Indian markets continued to trade in red during the post noon trading session. Majority of the sectoral indices are trading in red with realty and power stocks witnessing maximum selling pressure. Stocks from consumer durables and auto sectors are witnessing maximum buying interest.
Most of the Energy stocks are trading in red with Mangalore refinery and petrochemicals Ltd (MRPL) and Jindal drill being among the leading losers. As per the financial daily, oil and natural gas corporation ltd (ONGC), is likely to buy stakes in 9 exploration blocks that BHP billiton decided to surrender last month. Reportedly, ONGC's chairman said the company will be soon discussing over the possibilities on this deal. The move comes after the government's desperate attempt to woo Australia's mining giant back into India ahead of the next round of NELP (New exploration licensing policy) bidding in January 2014. This is intended to send a positive signal to international investors. Over half-a-dozen international firms have exited exploration activities in India after undue delay in getting government approvals. The latest one being BHP Billiton, which surrendered oil blocks with potential reserves of 10 billion barrels of oil equivalent.
Majority of the automobile stocks are trading in the green with Eicher Motors and Tata Motors being the biggest gainers. However, TVS Motors and Maruti Suzuki are among the few stocks trading in the red. As per a leading financial daily, Eicher Motors expanded its range of motorcycle offerings through the launch of Continental GT. Continental GT was launched in the international markets earlier during the year. The said model is a 533-cc motorcycle and would be retailed at a price of over Rs 2 lakh in Mumbai and Delhi. These motorcycles would be manufactured at the company's Oragadum manufacturing plant in Tamil Nadu. The Chennai-based arm of the company, Royal Enfield, currently sells different models such as Bullet, Classic and Thunderbird. For the quarter ended September 2013, Eicher Motors' consolidated revenues were higher by 14% YoY led by the company's standalone (Royal Enfield) business, which reported a stellar volume growth of 60% YoY. The company expects the momentum to continue on the back of strong demand of its two-wheeler business coupled with the new launch - the Continental GT. But the company's commercial vehicles business continues to remain weak on the back of the overall slowdown in the economy.