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Indian markets volatile
Mon, 31 Aug 01:30 pm

Indian Indices are trading slightly above the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the energy and pharma sectors leading the gainers. However, telecom stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading up 45 points (up 0.2%) and the NSE-Nifty is trading up 19 points (up 0.2%). The S&P BSE Midcap index is trading up by 0.5% while the S&P BSE Smallcap is trading marginally up. Gold prices, per 10 grams, are trading at Rs 26,653 levels. Silver price, per kilogram is trading at Rs 34,307 levels. Crude oil is trading at Rs 2,970 per barrel. The rupee is trading at 66.36 to the US dollar.

Stocks in the automobile space are trading mixed with Escorts and Tata Motors leading gains. As per a leading financial daily, Mahindra & Mahindra (M&M) has lined up three models for launch in the upcoming festival months. These are TUV300, S101 and an upgraded Quanto, codenamed U215. The launches are undertaken in a bid to regain the company's market share in the utility vehicle market. The company has been facing a slowdown in the past few quarters hurt by increased competition and a weak demand in the utility vehicle market. Mahindra's sales witnessed a drop of 12.75% in July from a year ago period. Scrip of M&M is presently trading down by 0.6% on the BSE.

banking stocks are also trading on a mixed note with IDBI Bank and Oriental Bank witnessing maximum buying interest. As per a financial daily, State Bank of India (SBI) is expecting its accounts under the Jan Dhan scheme to break even next year. This was after the bank witnessed a healthy growth in average deposits in these accounts, with total deposits more than doubling to Rs 51.2 bn as at the end of 30th June 2015. In terms of transactions, these accounts saw Rs 139 bn in the June quarter alone, the bank stated. The scheme was launched on August 28 last year by the government and as much as Rs 220 bn have been deposited in over 17.5 crore bank accounts within a year of the launch. The stock of SBI is trading up by 0.2%.

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