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- Indian Stock Market News October 5, 2011
We wish all our readers a very Happy Diwali!
Indian stock markets trade firm Wed, 5 Oct 11:30 am
Indian stock market indices continued to trade firm over the last two hours of trade. Metal and FMCG stocks witnessed maximum buying interest while Banking and Consumer Durable stocks witnessed maximum selling pressure.
The BSE-Sensex is up by 90 points, while the NSE-Nifty is up by 28 points. BSE Mid Cap and BSE Small Cap indices are up by 0.19% and 0.03% respectively. The rupee is trading at 49.14 to the US dollar.
Automobile stocks are trading firm led by Mahindra & Mahindra and Tata Motors. As per a leading financial daily, with the shradh period coming to an end, consumers are back at the car showrooms. Top car manufacturers Maruti Suzuki, Hyundai, Honda and others are looking to make the most of this opportunity. As per these auto companies, they expect sales to increase by 15-20% during the festival season. They have a number of new car launches lined up along with attractive discounts to woo the customers. The new launches on an average have a waiting period of around 8 months for delivery. We may recollect here that car sales have not shown a desirable growth in the recent past due to higher interest rates and increased fuel prices. The festive season might just bring some cheers for the industry.
Retail stocks are trading weak led by Koutons and Pantaloon. According to a leading financial daily, Titan Industries, the maker of watches, eyewear and jewellery is planning to hike watch prices by 4-20% across brands. This move comes in an attempt to safeguard their margins. The company is planning to raise prices of Nebula, Titan's line of gold watches by 15-20% because of rising gold prices. It has also hiked the prices of its Swiss-made brand Xylys due to significant currency fluctuations and is going to further hike prices of this brand post Diwali. According to the company, demand for watches in the price segment of Rs 2,000 and lower has come down, while that for the price segment of Rs 5,000 and above has remained intact.
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