BSE-Sensex is trading with gains of 255 points while NSE-Nifty is trading higher by 73 points. S&P BSE Midcap and S&P BSE Smallcap have outperformed and are trading up by 1.1% and 1.3% respectively. Rupee was trading Rs 62.15 to the US dollar at the time of writing.
Auto stocks traded on a mixed note with Force Motors and Mahindra and Mahindra leading the gains, while Eicher Motors and Mahindra Scooters witnessed maximum selling activity. According to a leading financial daily, Bajaj Auto's bike sales were down by 22% in March 2015 to stand at around 210,000 units versus 270,000 units in the same month of 2014. With three-wheeler sales growing by 21%, the company's total sales (two and three wheelers) saw a dip of 18% YoY to stand at 250,000 units against 304,000 units last year. The dip in sales comes on the back of exports taking a hit. The last few quarters had seen a decline in domestic sales. Reportedly, Bajaj Auto exported 98,703 units in March 2015 against 118,000 units in March 2014, representing a drop of 16%.
Steel stocks underwent a sell-off in the second half of the trading session as Tata Steel and SAIL fell over 2%. According to a leading business daily, Tata Steel Minerals Canada Ltd (TSMC), through its subsidiary Howse Minerals Ltd, acquired the remaining 49% stake in the Howse iron ore deposit for Rs 250 m. In September 2013, TSMC entered into an agreement with Labrador Iron Mine Holdings Ltd (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labrador Trough in Canada and the current deal is a part of that agreement. The Howse Deposit has a historical resource of 28 million tonnes at a grade of 58% iron (natural basis). Tata Steel Minerals Canada Ltd is an 80:20 joint venture between Tata Steel and New Millennium Iron Corp.