Indian stock markets slip into red

Wed, 4 Dec 01:30 pm

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Backed by persistent selling activity Indian markets have slipped in red during the post noon trading session. Sectoral indices are trading mixed. Stocks from metal and power sector are among leading gainers while stocks from capital goods sector and FMCG sector are witnessing maximum selling pressure.

BSE-Sensex is down by 35 points and NSE-Nifty is trading down by 7 points. While BSE Mid Cap is trading up by 0.30%, BSE Small Cap index is trading up by 0.75%. The rupee is trading at 62.32 to the US dollar.

Most of the Auto stocks are trading in red with Eicher motors and TVS motors being among the leading gainers. As per the financial daily, Bajaj Auto Ltd has recorded a 15% drop in motorcycle sales during November this year compared to the same month in 2012. The company's commercial vehicles sales also witnessed a 30% decline. Reportedly, the company has sold 2,78,703 motorcycles in November this year compared with 3,26,727 units in November 2012. The company had sold 31,888 units in the commercial vehicle segment against 45,466 units during November last year, resulting to a huge decline of 30% in sales of this segment. However on the export front the company grew by 8% YoY for the November month. The company sold 1,33,731 units compared with 1,24,115 units in November 2012. Bajaj auto is currently trading down by 0.52%

Majority of the retail stocks are trading in the red with Shopper's stop and Koutons Retail being the biggest losers. As per a leading financial daily, Titan Company, present in jewellery, watches and eyewear, entered the helmet segment under the Fastrack brand. The helmets range is ISI approved and will have 24 different variants for guys and girls in a wide array of colours and graphics. The helmets are priced in a range of Rs 1,495-3,495. The company has partnered with Italian company AGV, one of the largest helmet producers in the world, for manufacturing helmets in India. The company plans to sell helmets through 147 Fastrack stores that will be scaled up to 200 stores by the end of FY14. Fastrack brand turnover has grown from Rs 300 m in 1998 to Rs 7.7 bn at present. For the quarter ended September 2013, Titan's sales increased by just 2.3% YoY due to de-growth in the watches segment and a subdued 4.3% YoY growth in the jewellery segment. RBI regulations to curb gold imports have adversely impacted the company's core jewellery business. However revenues from other segment, consisting of precision engineering, eyewear and accessories, registered a robust rise of 17.2% YoY backed by strong growth of 32% YoY in the eyewear business. Titan stock is currently trading up by 0.2%.