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Indian share markets continue in the red
Thu, 1 Nov 11:30 am

Indian share markets continued to trade weak over the last two hours of trade. Sectoral indices traded mixed with FMCG and energy stocks witnessing maximum gains while consumer durables and auto stocks were the top gainers.

The BSE-Sensex is trading lower by 44 points and NSE-Nifty is trading down by 14 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.4% each. The rupee is trading at 53.80 to the US dollar.

Automobile stocks are trading in the green led by Tata Motors and Maruti Suzuki. As per a leading daily, the festive season seems to have spruced up auto sales in the country. Most of the auto companies including Maruti Suzuki reported better sales volume in the last month. Sales for Maruti cars rose by 15-17% during Onam, Ganesh Chaturthi and Dussehra this year. Toyota, Kirloskar Motors and General Motors too reported month-on-month increase of around 10%. However, sales of petrol cars declined by 20% and those of diesel ones increased by 40% between April and September. Demand has been growing for two wheelers too which is benefitting Hero MotoCorp and Bajaj Auto.

Software stocks are trading in the red led by Infosys and Mahindra Satyam. According to a leading financial daily, Wipro Industries will demerge its consumer care and medical diagnostics units into a privately held company. The demerger is expected to be completed by next financial year, subject to regulatory approvals. The board of directors of the company has approved the demerger of the Wipro Consumer Care & Lighting (including Furniture business), Wipro Infrastructure Engineering (Hydraulics & Water businesses), and Medical Diagnostic Product & Services business (through its strategic joint venture), into a separate company to be named Wipro Enterprises. Wipro will continue to be a publicly listed company that will focus exclusively on information technology. The board will remain unchanged and the demerger will have no impact on the management structure of the company.

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