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Metal stocks lead markets higher
Mon, 30 Aug 09:30 am

The Indian markets have started today's session on an extremely positive note. The benchmark indices opened above the breakeven mark and have stayed in the positive territory. Other key Asian markets are in the green with Japan (up 3.1%) leading the pack of gainers. The US markets closed higher by 1.7% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with metal and realty majors finding investor's favour. The BSE-Sensex is trading higher by around 168 points, while the NSE-Nifty is up by about 46 points. Buying interest is being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 1.2% and 1.4% respectively. The rupee is trading at 46.79 to the US dollar.

Power stocks have opened the day on a positive note. Gainers here include CESC and NHPC. As per a leading business daily, NTPC is looking to add another 8,140 megawatt (MW) power by 2015, through its proposed power plants in Madhya Pradesh. It has identified a location at four villages in Gadarwara tehsil in Narsinghpur district to set up a 1,320 MW super critical thermal power project. However, issues related to land acquisition and pollution related issues still remain. The company has also proposed another thermal plant in Khargone district. Interestingly, both the proposed sites will be located near Narmada river, which is among the least polluted in the country. It may be noted that the company already has its largest thermal power project at Singrauli in the state with a capacity of 3,260 MW. It plans to add 1,500 MW to the plant by 2015.

Food stocks have opened the day on a strong note. Gainers here include Tata Coffee and Britannia. As per a leading business daily, Nestle's flagship brand Maggi instant noodles is losing market share on a monthly basis to newer entrants. Maggi has dominated the Indian instant noodles market for nearly three decades. Of late, its market share has declined from 90.7% in December 2009, to 86.5% in July '10 on an all-India basis. It may be noted that Nestle now faces competition from GSK's Horlicks Foodles, HUL's Knorr Soupy noodles, Big Bazaar's Tasty Treat, Aditya Birla Retail's Feasters, Top Ramen and other brands. Interestingly, the market size itself is growing for the Rs 13 bn instant noodles category, which is growing at a rapid 15% annually.

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