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FMCG stocks lead among gainers
Wed, 17 Jul 01:30 pm

Backed by persistent buying activity across index heavyweights, Indian equity markets continued to trade in positive territory during the post noon trading session. Maximum buying interest is witnessed in the stocks from FMCG and consumer durables sectors. However, stocks from the banking and metal sector are the leading losers.

BSE-Sensex is up by 127 points and NSE-Nifty is trading up by 30 points. While BSE Mid Cap is trading up by 0.2%, BSE Small Cap index is trading up by 0.5%. The rupee is trading at 59.37 to the US dollar.

Most of the automobile stocks are trading in the green with Mahindra Scooters and Eicher Motor Ltd being the leading gainers. As per a financial daily, Hinduja group company Ashok Leyland has added a new multi purpose vehicle 'Stile' in its light commercial vehicle portfolio. Reportedly, Stile is developed with 7-8 seat capacity and can be used for various transport purposes in both the urban and rural areas. It would be launched in both diesel and CNG versions. The said vehicle is developed in joint venture with Nissan Motor Company. Stile will be manufactured from the Nissan's manufacturing plant in Chennai before the upcoming festival season. Ashok Leyland is confident about the launch of this new version and also plans to come up with a passenger carrier version of its existing brand 'Dost'. Ashok Leyland and Nissan had entered into master co-operation agreement (MCA) in October 2007 for vehicle manufacturing and technology development. As per the MCA, Ashok Leyland has stake of 51% and Nissan has 49%. Ashok Leyland was trading up by 2.2%.

Majority of the energy stocks are trading in the red with Chennai Petroleum and Bharat Petroleum Corporation Ltd (BPCL) being the major losers. However, Indraprastha Gas and Gujarat Gas are trading strongly. As per a leading financial daily, Reliance Industries Ltd (RIL) has said that the company can raise gas production from KG-D6 block by 40-60 million metric standard cubic metres a day (mmscmd) subject to the condition that gas prices are attractive to support its investments. The company is awaiting the fixing of the final price of gas to get investment approvals from the Company Board. Reportedly, the company's gas output slumped to 14.2 mmscmd from 62 mmscmd in 2010. The company has blamed the geological complexity for the production downfall even as the Oil Ministry has accused it of not drilling enough wells to support output. RIL stock is currently trading up by 1%.

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