Indian Indices Open On A Negative Note; Metal & Auto Stocks Drag

Asian shares are trading on a negative note today. The Nikkei 225 is down 0.9%, while the Hang Seng is down 1.6%. The Shanghai Composite is trading down by 0.3%.

Back home, India share markets have opened the day on a negative note. The BSE Sensex is trading down by 246 points (down 0.7%) while the NSE Nifty is trading down by 63 points (down 0.6%). The BSE Mid Cap index is trading down 0.7%, while the BSE Small Cap index has opened the day down by 0.6%.

Barring oil & gas sector and PSU sector all sectoral indices are trading on a negative note.

The rupee is trading at 70.70 to the US dollar.

From the automobiles space, Tata Motors share price is in focus today as the company is planning a large-scale overhaul of its sales network across the country over the next one year as it prepares to bring in new products, including premium SUV Harrier.

In another news, the homegrown auto major said S&P Global Ratings has downgraded the credit rating of the company and its British arm Jaguar Land Rover Automotive Plc. Tata Motors' issue credit rating and senior unsecured notes rating have been revised to 'BB-/negative watch' from the existing 'BB' due to weaker profitability at JLR.

Last week, JLR reduced the workforce at the plant in Solihull, Central England. The company also reported that the external environment remains challenging and decisive actions are taken to achieve the necessary operational efficiencies to safeguard long-term success.

Tata Motors share price has opened the day down by 2.3%.

To know more about the company, you can access Tata Motors Q2FY19 result analysis and Tata Motors stock analysis on our website.

Speaking of blue-chip automobile stocks, one out of every three households in India is a buyer of their products. They own some of the cult brands in Indian automobile space.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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