After opening in the green, the Indian Indices have steadily managed to hold on to their early gains. FMCG and banking stocks are leading the gainers. Mid and small cap stocks too are witnessing buying interest.
Most retail stocks are trading higher today. PC Jeweller and TBZ are trading in the positive currently. As per a leading financial daily, the government is not planning to impose any further curbs on gold imports. This is because it believes that the current account deficit is under control and thus there would be no need to do so. It may be noted that the country has imported 7 tonnes of gold so far in January, while 39 tonnes of gold was imported during the whole of the month of December. Further, the government is also said to be considering a reduction in the import duty currently levied on gold.
Banking stocks are trading in the positive currently, with the list of gainers being led by Dhanlaxmi Bank and Lakshmi Vilas Bank. As per a leading business daily, Yes Bank has decided to raise around Rs 55 bn over the next 1 year. Of this, around Rs 25 bn to Rs 30 bn would be raised through infrastructure bonds around the month of March. Further, another Rs 25 bn would be raised as hybrid capital from domestic markets to meet Basel III requirements. Reports suggest that the bank may also be working on plans to enter home loan and credit card segments.