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Markets will remain closed on May 20, 2024 on account of Parliamentary Elections.

Banking stocks lead the rally
Mon, 9 Dec 11:30 am

After opening on a positive note, the Indian Indices have traded firm in the last two hours of trading session. All indices are trading in the green. Banks and Capital goods indices are leading the gainers.

The BSE Sensex is trading up by 321 points and NSE-Nifty is trading up by 100 points. The BSE Mid Cap index is trading up 0.54% and the BSE Small Cap index is trading up 0.27%. The Rupee is trading at 61.2 to the US Dollar.

Automobile stocks are trading mixed today. Mahindra & Mahindra (M&M) and Escorts are among the stocks leading the gainers. Force Motors and Eicher Motors are leading the losers. According to a leading financial daily, M&M will invest around Rs 200 bn to set up an automotive plant and a testing facility at Cheyyar in Tamil Nadu. The process for setting up a plant was initiated in 2011 but there was a delay in allocation of land to the company. Currently also, the land to be allotted to the company is yet to be fully acquired. M&M will sign a memorandum of understanding (MoU) with the state government soon. The MoU is likely to be presented to the Cabinet by December end. The testing facility at Tamil Nadu will be very significant for the company as it currently does not have a testing facility in India. Therefore, it has to go to the UK, Australia or Korea to carry out testing. M&M is trading up 2.2% today.

FMCG stocks are trading mixed today. Gillette India and Pidilite Industries are leading the gainers. Marico Ltd and Paper Products are trading negative today. According to a leading business daily, Bajaj Electricals which is a leading consumer durable and lighting company will now focus on non-electrical appliances segment as well. The company is eying 5% market share by March 2014. The total non-electrical appliances sales were Rs 750 m in FY13 and it now aims to clock a business of Rs 1.25 bn in this segment by FY14. The company's non-electrical portfolio comprises pressure cookers, non-stick cook wares and gas stoves. Its main competitors include brands like Hawkins and Prestige. Bajaj Electricals is trading 0.67% down today.

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