Indian Indices are trading on a negative note in the post noon trading session. Sectoral indices are trading mixed with stocks from the power sector leading the gains and steel sector leading the losses.
The BSE-Sensex is trading down by 58 (down 0.2%) and the NSE-Nifty is trading down by 25 points (down 0.3%). The S&P BSE Midcap index and the S&P BSE Smallcap index are trading down by 0.4% and 0.3% respectively. Gold prices, per 10 grams, are trading at Rs 26,041 levels. Silver price, per kilogram, is trading at Rs 34,595 levels. Crude oil is trading at Rs 2,954 per barrel. The rupee is trading at 66.41 to the US dollar.
Automobile stocks are trading on a mixed note with Maharashtra Scooters and Escorts leading the gains. As per an article in Economic Times, Mahindra & Mahindra (M&M) is eyeing a good response from the markets to its recently launched compact SUV TUV300 on the back of growing demand in the utility vehicle segment. The vehicle already meets the safety features which are going to come in play for the manufacturers from October 2017. On a separate note, M&M's forte has also been in the bigger Utility Vehicles Segment with models such as the Scorpio and XUV500. Scrip of Mahindra & Mahindra is presently trading down by nearly 0.7%.
Stocks in the steel sector are also trading mixed with Tata Steel and JSW Steel witnessing maximum selling pressure. According to a leading financial daily, Tata Steel and Nava Bharat Ventures have entered into an agreement for conversion of chrome ore into ferro chrome. The agreement will be commence upon the receipt of ore and reductant from Tata Steel during this month. Further, the agreement is initially up to the end of March 2016 and extendable on mutually agreed terms for a further period of 4 years. Stock of Tata Steel is trading down by 4.2% on the BSE.