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Metal & energy, major losers
Mon, 12 Jan 01:30 pm

Indian share markets continued to trade weak in the post-noon trading session. Majority of the sectoral indices are trading in the green led by FMCG and IT stocks. Metal and energy stocks are the biggest losers today.

BSE-Sensex is down 60 points and NSE-Nifty is trading 11 points down. BSE Mid Cap is trading 0.5% up and BSE Small Cap index is trading up by 0.6%. The rupee is trading at 62.17 to the US dollar.

Most of the jewellery stocks are trading in the green with PC Jeweller and Titan Company being the major gainers. As per a leading financial daily, the jewellery industry has urged the government to reduce the customs duty on gold from 10% to 2% to keep gold smuggling in check. The government had earlier raised the import duty on gold to rein in the widening current account deficit (CAD). Additionally, the All India Gems and Jewellery Federation has demanded that the import duty on jewellery be retained in order to encourage domestic manufacturing. The trade body has also demanded that jewellery parks be developed so that artisans can be kept abreast of the best technologies. The trade body has suggested that fashion jewellery with lower grammage of gold be promoted to aid in lowering the consumption of the yellow metal.

Majority of the automobile stocks are trading in the green with Force Motors and Eicher Motor being the biggest gainers. However, TVS Motors and Mahindra & Mahindra are among the major losers today. As per a leading financial daily, the new plant in Gujarat being built by Maruti Suzuki India's (MSI) parent company Suzuki Motor Corp is likely to be ready by 2017. The plant is being set up at Hansalpur village of Ahmedabad at an estimated investment of Rs 40 bn. The plant will have an initial capacity of 1,50,000 units per annum and will be supplied to MSI. It may be noted that the Gujarat plant, being the first outside Haryana, was initially being set up by MSI but met with opposition from institutional investors. MSI stock is trading up by 0.3%.

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