Indian share markets bounced back into the positive during the last two hours of trade after opening weak in the morning. Sectoral indices traded positively except energy stocks.
The BSE-Sensex is trading higher by 104 points and NSE-Nifty is trading up by 28 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.8% and 0.7% respectively. The rupee is trading at 54.19 to the US dollar.
Automobile stocks are trading in the green led by Force Motors and Maruti Suzuki. As per a leading daily, Hero MotoCorp's Splendor regains its position as the largest selling two-wheeler brand in the world. We may recollect here that one month earlier, Bajaj Auto's Discover had overtaken Splendor's sales. Hero sold over 5 lakh units in October of which 1.8 lakh units were Splendor. This was largely led by the festive demand specially in the rural markets. Bajaj Auto sold 2.62 lakh bikes in the same month and Honda Motorcycle & Scooter India sold 2.36 lakh units. October's strong performance has helped Hero get ahead of its competition in the first 7 months of the year.
Aluminium stocks are trading mixed. National Aluminium Company Ltd. (NALCO) is the biggest gainer while Hindalco is the biggest losser. Hindalco Industries has announced its standalone financial results for the quarter ended September 2012. Topline of the company declined by 1.9% YoY on back of lower volumes and lower LME aluminium prices. Operating profits of the company declined by 22% YoY due to high input costs. Operating margins were down by 2.1% YoY. Net profit declined by 28.6% YoY during the quarter. Net margins declined by 2.2% YoY. For the half year ended September 2012, net sales and net profits declined by 0.9% YoY and 31.6% YoY respectively.