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Oil and Gas stocks drag markets lower
Fri, 26 Oct 11:30 am

Indian equity markets continues to trade weak over the last two hours of trade on back of heavy selling pressure witnessed across industry heavyweights. Auto and realty stocks witnessed maximum buying interest while oil and gas and consumer durable stocks witnessed maximum selling pressure.

The Sensex today is down by 120 points, while the NSE-Nifty today is down by 35 points. BSE Mid Cap index and the BSE Small Cap index are down by 0.15% and 0.29%. The rupee is trading at 53.55 to the US dollar.

Aluminium stocks are trading in the red led by Nalco and Hindalco. Nalco has announced its results for the quarter ended September 2012. The company has reported a decline of 0.3% YoY in net sales and 96.6% YoY in net profits respectively during the quarter. Topline of the company remained flat due to lower aluminium LME prices. The company has incurred a loss at the operating level during the quarter owing to higher expenditure. EBITDA margins declined by 9.6% YoY. Net profit margins declined by 8.3% YoY. For the half year ended September 2012, the company has reported a decline of 0.6% YoY in net sales and 55.9% YoY in net profits respectively.

Auto stocks are trading in the green led by Mahindra and Mahindra and Tube Investments. According to a leading financial daily, Bajaj Auto has increased its market share from 25% to 27% during the first six months of the current financial year. This is despite the fact that the motorcycle market has dipped by 1% during the same period. In the first eight days of Dussera festival, Bajaj Auto's retail sales had witnessed a 6% growth compared to the last season's sales. This was due to the slew of new launches such as Discover 4G, Pulsar 200 and Discover 125 ST. Over the past decade, there has been a major shift in customer preference in the three bike segments - 100 cc, 125 cc and sports bikes of 150 cc +. From accounting for 4% of the entire market eight years ago, the sports bikes' market share has gone up to 17% aided by the launch of Bajaj's Pulsar brand.

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