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IT stocks out of favour today
Mon, 23 Dec 01:30 pm

Indian share markets continued to remain buoyant in the post-noon trading session. Majority of the sectoral indices are trading in the green with realty, capital goods and consumer durables stocks being the biggest gainers. Only IT stocks are languishing in the red.

BSE-Sensex is up 65 points and NSE-Nifty is trading 27 points up. BSE Mid Cap is trading up 1.3% and BSE Small Cap index is trading up 1.2%. The rupee is trading at 61.9 to the US dollar.

Majority of the automobile stocks are trading in the green with Force Motors and TVS Motors being among the major gainers. Mahindra & Mahindra and Maruti Suzuki are among the few stocks trading in the red. As per a leading financial daily, the commerce & industry ministry will be announcing an incentive program for commercial vehicles on the lines of the US government's 'cash for clunkers' program to rejuvenate the automobile industry in the country. Commercial vehicle offtake declined by 17.5% during the period April-November 2013. In order to revive the commercial vehicle industry, the department of industrial policy & promotion (DIPP) has proposed a Rs 10 bn scheme to provide incentives for the purchase of 1 lakh new commercial vehicles. Under the scheme, Rs 1 lakh subsidy will provided for replacing a 15-year old commercial vehicle and the subsidy will be directly paid to the manufacturer once the vehicle is sold. The Society of Indian Automobile Manufacturers (SIAM) has said that the scheme would provide a big relief to the industry. In similar lines, the government had provided subsidies to states for the replacement of buses under the Jawaharlal Nehru Urban Renewal Mission (2005-14).

Most of the steel stocks are trading in the green with Jindal Saw and Jindal Steel among major gainers. Only Maharashtra Seamless stock is trading in the red. As per a financial daily, weak demand from white goods and automobile sectors saw steel production falling to a 14-month low in November to 6.25 m tonnes. The aggregate steel production for the period April-November 2013 was up by 1.9% to 72.3 m tonnes on a marginal 0.4% rise in steel consumption. Global steel output grew by 3.2% to 1,447.7 m tonnes during the period April-November 2013. Reportedly, domestic steel companies are contemplating hiking steel prices by Rs 1000 per tonne next month in anticipation of pick-up in demand.

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