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Metal & auto stocks drag markets lower
Mon, 3 Feb 11:30 am

After opening weak, the Indian indices are trading well below the dotted line in the morning session. The buying interest is the highest in pharma stocks. The selling pressure is the highest in automobile and metal stocks.

The BSE-Sensex is trading down 110 points and the NSE-Nifty is trading down 30 points. The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading up 0.2%. The rupee is trading at 62.62 to the US dollar.

Automobiles stocks are trading on a mixed note. The stocks of TVS Motors and Hero MotoCorp are among stocks leading the gainers; while Mahindra & Mahindra Ltd. (M&M) and Maruti Suzuki are among stocks leading the losses. As per a leading business daily, Hero MotoCorp is likely to unveil a 600cc superbike in the Delhi auto expo. With code named Hastur, the superbike would showcase its foray for the global market. Thereby, it would become first Indian maker to develop an indigenously made superbike when commercialized. Although the high end bike designed for an international market would make its way for domestic markets too at the later stages. The launch would mark the company's entry in the highly dominated plush segment with the likes of Yamaha, Honda, Ducati, BMW, Suzuki and Kawasaki. This launch comes just two years after parting with technology partner Honda Motors. The company had recently outlined the innovative concept model wherein it would instigate the world's first turbocharged direct injection diesel based bike and its new 250cc sports bike. Hero MotoCorp is trading up 1%.

Telecom stocks are trading mixed today. While Reliance Communications and Tata Teleservices are among the stocks leading the gainers; Idea Cellular and Bharti Airtel are among the stocks leading the losses. As per a leading business daily, the Supreme Court of India has cleared the way for the telecom spectrum auction slated to begin today. It has refused to stay the proceedings but has allowed a petition filed by Bharti, Idea and Vodafone regarding the extension of their licences. The government will auction airwaves in the 900 MHz spectrum band in Mumbai, Delhi and Kolkata as well as pan India 1,800 MHz spectrum. Apart from the seven incumbents, the only new entrant in the auction is Reliance Jio which could create difficulties for GSM players if it were to bid aggressively for the 900 MHz spectrum.

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