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Engineering & banking in limelight
Fri, 2 Jan 01:30 pm

Backed by strong buying in index heavyweights, Indian share markets continued to soar higher in the post-noon trading session. All the sectoral indices are trading in the green led by engineering and banking stocks.

BSE-Sensex is up 381 points and NSE-Nifty is trading 113 points up. BSE Mid Cap is trading 1.4% up and BSE Small Cap index is trading up by 1.3%. The rupee is trading at 63.22 to the US dollar.

All the steel stocks are trading firm led by Adhunik Metaliks and Jindal Steel. As per a leading financial daily, Tata Steel would resume mining in its Naomundi mine in Jharkhand in a couple of days on getting support from the new state government. The mine had been closed since September due to issue of renewable of lease. As a result the century-old company for the first time had to import 5 m tonnes of iron ore since the closure of the mine. Tata Steel stock is presently trading up by 0.95%.

Automobile stocks are trading mixed with Ashok Leyland and Tata Motors being the biggest gainers. However, Hero MotoCorp and Mahindra & Mahindra are trading weak. As per a leading financial daily, the auto industry ended the year on healthy note. Traditionally, year-end is a lean phase for auto manufacturers as buyers look out for new model year vehicles. But this year has been different as the Finance Ministry decided to roll back excise concessions on automobiles and consumer durables beyond 31st December 2014. Discontinuation of excise duty benefits led to car manufacturers producing more vehicles whereas customers advanced purchase on anticipation of increased prices in 2015. Consequently, companies such as Maruti Suzuki and Hyundai Motors recorded domestic sales growth of 13% and 15%, respectively in December. Even Toyota saw a 10% rise in car sales for the month. However, going ahead growth may slow down as car manufacturers hike prices to pass on the increased excise duty. According to Maruti Suzuki, prices are expected to rise by 4% due to rollback in duty. In case of two-wheelers, TVS Motors and Royal Enfield registered sales growth of 19% and 48%, respectively in December.

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