As index heavyweights continued to witness selling pressure, Indian share markets slipped deeper into the red in the morning session. All the sectoral indices are currently trading negative with metal and auto stocks leading the pack of losers.
Energy stocks are trading on a negative note with BPCL and GAIL being the biggest losers. According to a leading financial daily, Cairn India might spend Rs 130 bn on the development of an oil and gas block in the Krishna-Godavari basin. Reportedly, Cairn India has sought permission to prepare Terms of Reference for undertaking drilling of the wells in the Bay of Bengal. The project site is located off-shore and is spread over an area of about 1,988 sq. km. The exploratory drilling is carried out to find, if there is a presence of hydrocarbons in commercially exploitable quantities. Cairn India was trading up by 1.5% on the BSE at the time of writing.
Majority of the FMCG stocks are trading in the red. Godrej Consumer and ITC Ltd are the pick of the losers, while Colgate, United Spirits and Hindutsan Unilever are the ones trading in the green. According to a leading financial daily, Hindustan Unilever (HUL) is laying the foundation for a debut in e-commerce. The company is reportedly changing the operating model of a direct-selling business to an online ordering and fulfillment model. Apparently, the change in the business model was to optimize operating costs and make the business more competitive. A few ranges of company's health and beauty products will be available through HUL network consultants and will no longer have physical offices.