Indian Markets Trade with Optimism

Tue, 31 Mar 09:30 am

   Previous Close   

   Pre-Open   

   01:30 pm   

   03:30 pm   

   Closing   

Asian markets continued to trade with moderate gains following the international cues. The US Markets closed with bolstering gains of over 1% while German equities gained almost 2% yesterday, towards the end of the trading session. Though the Japanese markets is trading between small profits and losses; Chinese, Hong Kong, Taiwan and Korean markets are trading with gains of about 0.4%, 0.5%, 0.1% and 0.2%, respectively.

Indian markets opened the trading session with moderate gains.BSE Sensex gained about 100 points while NSE-Nifty gained about 20 points in today's trading session. Metal stocks have gained the most in the opening trading session however banks and FMCG stocks trade under pressure. BSE Mid Cap stocks trading with moderate gains of 0.4% and BSE Small Cap stocks gained over 0.7%.

On the commodities front, losses continue to impact the prices. While the gold prices, per 10 grams, fell over 1.1% or Rs 309; silver prices tanked nearly 2.5% or Rs 959. The gold is available at Rs 26,200 levels; however, silver is available at Rs 37,430 levels. Crude oil prices extended their sell off and fell over 4.5% or Rs 142. Per barrel, crude oil is available at Rs 3,010. Investors' focus has turned towards the possibility of Iran striking a nuclear deal with six world powers. The dollar value against the Indian currency declined by 0.20% or 0.10 and is currently trading at Rs 62.57 levels.

Automobile sector has gained moderately in today's morning trading session. According to a leading financial source, Ashok Leyland, a Hinduja owned company, sold its entire ownership in its Czech based subsidiary - Avia Ashok Leyland. However, the name of the buyer has not been revealed. The company has realized about US$ 11 m as proceeds from the stake sale. According the company officials, this stake sale is a part of restructuring the investments in the company's subsidiary arm. Avia was acquired by Ashok Leyland almost a decade ago for US$ 35 m. This acquisition leveraged the company's products worldwide and product portfolio. Ashok Leyland is the lead gainer among the Automobile companies with gains of over 1.5%. Eicher Motors and Escorts have advanced moderately as well.

Realty sector gained a lot of traction from investors yesterday. Piramal Enterprise Limited owned Piramal Fund Management decided to fund Mumbai based developer Omkar Group by Rs 12 bn. A third of this fund will be utilized by the company in structuring debt, while the remaining will be utilized over a span of 2 years. The proceeds will be spent for constructing a luxury residential complex that is spread over 9 acres and it will comprise of over three towers.