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Indian share markets shed initial gains
Thu, 7 Mar 11:30 am

Indian share markets shed initial gains and traded flat during the previous two hours of trade. Sectoral indices traded mixed with IT and capital goods stocks leading the gains while metal and energy stocks witnessed selling pressure.

The BSE-Sensex and NSE-Nifty are trading flat presently. However, BSE Mid Cap and BSE Small Cap indices are trading higher by 0.2% and 0.3% respectively. The rupee is trading at 54.65 to the US dollar.

Auto stocks are trading mixed with Maharashtra Scooters and Hero MotoCorp seeing gains while Escorts and Tata Motors are witnessing selling pressure. As per a leading daily, Tata Motors is facing stiff competition from other industry players which has led to a fall in market share. Entry of new diesel cars such as Nissan Micra, Chevy Beat, Volkswagen Polo, Hyundai i20, Skoda Fabia, Ford Figo has heightened competition. Also, several global carmakers like Ford, Volkswagen, Toyota and Honda too are launching newer models in the compact car segment that have been a cause of concern. Declining sales are resulting in inventory build up for the auto company. The carmaker sold 10,613 vehicles in February, registering a 70% drop as compared to the previous year. This fall was the steepest in six years. The Tata Group company thus is taking steps to rationalize production to control the overflowing inventories. The dealers have also asked Tata Motors to reduce vehicle despatches from their plants.

Food stocks are mostly trading in the green led by Tata Global Beverages and Sterling Biotech. As per a leading daily, ITC Limited is all set to enter the Indian dairy market segment soon. The FMCG company is looking to launch a line of products in this space over the next 14 months. As per the CEO of the foods division of the FMCG company, the first set of dairy products will be shelf-stable and will include milk powder, long-life packaged milk, fortified milk, etc. ITC will face competition from existing players like Amul, Britannia and Nestle. We may note here that ITC earlier started the dairy business as part of its integrated animal husbandry programme, the firm's corporate social responsibility initiative (CSR).

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