The Indian stock market continued to trade firm on account of buying interest in heavyweights during the last two hours of trade. All sectoral indices are trading in the green. Stocks from the realty, banking, auto, capital goods and oil & gas are leading the pack of gainers.
The BSE-Sensex is trading up by 255 points while NSE-Nifty is trading 80 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 1.2% and 0.8% respectively. The rupee is trading at 49.18 to the US dollar.
Most of the auto stocks have been trading in the green with Hero Motorcorp, TVS Motor and Ashok Leyland leading the pack of gainers. However, Maharashtra Scooters is trading weak. As per a leading financial daily, Maruti Suzuki has resumed production and rolled out 350 cars from the facility in Haryana even as strikes at Manesar plant enters its 12th day. Around 8000 workers at the three subsidiaries of the company have been on strike since October 7th demanding the re-induction of 1100 contract workers who they claim to be laid off during a month long standoff in the previous month. The company re-inducted 220 workers who were not participating in the strike thus taking the workforce strength at Manesar to 400. Including all the four plants in Gurgaon and Manesar, 2100 vehicles were manufactured on Tuesday. At the current level of production, the company is utilising around 42 per cent of its installed capacity. The stock of the company is trading in the green.
Most of the energy stocks have been trading firm as well with Petronet LNG, Gas Authority of India Ltd (GAIL), Reliance Industries and Castrol India leading the pack of gainers. However, Chennai Petroleum is trading weak. As per a leading financial daily, Petronet LNG Ltd. plans to acquire capacity at proposed LNG terminals in the US and Australia to feed the 25 million-tons-a-year LNG import capacity it aims for by 2015-16. With domestic gas output falling, gas companies are looking at new LNG contracts to meet the growing energy demand. Petronet is already in talks with some of the projects (in the US) that have applied to US authorities for approval to export gas. The company is looking at picking up equity in the terminals to get better pricing of gas. The company officials refused to disclose further details.