The Sensex today is up by around 7 points (0.01%), while the NSE-Nifty is down by about 6 points (0.07%). The mid cap and small cap stocks have opened in the green with BSE Mid Cap index and BSE Small Cap index up by around 0.3% and 0.5% respectively. The rupee is currently trading at Rs 62.59 to the US dollar.
Automobile stocks have opened mixed with TVS and Hero Motorcorp being the leading losers in the pack. Force motors and Tube investments are leading the gains. As per a leading financial daily, Maruti Suzuki is targeting to increase its presence in the rural market. The company is looking forward to increase the share by 20% and have presence in 1.5 lakh villages. In 2013-14, the company had presence in 93,400 villages. In the last fiscal, the company's rural sales had increased by 23% to 4,15,380 units, when it posted its highest ever total sales in a financial year. As per the Executive Director, Marketing and Sales RS Kalsi, the rural auto sales have been impacted recently, however the trend is temporary and long term growth story of the rural markets is good and promising.
Steel stocks have opened mainly in the red with Bhushan Steel Ltd and Jindal SAW Ltd leading the losses. However, Tayo Rolls Ltd and Adhunik Metaliks have opened in the green. As per a leading financial daily, India's top iron ore producing state Odisha is likely to renew the licences of 18 iron ore mines shut since 2014. The move will be positive for local steel producers. The mines were shut in 2014 due to non-renewal of years-old leases. The state's mining director Deepak Kumar Mohanty has stated that the renewal process is expected to be completed in 10 days. The re-opening of the 18 mines in Odhisha is likely to raise the output to 70 million tonnes this fiscal year from 51 tonnes. Further, an extension has been recommended of the lease period for eight separate mines in the state. These mines belong to Tata Steel, Steel Authority of India and Odisha Mining Corp and are currently operating under a temporary express order.