The BSE-Sensex is trading lower by 28 points and NSE-Nifty is trading down by 9 points. However, BSE Mid Cap and BSE Small Cap indices are trading up by 0.3% and 0.4% respectively. The rupee is trading at 54.78 to the US dollar.
Auto stocks are trading strong led by Maruti Suzuki and TVS Motors. As per a leading daily, India is slowly turning into an export hub for Sports Utility Vehicles (SUV). The cost competitive manufacturing practices adopted in India make it attractive for global automobiles to export India manufactured vehicles. Mahindra & Mahindra (M&M) and Renault have been exporting their products XUV500 and Duster respectively to Europe since December 2012. Now, the other automobile companies are also focusing on exports from India. Fiat and Ford India are assessing opportunities to export SUVs to Europe, South Africa and Southeast Asia. Ford already exports Figo to 38 countries and is now looking at selling EcoSport in Europe. Meanwhile, Fiat is considering exporting right-hand drive models abroad.
IT stocks are trading mixed firm led by HCL Technologies and Oracle Financial Services. As per a leading daily, Tech Mahindra announced opening of a new centre in Istanbul which will serve as a hub for Turkey and Central Asian countries. As per the management, Turkey is in a growing phase and they want to benefit from the opportunity it provides. The Indian IT company sees potential in the cosmopolitan youth population of Turkey. It plans to locally recruit employees and provide necessary training to them. Tech expects support from the local government in their expansion and it seems they already have the support of Investment Support and Promotion Agency of Turkey (ISPAT). The President of ISPAT has stated that companies with focus on R&D and innovations are welcome in the country and would receive all assistance.