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Markets trade below dotted line
Mon, 7 Sep 11:30 am

After opening in the green, the Indian Indices have fallen below the dotted line. Most sectoral indices are trading on a negative note with energy and pharma stocks leading the losers.

The BSE-Sensex is trading lower by 37 points (down 0.1%) and the NSE-Nifty is trading lower by 16 points (down 0.2%). The S&P BSE Midcap index is trading lower by 1.3% and the S&P BSE Smallcap index is trading lower by 0.7%. The rupee is trading at 66.72 to the US dollar.

Banking stocks are trading on a mixed note with Karur Vysya Bank and Axis Bank leading the losses. As per a leading financial daily, in a bid to expand its branch network, HDFC Bank is planning to add 100 branches in the eastern region. The bank, at present has 500 bank branches across the east and by this year will touch a total tally of 600 branches. Out of the 600 branches, West Bengal is said to have 195 to 200 branches. As of June 2015, the total number of branches for the bank stood at 4,011 in the country. Presently the stock of HDFC Bank is trading up by 0.3%.

Stocks in the automobile space are also trading mixed with Force Motors and Eicher Motors witnessing maximum selling pressure. A per an article in Economic Times, Tata Motors - owned JLR India is hopeful of more than trebling its sales in the country on the back of a tremendous response for its SUV hatchback Discovery Sport. The British brand has launched the Discovery Sport SUV hatchback, which is based on the Land Rover platform, in four variants. JLR India has sold 2,857 units in the country last year and enjoys around 9% market share now. Stock of Tata Motors is currently trading up by 0.9%.

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