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Indian markets tumble
Mon, 20 Jul 01:30 pm

Indian indices have extended their losses in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the aluminum and auto sectors leading the gains. However, banking and engineering stocks are trading in the red.

The BSE-Sensex is trading lower by 134 points (down 0.5%) and the NSE-Nifty is trading down by 47 points (down 0.5%). The BSE Mid Cap index and the BSE Small Cap index are trading marginally up. Gold prices, per 10 grams, is trading at Rs 25,110 levels. Silver price, per kilogram, is trading at Rs 33,962 levels. Crude oil is trading at Rs 3,268 per barrel. The rupee is trading at 63.53 to the US dollar.

Stocks in the telecom sector are trading on a mixed note with Tata Teleservices and AGC Networks witnessing buying interest. As per a leading financial daily, Bharti Airtel, the leading integrated telecommunications company, is in advanced stages to finalize vendors to launch Airtel branded dual-mode 4G handsets. This will be in the price range of Rs 4,000 to 12,000 and will be launched between October-November. The company is said to be in discussion with Chinese vendors and has even held talks with Taiwan-based Foxconn which has set up its mobile manufacturing plant in India. As reported, the handset will come with a long-term bundled plan but may not be locked only to the Airtel network. Presently the stock of Bharti Airtel is trading up by 1%.

Automobile stocks are trading mixed with Ashok Leyland and Escorts leading the gains. According to financial times, the collaboration between Bajaj Auto and Europe's motorcycle maker KTM has proved profitable over the past three years. Through this collaboration, KTM contributed 7% to the consolidated net profit of Bajaj Auto in FY15. Meanwhile, Bajaj Auto has manufactured nearly half of the KTM bikes that are sold globally at its Indian plant for the same period. It has exported 53,000 KTM bikes in FY 15 as against 24,000 units in FY14. Currently the stock of Bajaj Auto is trading marginally down.

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