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Markets trade on a choppy note
Tue, 8 Sep 11:30 am

After opening the day on a dull note, the Indian Indices are currently trading marginally higher. Sectoral indices are trading on a mixed note with FMCG and pharma stocks leading the losers. However, energy stocks are trading in the green.

The BSE-Sensex is trading up 59 points (up 0.2%) and the NSE-Nifty is trading up by 9 points (up 0.1%). The S&P BSE Midcap index is trading down by 0.7% and the S&P BSE Smallcap index is trading down by 1.2%. The rupee is trading at 66.73 to the US dollar.

Stocks in the automobile space are trading on a mixed note with Eicher Motors and Escorts leading the losses. As per an article in Economic Times, auto major Mahindra & Mahindra (M&M) is looking to enhance its market share in the utility vehicle segment with the upcoming compact SUV, TUV 300. The company will launch the TUV300 this week, which will be available only as diesel option and is expected to be priced around Rs 7-9 lakh. For the April-July period this fiscal, total utility vehicle sales for M&M stood at 62,558 units, translating into a market share of 36.1%. Presently the stock of M&M is trading up by 0.7%.

Pharma stocks are trading on a discouraging note with Dishman Pharma and Elder Pharma bearing the maximum burnt. As per a leading financial daily, the Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to buy up to 31.5% of the paid up capital of Natco Pharma. Earlier the FII limit in the company was 24%. The company has passed resolutions at its board of directors’ level and a special resolution by the shareholders. These were passed in order to seek agreement on enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs. Scrip of Natco Pharma is trading down by 3.5% on the BSE.

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