Software stocks lead the losses

Mon, 12 Oct 01:30 pm

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Indian Indices are trading flat in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the Aluminum and FMCG sectors leading the gains.

The BSE-Sensex is trading marginally (down 0.01%) and the NSE-Nifty is trading marginally up by 0.04%. However BSE Mid Cap index and BSE Small Cap index have surged upwards. Both the indices are trading higher by 0.5% each. Barring stocks from software sector, all the major indices are trading in green.

Commodity prices are trading on a positive note. Gold prices, per 10 grams, are trading at Rs 26,830 levels. Silver price, per kilogram, is trading at Rs 37,174 levels. Crude oil is trading at Rs 3,249 per barrel. The rupee is trading at 64.74 to the US dollar.

Banking stocks are trading on a positive note with Dhanlaxmi and ICICI Bank leading the gainers. As per a leading financial daily, private sector lender Yes Bank has received the Reserve Bank of India's (RBI) approval to set up a mutual fund, asset management company (AMC) and a trustee company. For this, the asset management companies (AMC) and trustee companies will be wholly owned subsidiaries of Yes Bank. The AMC will channelize savings of retail and institutional investors in equity and debt capital markets.

Reportedly, the lender stated that this new business initiative will provide further acceleration to Yes Bank's differentiated product offerings. Moreover, the AMC will compliment the bank's retail liabilities strategy and also allow leveraging the distribution for customer acquisition.

As per Tanushree Banerjee, Managing Editor, Stock Select, Yes Bank fetches nearly 30% of its total income from other income. The asset management company will boost Yes Bank's fee income portfolio over longer term. Scrip of Yes Bank is trading up by 0.9% on the BSE.

Automobile stocks are trading on a positive note with Tata Motors and Ashok Leyland witnessing maximum buying interest. As per an article in Economic Times, Hero MotoCorp is set to give an image makeover to its best-selling bike Splendor Pro (100cc). The move is initiated as the company is facing stiff competition from its erstwhile partner Honda. This can be said as the Japanese company's Activa scooter has been going strong and has overtaken the Splendor, in the largest selling two-wheeler market in some months.

The Splendor has been the mainstay of Hero's firm grip on the large-volume Indian motorcycle market. The Splendor Pro accounts for over 60% of the total Splendor family sales. The rest comes from Splendor+, Splendor iSmart, Splendor Pro Classic and Super Splendor. With all its variants, the Splendor accounts for sale of 25 lakh units annually. Presently the stock of Hero MotoCorp is trading up by 0.4%.

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