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Indian share markets turn positive
Tue, 28 Jan 01:30 pm

Indian share markets managed to bounce back after slipping in the red post the rate hike, but continue to trade close to the dotted line in the post-noon trading session. Barring IT, banking and Pharma stocks, all the sectoral indices are trading in the green with metal, realty and oil and gas stocks being the biggest gainers.

BSE-Sensex is up 9 points and NSE-Nifty is trading marginally up. BSE Mid Cap is trading 0.3% up and BSE Small Cap index is trading up by 0.35%. The rupee is trading at 62.8 to the US dollar.

Majority of the auto stocks are trading in the green with Tata Motors and Bajaj Auto among major gainers. Ashok Leyland and Hero MotoCorp are among the few stocks trading in the red. As per a leading financial daily, Mahindra & Mahindra's subsidiary, Mahindra Trucks and Buses (MTB) plans to foray into the intermediate commercial vehicle (ICV)segment. The company already has a presence in heavy commercial and light commercial vehicles. The company has said that it will invest Rs 3 bn to develop a new ICV and additionally invest Rs 2 bn to refurbish its range of light commercial vehicles over the next one and half years. The new ICV will be ground-up vehicle and developed in-house in a period of 30 months. M&M stock is currently trading up by 1.1%.

Most of the steel stocks are trading firm with Tata Steel and JSW Steel leading the pack of gainers. However, Tata Sponge and Tayo Rolls are among the few stocks trading in the red. As per a leading business daily, JSW Steel will be hiking steel prices by 1-2% from February. Reportedly, the price-hike is likely to be mainly in value-added steel such as cold-rolled, galvanized and colour coated materials used in consumer durables. The hike comes on the back of the company suffering a hit of Rs900-1000 per tonne on the cost of production in December 2013. Steep rise in domestic ore prices is prompting steel producers without access to captive mines to increase steel prices. Other factors such as rupee depreciation and differential between domestic and international prices have also led to the price-hike.

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