After opening the day on a bearish note, the Indian Indices have significantly added to the losses and are currently trading deep in the red. All sectoral indices are trading negatively with stocks from the auto, banking and capital goods sectors leading the losers.
The BSE-Sensex is currently trading down by 984 points (3.6%) and the NSE-Nifty is trading down by 307 points (3.7%). The BSE Mid Cap index and the BSE Small Cap index are also trading in the red, down by 3.9% and 4.6% respectively. At the time of writing, the rupee stood at 66.46 to the US dollar.
Stocks in the automobile space are trading on a bearish note with Maharashtra Scooters and Eicher Motors bearing the maximum burnt. As per a leading financial daily, Eicher Motors one of the leading manufacturers of commercial vehicles, has announced its future plans for Indonesia as a part of its growth strategy. The company's motorcycle division Royal Enfield has market its entry in Indonesia at GAIKINDO Indonesia International Auto Show (GIIAS) 2015. Royal Enfield will commence retail operations in the coming months from its exclusive dealership in Jakarta that is being set up in partnership with PT Distributor Motor Indonesia, who have signed up as a dealer for the region. By this dealership, a service and aftermarket capability for Royal Enfield in Jakarta is also said to be complete. Scrip of Eicher Motors is trading down by 5.4%.
Banking stocks are trading negatively with losses led by IDBI Bank and Oriental Bank. According to financial times, country's largest lender State Bank of India (SBI) is planning to open 500 customer service points to bridge last mile gap between bank and customers in West Bengal. In addition to this, the company already has 56,000 customer service points across states as low cost intermediaries for taking banking to grassroot level. On a separate note, the company has reported 10.25% YoY rise in its net profit for the quarter ended June 2015. Stock of SBI is currently trading down by 4%.