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Indian markets languish in the red
Wed, 6 Aug 01:30 pm

Indian stock markets fell further in to the red during the previous two hours of trade as selling intensified across sectors. Among broader indices, only the small capitalization stocks are trading firm. Banking and metal stocks are leading the pack of losers, whereas power and capital goods stocks are trading higher.

The BSE-Sensex is trading down by 81 points and the NSE-Nifty is trading down by 26 points. The BSE Mid Cap index is trading lower 0.1%, while the BSE Small Cap index is trading up 0.5% today. The rupee is trading at 61.33 to the US dollar.

Automobile stocks are trading mixed today. While Force Motors is trading firm, Tata Motors and Maruti Suzuki is leading among the pack of losers. As per a leading business daily, special utility vehicle (SUV) major Mahindra & Mahindra Limited (M&M) is expected to tie up with France automobile major Peugeot. The tie up is expected to cover technology sourcing, mutual sharing of production capacity at both locations (India and France), as well as significant investments. As per industry sources, talks are underway between the companies and once finalized it could be a big deal in the automobiles industry. It will enable facility swap across the two continents for the auto majors. M&M will allow Peugeot to use its facility for the former's Indian debut. Similarly, M&M will use one of Peugeot's Europe plant to establish local production presence. The deal will also help M&M to source engine technology mainly diesel engine and diesel hybrid technology, where M&M already has a long standing relationship with Peugeot. M&M is trading higher by 1% at the time of writing.

According to a survey conducted by Reserve Bank of India (RBI), the business outlook for the manufacturing sector has improved in the second quarter of FY15. The improvement has been spurred by recovery in the production, order book, capacity utilization and improvement in imports and exports. There also has been a reduction in the pessimism on cost of finance, cost of raw material and profit margins. The Business Expectation Index (BEI), a barometer for the manufacturing sector outlook, improved to 114.7 in the second quarter of FY15 from 111.1 in the previous quarter and 112.7 in the corresponding quarter last year. Even the Consumer Confidence Survey showed a significant improvement in Future Expectations Index from 114.9 in March 2014 quarter to 122.9 for the June 2014 quarter.

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