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Indian share markets remain volatile
Thu, 1 Aug 01:30 pm

Indian share markets recovered but continued to trade close to the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with realty, oil and gas and consumer durables stocks being the biggest losers. Only FMCG, banking and IT stocks are trading in the green.

BSE-Sensex is up 20 points and NSE-Nifty is trading marginally down. BSE Mid Cap is trading down 1.5% and BSE Small Cap index is trading down 1%. The rupee is trading at 60.7 to the US dollar.

Majority of the private sector bank stocks are trading in the red with Karnataka Bank and South Indian Bank being the biggest losers. However, HDFC Bank and Axis Bank are trading in the green. As per a leading financial daily, large private sector banks have started hiking their deposit rates and thereby signaled towards a rising interest rate cycle. HDFC Bank has increased its deposit rates by 100 basis points (bps) on maturities ranging from seven days to six months. Axis Bank has also hiked its deposit rates by 50-225 bps on maturities ranging between 30 days to 13 months. Mid-sized bank Yes Bank had earlier raised its base rate by 25 bps to 10.75%. The bank had also hiked deposit rates by 25-50 bps.

Automobile stocks are trading mixed. Escorts Ltd and Maruti Suzuki Ltd are the leading gainers while, Ashok Leyland and TVS Motors are the top losers. As per a financial daily, Maruti Suzuki's July sales increased by 1.3% to 83,299 units. While the domestic volumes rose by 6% YoY at 75,145 units, exports witnessed volume decline by 27% YoY to 8,154 units. The growth of 1.3% YoY was due to rebound in demand for its mini cars and compact DZire. Sales of mini cars increased by 16% YoY in July, and DZire sales were up by 34% YoY. On the other hand sales of UVs (Utility vehicles) declined by 38% YoY and other compact car versions namely Swift, Ritz and Estilo fell by 12% YoY. The demand for Sedan SX4 remained weak as the sales fell by more than half to 322 units. So far during the period April-July 2013, the company's total sales volume fell by 8% to around 3.5 lakh units. Maruti stock was trading up by 1.5%.

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