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Auto stocks lead the day
Wed, 12 Nov Closing

Indian share markets pared early gains and trended lower in the post-noon trading session. The BSE Sensex however managed to close just above the 28,000 mark. BSE-Sensex closed up by 99 points and NSE-Nifty by 21 points. BSE Mid Cap closed higher by 0.5% and BSE Small Cap index by 0.2%. The sectoral indices closed mixed with auto and banking stocks being the biggest gainers.

As regards to the global markets, the Asian pack closed mixed today with Hong Kong leading the gains. The rupee was trading at Rs 61.47 to the dollar at the time of writing.

Telecom stocks closed the day on a mixed note with the gainers being led by AGC Networks and Bharti Airtel. As per a leading business daily, telecom tower company Bharti Infratel has approached Vodafone and Idea Cellular with a proposal to buy their mobile towers in 7 out of 22 telecom circles in the country. It may be noted that the company has over 36,381 standalone mobile towers spread across 18 states under 11 telecom circles. The company intends to buy the towers in those circles wherein it is sole operator. It is now waiting for them the two companies to come back with responses to its proposal.

Auto stocks have closed the day on a positive note led by the stock of Ashok Leyland which has closed higher by almost 7%. As per a leading business daily, Ashok Leyland is planning to sell its stake in a few of its overseas joint ventures and associate companies. It is currently in looking for suitable buyer in this regard. The company has mentioned that while the process to do this is currently underway, a final suitor for the same is yet to be identified.

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