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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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FMCG, engg stocks pull markets lower 
(Thu, 3 Jan 01:30 pm) 
 
The Indian markets nearly shed all of their morning gains during the post noon trading session. Stocks from the FMCG and capital goods spaces are amongst the top underperformers, while those from the oil and gas and IT sectors are amongst the top performers.

The Sensex today is trading higher by about 15 points (up 0.1%), while NSE- Nifty is trading higher by about 5 points. Stocks from the midcap and small spaces are trading firm with the BSE Mid Cap and the BSE Small Cap indices up by 0.6% and 0.8% respectively. The rupee is trading at 54.44 to the US dollar.

Stocks of information technology companies are trading firm led by Hexaware Technologies, Mphasis and Tata Consultancy Services (TCS). As per a leading business daily, mid-sized IT firms will be going slow on their salary hikes this year. Also, these companies plan on hiring lesser number of people from campuses as compared to last year. The reason behind the same is the uncertainty in the developed US and European markets, where clients are cautious on their technology spends. These salary hikes usually take place during the first quarter of a financial year, while campus recruitments usually take place in the months of November and December each year. It is believed that while there is de-growth, companies are being more selective about hiring. A case in point is Mahindra Satyam, which stated that it plans to cut down on its campus hiring by about 50% in the coming year due to the unpredictable business environment. Managements of other mid-sized firms such as Mastek have also shared similar views.

Auto stocks are currently trading firm led by Bajaj Auto and Tata Motors. Maruti Suzuki announced its sales volumes for the month of December 2012 recently. The company reported a 3.2% YoY increase in volumes, which stood at 95,145 units for the month. The sales was led by the company's multi utility vehicles Ertiga as well as the Dzire. Domestic sales stood at 82,073 units (86%) of total volumes) and increased by 6% in a year on year basis. Export volumes, which contributed to the balance, declined by 11% YoY. In the year till date Maruti's sales were up by 7% YoY to about 828,000 units. Domestic sales were up by 8% YoY for the company, while exports were down by about 3% YoY.

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