Indian stock markets have been trading strong over last two hours of trade on buying in index heavyweights. Among sectoral indices, all except oil and gas stocks are trading positively.
The BSE-Sensex is trading higher by 67 points and NSE-Nifty is trading strong by 26 points. BSE Mid Cap and BSE Small Cap indices are up by 0.7% and 0.5% respectively. The rupee is trading at 52.68 to the US dollar.
Automobile stocks are trading in the green led by Mahindra & Mahindra (M&M) and Force Motors. According to a leading financial daily, M&M's affiliate auto maker Mahindra South Africa will be marketing the SsangYong products in South Africa. This is after acquiring 70% stake in the Korean car company in the previous year. Two new models have been rolled out by SsangYong, namely Korando sports utility vehicle (SUV) and Actyon sports recreational vehicle (SRV). Mahindra South Africa will target to sell 1,500 vehicles in the first year itself. In the last year, sales by SsangYong were only 500 in South Africa.
Power stocks are trading strong led by Torrent Power and Power Grid Corporation. According to a leading financial daily, National Thermal Power Corporation (NTPC) will not sign any separate fuel supply agreements (FSAs) with Coal India for its new and old units. NTPC feels that it is practically not possible to sign two sets of contracts for the same power station. It wants to sign the same set of contracts for both of these types of units. As per the new draft agreement, NTPC will be consuming almost 50% of the additional coal supplied by Coal India. Coal India is looking into the matter and will take a decision soon.