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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Indices Open Flat
Thu, 11 Aug 09:30 am

Major Asian stock markets have opened the day on a mixed note with stock markets in Indonesia trading higher by 0.4%. While, stock market in Singapore is trading lower by 0.7%.

Benchmark indices in Europe and the US ended their previous session in red with stock markets in Germany ending the day lower by 0.4%. The rupee is trading at 66.71 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally lower by 27 points (up 0.1%) and the NSE Nifty is trading marginally lower by 5 points (up 0.06%). While BSE Mid Cap and BSE Small Cap are trading marginally higher by 0.1% each.

Major sectoral indices have opened the day on a negative note with stocks from auto and capital goods sector witnessing maximum selling pressure.

As per an article in Livemint, sales of passenger vehicles grew by 16.8% in the month of July as compared to a year ago. Passenger vehicles category includes passenger cars, utility vehicles and vans.

The passenger vehicles sales posted a high double digit growth on the back of strong demand for compact sports utility vehicles (SUVs). The utility vehicle segment grew by 42% YoY during the month led by strong models such as Maruti's Vistara Breeza, Renualt KWID, Mahindra's KUV100 etc.

The sales of passenger vehicles may possibly improve on the back of a good monsoon, implementation of seventh pay commission and lower interest rates. Car loan rate have come down by around 0.65% since a year ago. Monsoon too has been normal till date and an improvement in two-wheeler sales is already seen on account of this. Two wheeler sales too grew by 13.5% YoY during the month of July.

Increase in rural wages and spending and demand from urban areas will be the key things to watch out for going forward.

In another news update, The Competition Commission of India (CCI) has approved the deal between UltraTech Cement and Jaiprakash Assocaites for the former to buy the latter's cement assets.

The deal is pegged at a valuation of Rs 161.8 billion. The deal will give UltraTech an access to 21.1 million tonne of Jaiprakash Associates cement assets. Reportedly, the consummation of the transaction is expected to take nine to twelve months.

Jaiprakash Associates is seeking to reduce its debt which stands at Rs 582.5 billion at a consolidated level as at 31 March 2016 and the passage of the deal is of utmost importance to them.

And here is the latest result update of UltraTech cement for the quarter ended June 2016. Click here (subscription required) to access it.

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May 26, 2017 (Close)

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