Auto stocks zoom in a weak market; Bajaj Auto up 2%

On the sectoral front, 9 out of 12 sectoral indices are trading in red with BSE Oil & Gas dropping 2.4%

Markets continue to trade under pressure as the festival of lights, Diwali failed to bring cheer to the investors after prospects of an interest rate hike by the US Federal Reserve rekindled.

At 12 PM, the Sensex was at 25,955, down by 166 points while the Nifty at 7,850 level, down by 65 points.

In the broader market, BSE Midcap index was down by 0.9% while BSE Smallcap index is flat. The market breadth is weak with 1,090 advances against 1,174 declines on the BSE.

Meanwhile, markets will be open for trading from 5.45pm to 6.45pm tomorrow on account of a special Muhurat trading session to herald the new year Samvat 2072. However, Markets will remain closed on Thursday, 12 November 2015 on account of Diwali Balipratipada.

Snapping its 7 day losing streak, the rupee appreciated by 5 paise to 66.39 against the US dollar on  fresh selling of the American currency by exporters.

KEY STOCKS

On the sectoral front, 9 out of 12 sectoral indices are trading in red with BSE Oil & Gas dropping 2.4%.

Shares of Jet Airways (India) and SpiceJet have turned volatile after listing of InterGlobe Aviation, which owns low-budget airlines IndiGo.

The auto stocks are gaining across the exchanges. Domestic passenger car sales rose 21.80% to 1,94,158 units in October from 1,59,408 units in the same month a year ago. Maruti Suzuki is up 1%.

Motorcycle sales rose 5.66% to 10,65,856 units in October as against 10,08,761 units sold during the same month last year, according to the data released by the Society of Indian Automobile Manufacturers (SIAM). Bajaj Auto, Hero Motocorp are up 1-2%.

Tata Motors has extended its gains from yesterday and has advanced nearly 1% on the Sensex on the back of a new proposed cost cutting plan of JLR.

ONGC has slipped again today on the back of a decline in the crude oil prices. Disappointing quarter by the company further hurt the stock. The stock is down by 3.7%

Hindalco is expected to announce the quarterly results today. The stock has dipped 2.5%

Extending its losses for the second day, Dr. Reddy’s has dropped another 4% on the back of the warning letter issued by the US Food and Drug Administration (USFDA).

Capital Goods stocks are trading lower ahead of the IIP numbers due on Thursday. BHEL and L&T have lost 1-3%.