Indian stock market indices continue to trade weak over the last two hours of trade. Pharma and FMCG stocks witnessed maximum buying interest while Realty and Capital Goods stocks witnessed maximum selling pressure.
The BSE-Sensex is down by 105 points, while the NSE-Nifty is down by 34 points. BSE Mid Cap index and the BSE Small Cap index are down by 1.02% and 0.69%. The rupee is trading at 53.69 to the US dollar.
Auto stocks are trading in the red led by Wheel's India and UCAL Fuel. According to a leading financial daily, Bosch Limited which supplies technology, services and products for the automobile original equipment manufacturers is planning to invest Rs 3 bn in 2012 for expansion of its Nashik plant. This is a part of the Rs 220 bn investment for the entire Bosch Group in India that was announced in January this year. The company will use funds for capacity expansion and increase in production space. The production space has gone up to the tune of 35,000 square meters to meet the expansion plan. Apart from production space, funds have also been allocated for a new office building. The company is also planning to recruit around 400 persons in different areas of work.
PSU Banking stocks are trading in the red led by Dena Bank and Indian Bank. As per a leading daily, Oriental Bank of Commerce (OBC) is looking at expanding its branch network in Karnataka and Kerala. The bank sees good scope of business growth in these two southern states in which it already has 53 branches. It now plans to open 4 new branches in Karnataka in addition to the 37 branches that it has presently in this state. In Kerala, OBS currently has 16 branches and wants to add two more. The PSU bank recently declared its FY12 results. The bank reported 31% YoY growth in interest income and a 24% YoY fall in net profits. Fall in net profits was mainly on account of higher operating costs and provisioning expenses.