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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
Indian stock market indices built on their gains and were trading firm over the last two hours of trade. Stocks from the IT and oil & gas space are trading in the green and those from the IT and healthcare space are trading in the red.
The BSE-Sensex is up by 170 points while NSE-Nifty is trading 45 points above Friday's closing. The BSE Midcap and BSE Small cap indices are also up by 0.7% and 1.3% respectively. The rupee is trading at 44.30 to the US dollar.
Engineering stocks are trading in the green led by Jyoti Structures and Carborundum Universal. As per a leading financial daily, BHEL is considering setting up a non-banking financial company (NBFC) to fund power projects. The power equipment maker is revising the original proposal made on Crisil's suggestions. It may be noted that Crisil was appointed by BHEL as an advisory for the said proposal. Crisil has submitted its report and the proposal is likely to be finalized in the next three months.
BHEL is considering this as an avenue to deploy its surplus cash. It is estimated that the power sector may face funding shortage to the tune of Rs 4,500 bn in the eleventh plan period. The new NBFC will help the engineering company at a crucial time when it is seeking the Maharatna status.
Auto stocks are trading firm led by Hero Honda and Tube Investments. As per a leading financial daily, Tata Motors has cut its passenger car production in April. The automobile companies normally produce more number of cars in March to satisfy higher demand from customers. In April, the production is reduced so as not to build excess inventory. But, in Tata Motors' case this drop in production is much more than the other car makers. It may be noted that Tata Motors' market share has reduced from 17.1% in 2006 to 13% at present. The auto company's sales have risen by 27% over last year, while those of Indica range of cars have fallen by 14%.
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