The Indian equity markets lost ground in the final hours of trade. While the BSE Sensex today closed lower by 22 points, the NSE-Nifty closed higher by just 7 points. Midcaps and Smallcaps outperformed the benchmark indices today. While the BSE Mid Cap index closed almost flat, the BSE Small Cap index closed the day higher by 0.6%. Sectoral indices closed the day on a mixed note, with IT stocks being the top gainers today.
As regards global markets, Asian indices closed on a mixed note today. The rupee was trading at Rs 60.80 to the dollar at the time of writing.
Auto stocks have closed the day on a mixed note led by the stocks of Escorts and Maharashtra Scooters. As per a leading business daily, Maruti Suzuki has announced that voting by minority shareholders with regards to its move to let its parent company Suzuki Motor Corp own and operate the Gujarat plant is likely to happen in November. This is as opposed to it happening in the month of October as planned for earlier. The company's management has expressed that because it is a long procedure, the company has not yet been able to put all the things in place. And thus the delay by a month.
Tata group stocks have closed the day on a strong note after leading ratings agency Moody's upgraded the rating of several group entities. Tata Sponge and Tata Elxsi were the biggest gainers today. Moody cited that a support from the parent, Tats Sons, has been critical factor in raising the ratings. A rise in rating is beneficial for the group companies. A higher rating reflects better financial strength and thus reduces the cost of debt if the company ever needs to borrow in future.