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Indian markets trade strong
Tue, 6 May 01:30 pm

Indian stock markets continued to trade higher led by continuous buying activity in the index weights. Stocks from energy and capital goods sectors are leading the pack of gainers, while IT stocks are trading weak today.

The BSE Sensex is up 97 points and the NSE-Nifty is up 23 points. The BSE Mid Cap index is trading higher by 0.4% and the BSE Small Cap index is trading higher by 0.4%. The rupee is trading at 60.2 to the US dollar.

Steel stocks are trading mixed today. While Tata Steel and JSW Steel are trading higher, SAIL is trading down. As per a leading business daily, India's steel production and consumption data for April 2014 has been released. Total finished steel consumption witnessed a growth of 3.4% YoY to 5.8 m tonnes in the month of April 2014 over April 2013. However, the consumption saw a sharp fall of about 13% over the preceding month of March 2014. Crude steel production grew by 2.7% YoY to 6.8 m tonnes in April 2014. Independent Steel Producers that includes SAIL, RINL, Tata Steel, Essar Steel, JSW, Jindal Steel & Power together produced 3.7 m tonnes for the month. The rest was produced by the small and medium producers. However, overall production was down by 5.6% when compared with March 2014. The total steel consumption in FY14 grew marginally by 0.6% YoY largely due to slowdown in the domestic economy along with decline in imports.

Majority of the automobile stocks are trading in the green led by Maharashtra Scooters and Eicher Motors. As per a leading financial daily, Mahindra & Mahindra (M&M) has launched new model of Ssang Yong Rexton Rx6 powered by manual transmission. The new sports utility vehicle with five speed manual transmission on a 2.7 litre engine is likely to be priced at Rs 20.11 lakh excluding showroom. As per the company Rexton was the second largest selling brand in the high-end sports utility segment (SUV) in FY14 from the Ssang Yong stable and faces competition from Toyota Fortuner and Hyundai Santa Fe. M&M acquired South Korean company Ssang Yong in 2010. M&M has said that it has managed to maintain market share of 45% in SUV's in the past three months. The research teams at M&M and Ssang Yong are working together to develop a family of six engines for new cars. M&M stock is presently trading up 0.3%.

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