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Indian stock markets remain positive
Tue, 3 Apr 01:30 pm

After a firm opening, Indian stock markets continued to hover well above the dotted line in the last two trading hours. Majority of the sectoral indices are trading positive. Oil and gas, consumer durables and banking stocks are leading the gainers whereas IT, auto and healthcare stocks are the only losers.

The BSE-Sensex is trading up 153 points and NSE-Nifty is trading up 47 points. Both BSE Mid cap index and BSE Small cap indices are up 1.1% and 1.2% respectively. The rupee is trading at 50.5 to the US dollar.

Auto stocks are trading mixed with Ashok Leyland and Escorts being the biggest gainers and TVS Motors and Maruti Suzuki being the biggest losers. As per a leading financial daily, pick-up in pre-budget demand for cars provided a huge fillip to car sales in the month of March. Maruti Suzuki registered the highest ever monthly sales of 1.1 lakh units in March. The growth has come on a 60% jump in offtake of its newly launched Dzire compact sedan and 24% rise in sales of its other compact diesel cars, Swift and Ritz. However, its annual sales in FY11 were down by 11% to 11.3 lakh units due to a three-month strike at its Manesar plant. Korean car manufacturer, Hyundai clocked a 23% jump in sales backed by robust demand for its small car EON. Even Tata Motors (Telco), Mahindra & Mahindra Ltd. (M&M) and Toyota Kirloskar recorded good sales number for the month. European car company, Volkswagen saw the highest-ever sales of its Polo hatchback as well as sedan model Vento.

Majority of the retailing stocks are trading positive with Pantaloon being the biggest gainer. As per a leading financial daily, Titan Industries has commenced commercial production in the jewellery unit set up in the excise-free zone in Pantanagar, Uttarakhand. The integrated state of the art jewellery unit has been set up at a cost of around Rs 150 m. Titan Industries will manufacture studded jewellery in the plant and hopes to achieve a turnover of Rs 2.5 bn in the financial year 2012-13. Reportedly, the company had received government approval for direct gold imports which are expected to result in input cost savings for the company. The stock is up 1.8%.

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