Indian stock markets have been trading in the positive over last two hours of trade on buying witnessed in index heavyweights. All sectoral indices were trading in the green except IT and consumer durables.
The BSE-Sensex is trading up by 109 points and NSE-Nifty is trading up by 32 points. BSE Mid cap and BSE Small cap indices are trading strong by 0.8% and 1.1% respectively. The rupee is trading at 49.13 to the US dollar.
Auto stocks are trading strong led by Mah. Scooters and Tube Investments. As per a leading daily, Tata Motors' Nano is all set to enter Bangladesh. As per a local dealer in Bangladesh, the country would be importing 2,000 cars initially but the number might go up with increase in demand. In fact, the number is expected to reach 10,000 cars annually in the next couple of years. The car would likely cost US$ 6098 in Bangladesh. At present, the most popular cars in Bangladesh are the used cars from Japan. These cars are expensive but are known for their higher quality and reliability.
Energy Stocks are trading strong led by Oil and Natural Gas Corporation Ltd. (ONGC) and Castrol. As per a leading daily, Hindustan Petroleum Corporation Limited (HPCL) will construct underground storage facilities to keep crude oil stocks. These would be used to deal with the deficient supply during oil crisis. The announcement was made recently by the Union Minister for Petroleum and Natural Gas. The underground facility would be at Vishakhapatnam and Mangalore. The storage capacity would be 13 lakh tonnes and would be sufficient for supplying petrol for 90 days. The construction work for the underground storage would be competed within 3 months.