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Auto stocks lead the rally
Wed, 19 Dec 11:30 am

Indian equity markets continued to trade in the positive during the previous two hours of trade after opening strong earlier today. Sectoral indices traded firm except for capital goods stocks.

The BSE-Sensex is trading higher by 102 points and NSE-Nifty is trading up by 30 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.7% and 0.5% respectively. The rupee is trading at 54.77 to the US dollar.

Automobile stocks are trading in the green led by Bajaj Auto and Tata Motors. As per a leading financial daily, Tata Motors has launched the new Aria Pure LX in Hyderabad recently. Aria is a 7-seater vehicle and has pillar mounted AC vents. Key features of the car include comfort and versatility, refinement, safety and styling. It has a powerful engine which is fuel efficient too. The vehicle priced at Rs 9.95 lakhs is said to be a combination of a sedan's finesse and strength of a sports utility vehicle (SUV). It is likely to compete with Toyota Innova. It must be noted that Tata Motors has been facing the heat in the passenger vehicles space on account of heavy competition. Having said that, as far as the passenger vehicles industry is concerned, utility vehicles (UVs) have reported robust growth in the fiscal so far and companies present in this space are looking to capitalise on this buoyancy.

Aluminium stocks are trading in the green led by Hindustan Aluminium Company Limited (HINDALCO) and Sterlite Industries. As per a leading financial daily, National Aluminium Company Limited (NALCO) has resumed bauxite mining at its Panchpatmali (North-Central block) mines. NALCO has obtained a temporary working permit to raise mineral for a year. The company is now looking at completing all pending work within 4 months before asking for a renewal of the lease. The company had earlier shut operations a month back after expiry of the lease deed on November 16, 2012. This affected the production at the alumina refinery of the company at Damonjodi, located on the foothills of Panchpatmali hills.

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