After opening in the green, the Indian Indices have given up the early gains and are currently trading just above the dotted line. Auto and consumer durable stocks are leading the gainers while power and telecom stocks are trading in the red. Mid and small cap stocks are witnessing buying interest.
Banking stocks are trading mixed today. Bank of Baroda is leading the list of gainers. As per a leading financial daily, at a special meeting of the managements of the Public Sector Banks (PSBs), the central government and the RBI, the PSBs appealed for greater autonomy from the government for them to be able to improve their performance. The managements of these banks pressed the government to implement the recommendations of a panel that had recommended that the government cut its ownership in state-run banks to less than 50%. This demands for greater autonomy come in the backdrop of a pile up of bad loans and pressures to boost profitability and efficiency at the public sector banks.
Mining stocks are currently trading mixed. As per a leading business daily, in a bid to double its output to 1 billion tonnes over the next five years, coal mining major Coal India is planning to hire around 800 executives within the next 2 months. The executives are slated to be hired for various divisions of the company including those of human resources, finance, marketing and sales divisions.