The BSE-Sensex is trading up by 80 points and the NSE-Nifty is trading up by 20 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.7% today. The rupee is trading at 59.79 to the US dollar.
Auto stocks are trading mixed with gains seen in Ashok Leyland and Tata Motors, whereas Maharashtra Scooters and TVS Motors are trading weak. As per a leading business daily, Indian auto manufacturer has readied with their wish-list for the new government's upcoming Union Budget 2014-15 in a hope for seeking favourable a course of action. The industry has been marred with prolonged slump in demand due to high interest rates for past couple of years. Overall the industry sales mostly commercial vehicles (CV) were affected and fell to the lowest level in the past decade. Their demand for the new government addressed at resolution of inverted duty structure on components, removal of 1% on national calamity & contingent duty, higher depreciation rates on cars and hiking the custom duty on imported CV close to the WTO bound mark of 40%. Besides, the auto sector is seeking clarity on longer term issues like emissions norms, faster purchase of buses by state government and better road infrastructure.
Telecom stocks are trading mixed. While MTNL and Bharti Airtel are leading the gainers, Tata Teleservices are trading weak. As per a leading business daily, in a major restructuring exercise Reliance Communications is planning to cut 37% of its work force by this month end. It workforce stands about 15,000 employees. The company is aiming to exit its non-core business and cut expenditure to boost profitability. It will outsource its call centre and shared services operations. As such it will finalize a third party service to outsource its BPO ops. As per the company, the move will result in annual savings of Rs 2 bn from its staff salary alone. The stock is trading higher 1.1% today.