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Indian equity markets off day's highs
Thu, 4 Oct 11:30 am

Indian equity markets shed some early morning gains but still traded in the green during the last two hours of trade. Sectoral indices are trading strong except for IT and healthcare stocks.

The BSE-Sensex is trading higher by 170 points and NSE-Nifty is trading higher by 47 points. BSE Mid Cap and BSE Small Cap indices are currently up by 0.6% and 0.8% respectively. The rupee is trading at 52.00 to the US dollar.

Auto stocks are trading firm led by Tata Motors and TVS Motors. As per a leading daily, Mahindra & Mahindra (M&M)'s Quanto will be exported to Italy. The recently launched vehicle has received good initial response with over 3,200 bookings since its launch in third week of September. M&M plans to make 2,500 Quantos at the Nashik facility per month. Also, the company has kept provision for tweaking the production quantum of Xylo and Quanto depending on market demand for these vehicles. Combined together, M&M is looking to produce 7,000 units of both Xylo and Quanto. The management had earlier expressed its desire to take the vehicle to Europe and Latin America. In line with this, M&M is planning to start exporting Quanto in next 4-5 months time. The first European destination for exports will be Italy.

Power stocks are trading strong led by JSW Energy and Indiabulls Power. According to a leading financial daily, National Thermal Power Corporation (NTPC) has signed the new fuel supply agreement (FSA) with Coal India. As per the FSA, trigger point of new units at existing plants will be 80%. For units that came up before January 2010, the trigger point is 90%. Earlier, NTPC had declined to sign the agreement stating the pact was skewed in favour of Coal India. We may note here that NTPC consumes almost half of Coal India's produce. A few power producers backed NTPC's earlier stand and they are now expected to follow in the footsteps of NTPC and sign the FSA.

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Stock Market Updates

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