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Mid and Small caps buck the trend
Wed, 26 Sep 11:30 am

Indian equity markets continued to trade weak over the last two hours of trade. Pharma and realty stocks witnessed maximum buying interest while capital goods and IT stocks witnessed maximum selling pressure.

The Sensex today is down by 41 points, while the NSE-Nifty today is down by 7 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.64% and 0.83%. The rupee is trading at 53.53 to the US dollar.

Aluminium stocks are trading in the red led by Hindalco and National Aluminium Company Ltd. (NALCO). According to a leading financial daily, Nalco has tied up with state run caustic soda major Gujarat Alkalies and Chemicals Ltd (GACL) for setting up 200,000 tonnes per annum (TPA) caustic soda project at Dahej in Gujarat. The feasibility report for the proposed project is currently on and is likely to be completed by October-November this year. GACL will have majority stake in the project. Nalco would source nearly 100,000 tonnes of caustic soda from the project. Nalco is also jointly working with another Gujarat government owned company Gujarat Mineral Development Corporation (GMDC) for setting up alumina and aluminium smelter plant in Kutch district of Gujarat. The project is for 1 m tonne alumina and 0.5 m tonne aluminium smelter and investment is around Rs 120 bn.

Auto stocks are trading strong led by Escorts and Hero MotoCorp. According to a leading financial daily, Maruti Suzuki has hiked the salaries of its Gurgaon plant employees by 75%. This amounts to a hike ranging from Rs 14,000 to Rs 22,000 thereby making Maruti workers highest paid in the manufacturing sector. The hike is said to be the highest by Maruti in last 30 years. Maruti has signed an agreement with workers' union. Accordingly, it also reduced the probation of new technicians from 3 years to 2 years. In addition, periodic medical benefits have also been doubled. The auto company has stated high inflation and higher cost of living in Gurgaon as the reasons for this hike. All this is likely to impact the bottomline of the company in short-term. The company is thinking on similar line for the Manesar plant too.

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