Indian equity markets had a rather volatile trading session today. The markets started the days' proceeding on a negative note, but managed to turn positive by afternoon. Strong buying activity during the second half of the day led the Indian equity markets to end the day on a positive note. Barring stocks from the realty sector, stocks across the board ended on a firm note with those from the capital goods, banking and oil and gas sectors leading the pack of gainers. While the BSE-Sensex closed higher by 206 points, the NSE-Nifty closed higher by 63 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed mixed. European indices have also opened in the red. The rupee was trading at Rs 64.10 to the dollar at the time of writing.
According to a leading financial daily, Bosch Limited has embarked on a cost-cutting exercise to improve margins and profitability. The move comes after the slowdown in demand for heavy commercial vehicles, light commercial vehicles and passenger cars. Now, the company is focusing on expanding and developing its non-automotive product portfolio, as the automotive product segment hasn't seen much growth in recent quarters. It is also taking steps to improve operational efficiency and has initiated measures to curtail expenditure on travel and advertisements. It has also frozen hiring in non-growth areas. The company is also investing in new sales channels and marketing concepts and increasing localisation.
According to a leading financial daily, Reliance Industries and BP has announced new gas condensate discovery off the east coast of India in the Cauvery Basin. The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 km from the coast in the Cauvery Basin and is the second gas discovery in the block. RIL is the operator with 70% equity and BP has a 30% share. Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters. The well reached its total depth in early August and Reliance has conducted drill stem test (DST) to evaluate the potential of the discovery.