After opening on a firm note, the Indian Markets continued to trade in the positive territory. Sectoral indices are trading on a mixed note with stocks from the banking and software sectors leading the gains. However engineering stocks are witnessing selling pressure.
The BSE-Sensex is trading up 52 points (up 0.2%) and the NSE-Nifty is trading up 22 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 66.33 to the US dollar.
Stocks in the automobile space are trading on a mixed note with Ashok Leyland and Escorts leading the gains. As per a leading financial daily, India's largest automobile company Tata Motors is set to launch a vehicle assembly plant in Nigeria. For this the company will be partnering Iron Products and Industries (IPI) that will fund the investment to the tune of US$ 8 m on equipment and other machinery. The investment is made in order to assemble the Tata Zenon range of Pick-up trucks in Lagos, Nigeria's commercial capital. Stock of Tata Motors is currently trading down by 1.7% on the BSE.
Steel stocks are trading mixed with Adhunik Metaliks and Tata Sponge leading the gains. As per an article in Economic Times, Tata Steel has started production from the Coke Ovens at its greenfield project at Kalinganagar in Odisha. This marks a major milestone for the company. The project has rated capacity of 30 million tonnes per annum in the first phase . As per the company statement, various units of the plant will start commercial production sequentially. Scrip of Tata Steel is trading down by 1.8%.