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Indian stock markets trade strong
Fri, 9 Mar 11:30 am

Indian stock markets continued to trade strong during the last two hours of trade. All sectoral indices are trading strong led by metals and capital goods stocks.

The BSE-Sensex is trading up by 291 points and NSE-Nifty is trading up by 97 points. BSE Mid cap and BSE Small cap indices too are trading up by 1.7% and 1.5% respectively. The rupee is trading at 49.92 to the US dollar.

Steel stocks are trading in the green led by Tayo Rolls and JSW Steel. According to a leading financial daily, Tata Steel Ltd. has increased prices of some long products in March. The prices have been raised up to Rs 1,000 per tonne. It may be noted in February too, the steel company had raised prices on back of strong demand outlook and similar increases by competitors. Also, the Tata group is looking at launching a mining company to secure mineral resources for Tata Steel Ltd. and Tata Power Ltd. The proposed firm could either be fully owned by Tata Steel or in partnership with group companies. The group currently mines coal and iron ore for its own consumption and does not intend to get into commercial mining even later.

Auto stocks are trading in the green led by Ashok Leyland and Tata Motors. According to a leading financial daily, Jaguar Land Rover (JLR) is looking at setting up an engine manufacturing facility in India. Tata Motors owned JLR is investing GBP 355 m in a similar plant in the UK too but feels that investments for the same in India will be lesser. The automobile company intends to manufacture engines in both premium range and lower range. The premium range engines will be produced in the UK and for the lower range, the company is looking at the proposed Indian plant. Presently, JLR assembles sports utility vehicle Freelander at Tata Motors' Pune plant.

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