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Indian markets remain steady
Wed, 9 Jan 11:30 am

Indian equity markets have remained steady during the previous two hours of trade. Practically all sector indices have showed northward movement except for FMCG

Sensex today is up by 58 points and NSE-Nifty is up by 11 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.6% and 0.5% respectively. The rupee is trading at 54.93 to the US dollar.

Auto stocks have continued to trade in the green. As per a leading financial daily, Maruti Suzuki, India's largest car maker has continued to lose market share in 2012 because of multifarious factors. The market share in 2012 has dropped to 37.8% from 44.6% in 2010. While labour trouble at its Manesar plant has been primarily responsible for the loss in optimal production units, a shift in demand towards diesel powered cars because of rising petrol prices also led to the downfall in Maruti's market share. On top of those, another problem in 2012 has been the fall in demand for micro cars such as the Alto, Wagon R, Ritz and Zen Estilo. Alto, the country's top-selling car, has reported an 8% fall in sales, while Wagon R has suffered an 8.5% fall in sales and has slipped to the fourth position from the second position it enjoyed in 2011. However, despite the fall in sales, Maruti still enjoys a huge lead over the second largest player Hyundai Motor, India. Maruti's management is hopeful that it can improve its market share to around 40% in 2013 with the backing of some new launches and a slew of makeovers.

Mining stocks are trading strong led by Gujarat NRE Coke and Ashapura Minechem. According to a leading daily, Manganese Ore India Limited (MOIL) is planning to increase its production to 2.2 m tonnes by 2020. For this, the company plans to invest Rs 12 bn in phases. We may note here that MOIL is in an expansionary phase and even wants to diversify. It is thinking of starting joint venture production of ferro manganese and silico manganese with Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited. The plants for these would be set up at Bhilai in Chhattisgarh and Vizag in Andhra Pradesh. As of now, MOIL supplies 42% of India's total manganese ore requirement. It also supplies 75% of the high grade ore.

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