in post-afternoon trade to a low of 38,355.65 while the NSE benchmark Nifty50 index fell below the psychological level of 11,500 to an intraday low of 11,424.05.

The first set of corporate earnings reported so far have failed to impress investors. TCS, which licked off the earnings season last week, reported lower margin and flagged off stress in the global capital market.

“We’ve not had any fresh positive triggers to allow markets to shake off the general cloud of negativity,” said Anand James, chief market strategist at Geojit Financial Services told news agency Reuters. “We are coming out of the budget’s overhang and earnings so far have not been enough to sponge it off … the prevailing sentiment has been negative.”

Among Nifty50 companies, Eicher Motors was the top loser, down 4.69% followed by Bajaj Finance, Bajaj Finserv, Tata Motors and Britannia Industries, which shed between 3.5-4.5% in trade today. Other automakers like Maruti, Bajaj Auto, HeroMotoCorp also lost between 1-2.5%. Worth mentioning here is that auto sales have declined by 10% in the first 6 months of 2019, impacting EPS outlook and valuation of auto companies.

Private Sector lender like, Yes Bank, Axis Bank, ICICI Bank, HDFC Bank and Indiabulls Housing Finance also extended losses on Friday. Bad debt worry and the ongoing liquidity crisis in the NBFC sector and impacting banking and NBFC shares.

Unlike five years ago when BJP’s thumping victory in the election had resulted in a “hope rally” propelling the mid-cap and small-cap stocks to record highs, asset managers this time have turned conservative after the recently concluded general elections wherein the Bharatiya Janata Party (BJP) under the leadership of Narendra Modi was elected for a second term. Mid and Small-cap shares continue to lose and analysts don’t see valuation comfort in them.

Mrinal Singh, deputy CIO at ICICI Prudential MF, told a publication that there was significant valuation comfort in 2014. In the current scenario, the hope rally played out before the election thereby reducing the valuation comfort.

As of 1:55 pm, Sensex fell 492.52 points at 38,404 and the Nifty50 index was down by 155.25 points or 1.25% at 11,440.15.
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