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Indian share markets widen losses
Fri, 3 Jan 01:30 pm

After opening in the red, Indian share market further slipped in the red in the post-noon trading session. Barring IT stocks, all the sectoral indices are trading in the red with power, capital goods and metal stocks being the biggest losers.

BSE-Sensex is down 102 points and NSE-Nifty is trading 27 points down. BSE Mid Cap is trading down 0.1% and BSE Small Cap index is trading down 0.4%. The rupee is trading at 62.4 to the US dollar.

Majority of the automobile stocks are trading in the red with Escorts and Mahindra & Mahindra being among the major losers whereas Ashok Leyland and Hero Motocorp being the biggest gainers. As per a leading financial daily, two-wheeler companies reported sales growth in December backed by strong rural demand coupled with growing popularity of scooters. Honda Motorcycle & Scooter India saw a 36% YoY growth in sales in December driven by 54% jump in scooter sales. Even TVS Motors reported 2% YoY sales growth in December on the back of 38% rise in scooter sales. Yamaha Motors saw its sales zoom by 58% YoY helped by robust demand for Ray and Ray Z scooters. Mahindra two-wheelers posted a 267% jump in December sales aided by the success of its newly launched Centuro motorcycle. However, Bajaj Auto reported a 13% drop in motorcycle sales whereas Hero MotoCorp reported a 3% YoY decline in two-wheeler sales in December. As per Society of Indian Automobile Manufacturers (SIAM), sales of only the two-wheeler segment of automobiles remained insulated from downfall in FY14.

Most of the steel stocks are trading in the red with Tata Steel and JSW Steel being among major losers. As per a financial daily, Steel Authority of India Ltd (SAIL) reported a 6% YoY rise in sales to 2.98 m tonnes in December quarter. The growth has been due to sales improvement in both domestic and international markets. In the December quarter, the company's exports saw a jump of 122% YoY to 1.77 lakh tonnes. Indian steel companies are increasingly focusing on exports to mitigate the impact of rupee depreciation and sluggish domestic demand. SAIL's stock is currently trading down by 1.2%.

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