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Indian markets give up early gains
Wed, 13 Aug 11:30 am

After trading above the dotted line in the morning session, the Indian Indices have given up the early gains and are trading flat. Metal and engineering stocks have dragged down the markets while IT and FMCG stocks are witnessing buying interest.

The BSE-Sensex is trading up 30 points. The NSE-Nifty is trading up 12 points. The BSE Mid Cap index is trading down 0.8% and the BSE Small Cap index is trading down 0.9%. The rupee is trading at 61.24 to the US dollar.

Most power stocks are trading lower today. Jaiprakash Power and GVK Power and Infra are leading the losers. India's leading private sector power company, Tata Power has announced results for 1QFY15. Consolidated total income fell 6%YoY. This was largely due to lower realisations from its coal plants and lower volumes traded by Tata Power trading company. However the disappointment was in the bottomline. The company has reported a consolidated net loss of Rs 1.1 bn. This was due to a poor operational performance in the quarter. Operating profit fell 14% YoY due to lower sales and realisations. Tata Power is trading down 2.3% today.

Most automobile stocks are trading lower today. TVS Motors and Ashok Leyland are leading the losers. India's leading automobile firm, Tata motors has launched its first passenger vehicle in the last four years. The new compact sedan named 'Zest' is the first launch under the company's new strategy to turn around the domestic business which has posted losses in four out of the last eight quarters. The car has been competitively priced at Rs 4.64 lakh for the petrol variant and Rs 5.64 lakh for the diesel variant (ex-showroom Delhi). The car has received favourable reviews and the company has said that it has received a good response from pre-bookings. The car is a Tata-Fait JV produced in Ranjangaon, Maharashtra. Tata Motors will look to disrupt the sedan market with this car but it faces stiff competition from the Honda Amaze, Hyundai Xcent and the Swift Dzire. The stock of Tata motors is trading down 0.3% today.

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