Benchmark share indices came off their early highs amid profit taking in select index heavyweights even as Tata Group shares continued to trade higher.

At 10:30AM, the 30-share Sensex was up 193 points at 27,468 after hitting an intra-day high of 27,508 and the 50-share Nifty was up 55 points at 8,290 after touching 8,303 in early trades.

Subdued demand growth last year notwithstanding, car companies are ready with their offerings to begin the new year on a fresh note, with at least three crucial launches lined up this month.

Mumbai-based Tata Motors, which has finally found its footing in the car market after the launch of a compact sedan few months ago, is eager to unleash its second model Bolt (a hatchback). Bolt will be launched on January 22.

Tata Motors on Friday reported 10 per cent increase in total sales at 41,734 units in December 2014, as against 37,836 units in the same month last year.

Domestic sales of Tata commercial and passenger vehicles grew by eight per cent at 37,776 units as compared to 35,010 units in December 2013, Tata Motors stated.

Markets opened marginally higher with infrastructure stocks leading the gains after the government paved the way for easing the land acquisition Act for public-private partnership and rural infrastructure projects.

At 9:35AM, the 30-share Sensex was down 23 points at 27,372 and the 50-share Nifty was trading 6 points lower at 8,240.

The Ahmedabad Janmarg Limited (AJL), that runs the Bus Rapid Transport System (BRTS) in the city, has now got a new fleet of 123 air-conditioned (AC) buses equipped with automatic transmission from Tata Motors.

The new buses, flagged off by Tata Motors on Friday, are in addition to the order bagged by the company for 3200 buses under the JnNURM – phase II scheme. According to an official statement by Tata Motors, the buses are meant to reduce driver fatigue and provide for a superior commuting experience.

Benchmark indices are trading marginally lower after losing initial momentum as the absence of any significant directional cues has limited fresh buying by investors. Losses in FMCG, auto and oil & gas shares are weighing the most on the indices.

At 11:50AM, the 30-share Sensex was down 41 points at 27,167 and the 50-share Nifty was flat at the mark 8,171.

Five months after investor activism forced Tata Motors, the country’s biggest automotive manufacturer, to do a rethink on the pay offered to its senior management, the company is again seeking shareholder approval on remuneration to two executive directors (EDs).

The two are Ravindra Pisharody and Satish Borwankar — whose packages were contested by shareholders and proxy advisory firms when the company posted a loss at the standalone level last year.

Benchmark indices are trading lower, amid weakness in their Asian peers, dragged by losses in information technology and oil shares. Further, contraction in Index of Industrial Production for October to 4.2% also dampened sentiment.

At 9:30 AM, the 30-share Sensex was down 121 points at 27,241 and the 50-share Nifty was down 28 points at 8,196.

General Motors will raise car prices to the tune of 1 per cent from January 1 to offset its input cost pressure, the company said in a release today.

The Delhi-based company will be joining the league of Tata Motors and Mahindra & Mahindra who raised their prices in the range of 1-2 per cent last month.

Markets opened flat on Wednesday with Tata Motors leading the gains in early trades along with select index heavyweights.

At 9:19AM, the 30-share Sensex was up 6 points at 28,450 and the 50-share Nifty was up 4 points at 8,529.

HSBC India Services PMI for November 2014 is due on Wednesday. Adjusted for seasonal factors, the headline HSBC India Services PMI Business Activity Index fell to 50 in October, from 51.6 in September.

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