Indian markets trade in the red

Tue, 13 Oct 01:30 pm

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After opening the day on a flattish note, the Indian share markets nosedived and are presently trading in the red. Sectoral indices are trading on a negative note today with IT and banking stocks bearing the maximum brunt.

BSE-Sensex is down 142 points (0.5%) and NSE-Nifty is trading 32 points down (0.4 %). BSE Mid Cap is trading down by 0.3% while the BSE Small Cap is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 26,787 levels. Silver price, per kilogram, is trading at Rs 36,880 levels. Crude oil is trading at Rs 3,108 per barrel. The rupee is trading at 65.10 to the US$.

Automobile stocks are trading mixed with Eicher Motor and Hero MotoCorp leading the losses. As per a leading financial daily, the country's largest two-wheeler maker Hero MotoCorp has launched a new version of its 'Splendor Pro' bike, priced at Rs 46,850 (ex-showroom Delhi). This will go on sale at dealerships across the country from today, marking the beginning of the festive season of Navratri. The company in addition to this, has also launched a variant of Splendor+ with a self-start feature.

Besides that, the company is also commencing sales of new scooter Maestro Edge from today. This will be priced at Rs 49,500, ex-showroom Delhi. Hero MotoCorp Limited is the world's single largest two-wheeler motorcycle company. The company is engaged in the manufacture of two wheelers motorcycles and its parts. Scrip of Hero MotoCorp is presently trading down by 0.8%.

Stocks in the banking space are also trading mixed with Yes Bank and South Indian Bank leading the gains. According to a leading financial daily, Kotak Mahindra Bank has reported that its mobile based transactions shot up by 300% to Rs 17 billion in September 2015 as against the same period last year. The bank has said that it is strengthening its digital infrastructure to keep the momentum alive.

The bank is also said to be in the process of integrating the technology platforms of ING Vysya Bank, which was acquired by Kotak Bank recently. The same is expected to be over in couple of quarters. Apart from its mobile based transactions, there are many performance drivers that have helped the bank in recent times. Tanushree Banerjee, Managing Editor of Stock Select has outlined all of them in the recent research update of Kotak Mahindra Bank (subscription required). Scrip of the bank is currently trading down by 0.8%.

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