Asian markets continued to trade with moderate gains following the international cues. The US Markets closed with bolstering gains of over 1% while German equities gained almost 2% yesterday, towards the end of the trading session. Though the Japanese markets is trading between small profits and losses; Chinese, Hong Kong, Taiwan and Korean markets are trading with gains of about 0.4%, 0.5%, 0.1% and 0.2%, respectively.
On the commodities front, losses continue to impact the prices. While the gold prices, per 10 grams, fell over 1.1% or Rs 309; silver prices tanked nearly 2.5% or Rs 959. The gold is available at Rs 26,200 levels; however, silver is available at Rs 37,430 levels. Crude oil prices extended their sell off and fell over 4.5% or Rs 142. Per barrel, crude oil is available at Rs 3,010. Investors' focus has turned towards the possibility of Iran striking a nuclear deal with six world powers. The dollar value against the Indian currency declined by 0.20% or 0.10 and is currently trading at Rs 62.57 levels.
Automobile sector has gained moderately in today's morning trading session. According to a leading financial source, Ashok Leyland, a Hinduja owned company, sold its entire ownership in its Czech based subsidiary - Avia Ashok Leyland. However, the name of the buyer has not been revealed. The company has realized about US$ 11 m as proceeds from the stake sale. According the company officials, this stake sale is a part of restructuring the investments in the company's subsidiary arm. Avia was acquired by Ashok Leyland almost a decade ago for US$ 35 m. This acquisition leveraged the company's products worldwide and product portfolio. Ashok Leyland is the lead gainer among the Automobile companies with gains of over 1.5%. Eicher Motors and Escorts have advanced moderately as well.
Realty sector gained a lot of traction from investors yesterday. Piramal Enterprise Limited owned Piramal Fund Management decided to fund Mumbai based developer Omkar Group by Rs 12 bn. A third of this fund will be utilized by the company in structuring debt, while the remaining will be utilized over a span of 2 years. The proceeds will be spent for constructing a luxury residential complex that is spread over 9 acres and it will comprise of over three towers.