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Energy stocks lead the rally
Thu, 13 Sep 11:30 am

Indian equity markets continued to trade in the green during the last two hours of trade on the back of buying across index heavyweights. Barring metal and healthcare stocks, all sectoral indices too traded positively.

The BSE-Sensex is trading higher by 50 points and NSE-Nifty is trading up by 12 points. BSE Mid Cap and BSE Small Cap indices are currently up by 0.4% each. The rupee is trading at 55.45 to the US dollar.

Engineering stocks are trading in the green led by Sanghvi Movers and Finolex Cables. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) wants to focus on engineering, procurement and construction (EPC) services segment. The company is taking this step because due to unavailability of fuel, not many power projects are coming up. BHEL thus intends to provide complete engineering solutions to its customers. We may note here that earlier in 2001 too, BHEL had entered into an agreement with Engineers India Limited (EIL) when it saw weakness in power sector and had later started focusing on the boiler, turbine and generator business when things started looking good.

Auto stocks are trading strong led by Eicher Motors and Hero Motocorp. According to a leading financial daily, Hero Motocorp will be dropping the badge of its joint venture partner Honda from all it products. Hero's new model Maestro has received good response and thus the automobile company is thinking of dropping the badge sooner than expected. We may note here that earlier, Hero was considering announcing complete dropping of Honda tag in a couple of years time after the end of its partnership some time ago. Hero is hiking the production capacity of its 125 cc bikes to 75,000 units a month. It is also doubling its scooter production capacity to 60,000 units a month.

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