The major Asian stock markets have opened the session on a positive note with markets in Japan (up 1.05%) and Hong Kong (up 0.6%) leading the gainers. US and European stock markets also closed their session on an encouraging note yesterday. The rupee is trading in green at 63.80 per US dollar.
Indian stock markets today have opened their session on a flat note. BSE Sensex is trading down by 30 points (down 0.1%) and NSE-Nifty is trading down by 5 points (down 0.06%). However, BSE Mid Cap and BSE Small Cap index indices are trading in the green, up by 0.7% and 0.6% respectively. Sectoral indices are trading mixed with stocks in banking and auto stocks witnessing maximum selling pressures.
Stocks in the automobile space have opened the day on a mixed note. As per a leading financial daily, India based auto-maker Mahindra & Mahindra (M&M) has reported a 6% YoY (year-on-year) decline in its total sales for the month of June. Sales in the domestic market were down 9% YoY to 33,282 units in June. Sales for passenger vehicles, including Scorpio, XUV 500, Xylo, Bolero and Verito were down by 15% on a YoY basis while that for commercial vehicles stood down by 4% on a YoY basis. However, exports for the company surged by 42% YoY at 2,852 units as against 2,014 units in the same period a year ago. Stock of M&M has opened the day on a positive note.
Further, even Ashok Leyland reported a 41% YoY (year-on-year) increase in total sales of commercial vehicles at 10,461 units in June 2015. Sales of heavy and medium commercial vehicles (M&HCV) rose by 46% YoY at 8,048 units while that of light commercial vehicle (LCV) rose by 26% at 2,413 units in June. With this, the company completed the first quarter (April-June) with 28,186 units, a growth of 41% as compared with the same period in the previous fiscal. Stock of Ashok Leyland is currently trading up by 1.48%.