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Indian markets slide lower
Tue, 18 Aug 01:30 pm

After trading on a firm note in the early session of the day, the Indian Indices lost their momentum and dipped in to the red during the post noon session. Sectoral indices are trading on a mixed note with stocks from the mining and energy sectors leading the losses.

The BSE-Sensex is trading down by 65 (down 0.2%) and the NSE-Nifty is trading down by 21 points (down 0.3%). The S&P BSE Midcap index is trading marginally up and the S&P BSE Smallcap index is trading up by 0.5%. Gold prices, per 10 grams, are trading at Rs 26,045 levels. Silver price, per kilogram, is trading at Rs 35,574 levels. Crude oil is trading at Rs 2,724 per barrel. The rupee is trading at 65.52 to the US dollar.

Stocks in the automobile sector are trading on a mixed note with Tata Motors and Tube Investments leading the losses. According to financial times, world's single largest two-wheeler company Hero Motocorp has stepped up its research and development spending by nearly six times in FY15. Most of this has been capital expenditure backed by the integrated R&D centre in Jaipur which the company is in process of building. Most of this capital expenditure was contributed towards 'capital work-in-progress' which was reported as a onetime expense. The combined R&D spending accounted for nearly 3% of the company's net revenue. Scrip of Hero Motocorp is presently trading marginally down.

Paint stocks are trading mixed with Jenson & Nicholson and Asahi Songwon leading gainers. India's largest paint maker Asian Paints is all set to increase its capacity by 20% to12 lakh kilo liters (KL) per annum by March 2016. Most of this will be boosted by a doubling of capacity at its Rohtak facility. Further, the company is also in the process of scaling up its facility in Telangana by 25% to one lakh tonnes per annum. For the above, an amount of approximately Rs 17.5 bn would be invested by the company in phases over a span of 12 years. Stock of Asian Paints is trading down by 0.5%.

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