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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets mirror Asia 
(Wed, 30 Jun 11:30 am) 
 
After starting today's session on a negative note, Indian indices have continued to languish in the red on the back of persistent selling activity across index heavyweights. Other key Asian markets are also in the red. Stocks from the IT and realty space are trading in the red while stocks from the oil & gas and FMCG spaces are witnessing buying interest.

The BSE-Sensex is trading down by around 41 points, while the NSE-Nifty is flat. Mid and small cap stocks are trading mixed with the BSE-Midcap trading lower by 0.2% and the BSE-Smallcap trading with a 0.06% gain. The rupee is trading at 46.60 to the US dollar.

Auto companies are trading mixed with M&M and Exide Industries being in the green. TVS Motors and Tata Motors are trading in negative territory. Apollo Tyres, the second largest tyre company by sales, announced that it would be increasing tyre prices in the coming week. This is on account of rising natural rubber prices. The prices of this commodity have increased by over 150% during the last one and half years. This will be the fourth price hike the company has had since January 2010. Overall prices of tyres have increased by 8-10% so far this year. A further hike of 25% in tyre prices is expected during the remainder of this fiscal. Prices of the products are likely to be raised on both the OEM (original equipment manufacturers) side as well as the retail side. This will make the price of vehicles more expensive.

Telecom stocks are trading mixed with Idea Cellular and RCOM leading the pack of gainers. Bharti and Tata Teleservices are amongst the losers. As per a leading news daily, RCOM is in discussions to merge its DTH and IPTV businesses with Digicable Network (India) Pvt Ltd, a leading cable TV distribution company. The merger is believed to be an all stock deal involving no cash transfer. If the merger goes through RCOM will have an access to Digicable's wide customer base. Digicable has a strong presence in northern India with a customer base of 8.5 m. Access to Digicable's wide customer base will also enable RCOM to market its new channels to a ready audience. We believe this move is a step towards de-leveraging the balance sheet by moving out of the non-core businesses other than mobile telephony.

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