Today's Market: Markets continue to trade weak - Indian Stock Market News
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Markets continue to trade weak 
(Mon, 12 Nov 01:30 pm) 
The Indian markets continued to trade below the dotted line, albeit in a range bound manner during the post non trading session. While stocks from the IT, banking and consumer durables are leading the pack of gainers, those from the metal, and oil and gas sectors are leading the pack of losers.

The Sensex today is trading lower by about 50 points (down 0.3%), while the NSE-Nifty is trading lower by about 10 points (down 0.2%). Stocks from the midcap and smallcap spaces are trading flat with the BSE Mid Cap and BSE Small Cap indices, each up marginally. The rupee is trading at 55.04 to the US dollar.

Stocks of construction companies are currently trading weak with Simplex Infrastructures and Nagarjuna Construction Corp. Ltd. trading weak. Midcap construction company IVRCL announced its results for the quarter ended September 2012 recently. The company's revenues declined by 5% YoY during the quarter. As expenses reduced at a slower pace, its operating profits fell by about 26% YoY. IVRCL's operating margins stood at 7% during the quarter as compared 9% during the quarter ended September 2011. Further, lower other income, coupled with higher interest costs led the company to report a loss at the profit before tax level. Losses stood at Rs 396 (net level) as compared to profits of Rs 81 m during the corresponding period last year.

Stocks forming part of the BSE-Auto index are currently trading weak with Hero Motocorp, Cummins India and Escorts leading the pack of losers. On the other hand, Ashok Leyland and Apollo Tyres are trading firm. As per a leading business daily, Ashok Leyland's management is looking at investing up to Rs 13 bn towards various plans. Also, the company's aim is to reduce the overall debt on books by Rs 3 bn by the end of this fiscal to levels of Rs 40 bn (currently Rs 43 bn). Till now, the company has already invested Rs 3.5 bn. Apart from investing Rs 6 to Rs 6.5 bn towards operations, the company plans to invest similar amounts in other business such as Rs 3 bn in Hinduja Foundries and in its joint venture with Nissan and John Deere.
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