Monday March 10, 11:00 AM
Red carpet opening... |
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By Equitymaster.com
Tracking the weak global cues, the benchmark indices have opened the week with yet another coating of red all over. Currently, stocks across sectors are reeling under selling pressure. Select stocks from software and telecom sector though have recorded marginal gains. The overall market breadth is negative with losers outnumbering gainers in the ratio of 15:1 on the NSE.
The BSE Sensex is trading at 15,423 (down 553 points) while the NSE Nifty is trading at 4,636 (down 135 points). The rupee is trading at 40.45 to the dollar.
Auto stocks are trading weak with Bajaj Auto (BJAT.BO, news) (down 4%)and TVS Motor (5%) being the key losers. TVS Motor has launched a new three-wheeler and is confident of seeing the vehicle adding Rs 4 bn to the company's revenue streams within the next 18 months. The company will initially sell the three-wheeler, popularly known as auto rickshaws, in south India and will make it available across the country by December 2008. India's No 2 motorcycle maker, Bajaj Auto is currently the leading three-wheeler maker. The auto industry and customers are now looking forward to TVS Motor relaunching its 'Flame' motorcycle with a new engine, scheduled to be launched early this week.
The US market closed in red last Friday. The Dow Jones and S&P closed lower by 1% while the NASDAQ fell by 0.4%. Key European indices also closed lower by almost 2% last Friday while all the Asian indices are currently trading weaker by almost 3%. The Nymex crude declined by 32 cents to close at US$ 105.15 per barrel and the Comex gold also fell by US$ 2.9 to close at US$ 974.2 an ounce.
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