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IT stocks bear the brunt
Fri, 17 Oct Closing

After trading firm during post noon trading session, the Indian equity markets gathered momentum and closed the day in the green. While the BSE-Sensex today closed higher by 109 points, the NSE-Nifty closed higher by 32 points. Midcaps and Smallcaps however, closed flat today. While the BSE Mid Cap index closed higher by 0.3%, the BSE Small Cap index was lower by 0.3%. IT stocks were the biggest losers today. The BSE IT Index was down by 4%.

As regards global markets, Asian indices closed mixed today. The rupee was trading at Rs 61.54 to the dollar at the time of writing.

Auto stocks ended the day on a mixed note. Hero Moto Corp and TVS Motors were the biggest gainers while Maharashtra Scooters and Tata Motors ended the day in the red. India's largest passenger vehicle manufacturer, Maruti Suzuki Ltd is planning to develop a mini crossover. A crossover is a vehicle that is built on a platform where cars are manufactured but has some features of SUVs. The company aims to build such a crossover that is affordable. At present, the cheapest crossover is from Toyota. Maruti has already started the feasibility study surrounding the crossover and it will be interesting to see if the company is able to pull this off.

As per a leading business daily, with an eye on the growing scooter segment in the domestic market, India's largest two wheeler maker Hero MotoCorp is planning to launch two new models over the course of the next one year. One may note that this would add to the company's existing models, Pleasure and Maestro, and help the company strengthen its growth in the scooter segment. The company is also considering scaling up its monthly scooter production to 1 lakh units by January 2015. It also plans to further take this up to 1.5 lakh units over the medium term.

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