After opening on a firm note, the Indian markets continued to trade positively. Sectoral indices are trading on a mixed note with software and engineering stocks leading the gains. However banking stocks are witnessing selling pressure.
The BSE-Sensex is trading up 33 points (up 0.1%) and the NSE-Nifty is trading up 10 points (up 0.1%). The S&P BSE Midcap index is trading up by 0.4% while the S&P BSE Smallcap index is trading up by 0.7%. The rupee is trading at 65.31 to the US dollar.
Engineering stocks are trading mixed with gains led by Alstom T&D and Elecon Engineering. As per a leading financial daily, Siemens is modernizing its power distribution grids of Amritsar, Jalandhar, Ludhiana, Dehradun and Faridabad in northern India. The volume of the orders, with Smart Grid Solutions, amounts to a total of approximately Rs 750 m. the objective of these projects is to improve quality and availability of power supply to residents. Also this initiative will reduce the downtime in the event of a blackout in the entire grid. The company is going to execute the project for three utility providers- Punjab State Power Corporation, Uttrakhand Power Corporation and Dakshin Haryana Bijli Vitran Nigam. Stock of Siemens is presently trading up by about 1%.
Stocks in the automobile sector are trading on an encouraging note with Ashok Leyland and Escorts leading the gainers. As per an article in Economic Times, the two wheeler division of Eicher Motors, Royal Enfield has set up a direct distribution subsidiary in the US. This is aimed to reach and cater the North American Market and is company's first direct distribution subsidiary outside India. The company is also planning to open its fully branded retail stores in the US that will sell its entire product line up of motorcycles and gears. The current product line up in North America for the company includes Bullet 500 cc, Classic 500 cc and the Continental GT 535 cc cafe racer. Scrip of Eicher Motors is currently trading up by 1%.