Indian equity markets started the day on a positive note and continued the upward trend as the day progressed. Markets extended gains in the afternoon session on back of buying witnessed in Auto shares. The rupee rose to a two-week high as expectations for a narrower trade deficit and receding concerns about Syria helped the currency continue its recent recovery from record lows hit last month. All the sectoral indices ended the day in green. Auto, FMCG and Gas and Capital Goods sectors were the leading pack of gainers. While the BSE Sensex closed higher by 727 points, the NSE-Nifty closed higher by 216 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have opened in the green. The rupee was trading at Rs 64.3 to the dollar at the time of writing.
According to a leading financial daily, Tata Motors has entered into the Indonesian automotive industry with the launch of three Tata passenger vehicles; the Tata Vista hatchback, the Tata Aria crossover multi-purpose vehicle and the Tata Safari Storme sports utility vehicle. Apart from the products, the company is setting up a decent network of sales and service outlets. The company is also introducing five 3S (sales, service and spare parts) dealers to Indonesia and 4 more will come up by December 2013 and they hope to have a total of 15 dealerships by March 2014, Apart from these set ups, they are setting up around 40 additional workshops by March 2014 which will offer customers service almost at their door steps. The company also launched its flagship 24x1 parts program wherein the company is committing that if it can't supply a part within 24 hours, it will be offered free of cost to the customer.
According to a leading financial daily, ONGC and Oil India are unlikely to buy an 11% stake being shed by Malaysian state firm Petronas in Venezuela's Petrocarabob petroleum project. ONGC may not want to up its share as it is already seeking to raise debt to fund recent acquisitions in Mozambique. Oil India, ONGC, Indian Oil and Spain's Repsol are all partners in a consortium with Petronas that holds a 40% stake in the project. All of the companies involved in the project, including PDVSA, have pre-emption rights to the Petronas stake. ONGC has an 11% stake in the project while Oil India and Indian Oil Corp hold 3.5% each.