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Indian Markets Trade Sideways
Wed, 11 Mar 01:30 pm

Indian markets are trading sideways as selling pressure pervails on the equity market. BSE Sensex is trading marginally in the green with gains of 0.1% or 28 points while NSE-Nifty is trading with gains of 0.1% or 12 points. BSE Mid Cap and BSE Small Cap indices are trading with 0.2% losses each. Commodities are trading with marginal gains. Gold, per 10 grams, is trading with a gain of 0.1% or Rs 15 at Rs 25,930 while silver is trading with a gain of 0.2% or Rs 23 at Rs 35,780 per kilogram. Crude oil price has jumped nearly 0.8% and is trading at Rs 3,086 per barrel. Indian Rupee is trading flat with minor losses of 0.03 against the U.S. Dollar at Rs 62.74.

Asian stock markets started the trading session mixed, however, the biasness slipped towards the red. Chinese economic indicators such as industrial production and fixed asset investment came in below expectations. Industrial production came in at 6.8% while Fixed Asset Investment came in at 13.9%. China, Hong Kong, Taiwan and Korean markets finished today's trading session in the red with 0.03%, 0.8%, 0.14% and 0.20%, respectively.

The automobile sector remained under pressure during today's trading session. Shares of Maruti Suzuki faced selling pressure as the company recalled 33098 units. Of this figure, 19780 units are attributed to Alto 800 and 13318 units are attributed to Alto K10. The company said that there was a problem in the right side of the door latch. The company has recalled for the third time since last year. In the past, Maruti has recalled 103311 units of Ertiga, Swift and DZire to replace the fuel neck. Share price of the company traded 0.6% in the red.

Shares of Asian Paints rose as much as 1% after the company said that it entered into a Memorandum of Understanding with the Government of Andhra Pradesh. The company plans to start a factory that would manufacture paints and intermediates in the Vishakhapatnam district of Andhra Pradesh. The investment would be Rs 17.50 billion over a period of 12 years. The investment includes the cost of land and the company expects to provide an output of approximately 400,000 kiloliters per year.

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