After opening in the green, the Indian Indices have given up the early gains and are trading below the dotted line. Pharma and consumer durable stocks are leading the losses currently. Mid and small cap stocks too are witnessing selling.
Most auto stocks are trading lower today with the losers being led by TVS Motors. As per a leading financial daily, auto major M&M may observe up to 7 days a month as 'No Production Days' at some of its plants till March 2015. This is part of the company's efforts to align its production with sales requirements. It may observe these no production days on a need basis during this period.
Energy stocks are trading mixed today. As per a leading business daily, ONGC and Venezuela's government oil company PDVSA are seeking around US$ 1 bn as credit to arrest an output decline at their San Cristobal JV in Venezuela. While banks may lend the money to the joint venture, ONGC would provide the guarantee. The details of the loan's repayment has not yet been decided. The deal may also ensure that ONGC gets between US$ 400 m and US$ 500 m of unpaid dividends from the JV that have accrued over five years.