After opening the day on a bearish note, the Indian Indices continued to trade below the dotted line. Most of the sectoral indices are trading on a discouraging note with auto and steel stocks leading the losers. However, pharma stocks are trading in the green.
The BSE-Sensex is trading lower 270 points (down 1%) and the NSE-Nifty is trading down 77 points (down 0.9%). The BSE Mid Cap index and the BSE Small Cap index are also trading negatively, both down by 0.4%. The rupee is trading at 64.03 to the US dollar.
Majority of Engineering stocks are trading on a weak note with Finolex Cables and Alstom T&D witnessing maximum selling pressure. Crompton Greaves, one of the India's leading engineering firms, has declared its results for the quarter ended June 2015. The company has reported a fall of 76% in its consolidated net profit on a YoY basis. This was owing to the continuing weakness in its overseas business. Revenue for the quarter fell by 8% YoY. However, sales and operating profit of its consumer products business grew as a result of the ongoing restructuring. On a separate note, the company is planning to exit its overseas power business and will remain a domestic entity with focus on power and industrial segment. Presently the stock of Crompton Greaves is trading down 0.8%.
Stocks in the automobile sector are trading on a mixed note with Force Motors and Ashok Leyland leading the gains. As per financial daily, Tata Motors owned luxury carmaker Jaguar Land Rover (JLR) is planning to set up a new plant in Poland. With this new plant, the company will make about 2,00,000 cars annually in eastern Europe. Report suggests that the plant could be built in the town of Krakow at a cost of Euro 1.2 bn. Jaguar had produced about 4,50,000 vehicles last year and is planning to expand it to 1 m. The firm had opened a factory in China last year and another is under construction in Brazil. Stock of Tata Motors is trading down by 3.5%.