Indian equity markets have continued in green during the previous two hours of trade. The most noticeable upward movement has been witnessed in the Real Estate sector while the Oil and Gas sector is facing maximum selling pressures.
Sensex today is up by 39 points and NSE-Nifty is up by 13 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.57% and 0.4% respectively. The rupee is trading at 54.54 to the US dollar.
Auto stocks are trading on a mixed note with Tata Motors and Escorts leading the gains while Hero Motocorp and Force Motors are facing selling pressures. According to a leading financial daily, Karl Slym, Managing Director of Tata Motors has initiated a major restructuring exercise to become the second largest car maker in sales by 2020. The Company has also come up with a common vision statement for its two segments: commercial vehicles and passenger cars instead of continuing with the earlier norm of continuing with separate vision statements for the two segments. The Company is also moving towards a strategy to integrate sourcing within the two business verticals. Karl Slym also shared the key weakness areas and its strategy to change. According to him, lack of new or refreshed products and poor perception about quality of products are impacting the sales of passenger cars. The Company is thus focusing on investing in product development, the fruits of which will take at least two years.
Engineering stocks are also continuing on a mixed note with Finolex Cables and Punj Lloyd leading the gains, while AIA Engineering and Everest Kanto Cylinder emerging as the worst losers. Avantha Group company, Crompton Greaves has entered into a deal to buy Karma Industries, a Himachal Pradesh based CFL manufacturing company for a sum of Rs 145 million. This will be the twelfth acquisition that the Company has made since 2005. The new business will form a part of Crompton's consumer business division and will double the Company's CFL manufacturing capacity, thereby reinforcing Crompton's presence in the rapidly growing Indian consumer market. The new facility can manufacture 2 million lamps per month, providing immediate capacity and offering a complete range of CFL lamps.
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What else is happening in the markets today? Dig in...
In this edition if Momentum Moves, I'll show you why the Nifty is weak and could head to 14,000. On the other hand, smallcaps are looking good.
Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
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