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Indian Equity markets slip in red
Wed, 8 May 11:30 am

Indian equity markets have slipped in red during the previous two hours of trade. FMCG and oil and gas are leading the pack of winners while power and capital goods are facing the maximum selling pressures.

The BSE-Sensex is down by 6 points and NSE-Nifty is down by 7 points. BSE Mid Cap index is trading up by 0.1% while BSE Small Cap index is trading up by 0.3%. The rupee is trading at 54.17 to the US dollar.

Auto shares are trading on a mixed note with Tata Motors and Escorts leading the gains and Hero Motocorp and Ashok Leyland leading the losses. According to a leading financial news medium, Mahindra & Mahindra (M&M), the country's largest utility vehicle maker is in process of developing more models in the commercial vehicle segment in order to fill some gaps to suit certain specific requirements. It is working in the area of cold storages, logistics and personal captive requirement of local businesses, which are offered through customization. Recently, the automaker had launched Mahindra Bolero Maxi Plus, a 1.15 ton pick-up truck, which comes in a single cab version with a capacity to seat two passengers M&M's share is trading down by 1.3%.

Power shares are trading on a mixed note with Gujarat Ind. Power and PTC India Ltd leading the gains and Reliance Power and Indiabulls Power leading the losses. According to a leading financial news daily, state-owned power generator National Thermal Power Corporation (NTPC) plans to spend around Rs 96 bn to revive its old power plants, which might help revive the ailing power equipment sector as well.

The objective is to improve the falling plant load factors (PLFs) of seven power plants that are more than 25 years old. The total capacity of these plants is around 5,000 Megawatts. While coal related worries have made many power companies freeze their expansion plans, NTPC is best placed to order equipment as they have already signed power purchase agreements, and has the maximum number of cleared projects. NTPC's share is trading down by 0.8%

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