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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Midcap stocks out of favour 
(Mon, 13 Jan 01:30 pm) 
 
Indian share markets remained buoyant in the post-noon trading session. Majority of the sectoral indices are trading in the green with IT, oil and gas and banking stocks being the biggest gainers. Pharma, Metal and power are among the few stocks trading in the red.

BSE-Sensex is up 284 points and NSE-Nifty is trading 75 points up. BSE Mid Cap is trading down 0.1% and BSE Small Cap index is trading up 0.3%. The rupee is trading at 61.5 to the US dollar.

Majority of the automobile stocks are trading in the green with Tata Motors and Maharashtra Scooters being among the major gainers whereas Tube Investments and Ashok Leyland are among the few stocks trading in the red. As per a leading financial daily, Tata Motors owned Jaguar Land Rover (JLR) posted a stellar performance in 2013. JLR, the iconic British luxury brand, sold a record 4.25 lakh cars worldwide during the year. US, Germany, India and China emerged as the fastest growing markets for JLR. As per JLR, the company's strong focus on design, technology, innovation and quality have been fuelling its growth. The company's product profile was further enriched in 2013 by the launch of Jaguar F-type and the all-new Range Rover Sport. In September 2013 quarter, Tata Motors posted a 31% YoY growth in consolidated sales largely on account of strong growth in revenues from Jaguar Land Rover (JLR). Tata Motor's stock is trading up by 1.8%.

Most of the public sector banking stocks are trading in the red with Canara Bank and Allahabad Bank being among major losers. Indian Bank and SBI are among the few stocks trading in the green. As per a leading financial daily, largest public sector bank State Bank of India (SBI) is planning to outsource the management of its 7,843 ATM's. The bank has 32,777 ATMs as of 30th September 2013 out of which nearly a third viz, 11,000 ATMs have been added in the past few years. However, the bank's ATM operations have not been profitable. Recently banks had asked RBI to raise the fee on all non-free ATM transactions from Rs 15 to Rs 18 and the ceiling for free ATM transactions be fixed at five even for the bank's customers. This demand was made in the light of rising maintenance costs of banks with growing network of ATMs. SBI's stock is trading up by 0.8%.

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