Indian stock markets continued to trade strong during last two hours of trade on sustained buying in index heavyweights. All sectoral indices are trading strong led by metals and realty stocks.
The BSE-Sensex is trading up by 231 points and NSE-Nifty is trading up by 69 points. BSE Mid cap and BSE Small cap indices too are trading up by 1.2% and 1% respectively. The rupee is trading at 49.82 to the US dollar.
Retail stocks are trading in the green led by Provogue Limited and Zodiac Cloth. According to a leading financial daily, Titan Industries eyewear division is planning to expand its lens manufacturing unit in Chikkaballapur, Bangalore. Currently, the manufacturing unit has a capacity to produce around 1,000 lens a day. The expansion will increase the capacity by another 400-500 lens a day in next two to three months. The company is also planning to more than double its Titan Eye Plus multi-brand eyewear shops to 500 from the current 204 in next couple of years. The outlets include the small format Spexx stores, eyewear outlets attached to hospitals and clinics. At present, it has around 10 Spexx stores and the company is open to tie-up with organised hospital chains for the business.
Auto stocks are trading strong led by Maruti Suzuki and Hero MotoCorp. According to a leading financial daily, car sales were up by 13% in February up from 1,86,890 to 2,11,402. This is the highest growth rate since April 2011. Earlier sales had grown by 7.2% in January, 8.5% in December and 7.5% in November. As per the Society of Indian Automobile Manufacturers (SIAM), this is the first time that monthly car sales have crossed the two-lakh unit mark. This is mainly because industry expects higher excise and new taxes on diesel vehicles after the upcoming Union budget on Friday. Consumers have thus booked their vehicles in a hurry. The auto companies that received maximum sales growth are Maruti, Hyundai and Tata Motors (Telco).