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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets back in the green 
(Wed, 10 Feb 01:30 pm) 
 
Indian markets have recovered from the day's lows in the last 2 hours and are now trading above the dotted line. While all sectors are trading in the green, the star performers are stocks from the realty and consumer durables sectors with stocks from the FMCG space showing the least gains.

BSE-Sensex having recovered from the day's lows is trading positive by 50 points while NSE-Nifty is higher by 23 points. BSE-Midcap Index is trading higher by 79 points while the BSE-Smallcap index is higher by 124 points. The rupee is trading at 46.52 to the US dollar.

According to a leading newspaper, the government is planning to spend Rs 100 bn on e-governance projects in 2010-11. This is thrice what is being spent in the current year and is potential a bonanza for IT companies. Under the National e-governance plan, the ministry has identified 27 mission-mode projects which together have a spending budget of Rs 230 bn. Industry body Nasscom has projected that the business opportunity in e-governance over the next three years is worth US$ 9 bn. This provides a huge opportunities for IT companies like TCS, Infosys and Wipro which have already set up dedicated units to tap into this opportunity. So far five projects have been awarded while the biggest is the Unique Identification project headed by former Infosys chairman Mr. Nandan Nilekani. While the allocation of these projects are running behind schedule, we expect this opportunity to help IT companies tide over the loss of business due to the economic slowdown in US and Europe.

French FMCG giant Groupe Danone has entered the Indian market with flavored milk. This is the first product by the company after a prolonged battle with the Nusli Wadia Group. The product branded Danone Choco Plus milk, priced at Rs 15 for a 200 ml tetra pack is being test marketed in Hyderabad before a national launch. However, the company is not in a hurry for a national launch as it wants to test the waters first and get its product right. The product will be taking on Amul's Kool, Nestle's Milkmaid Funshake and Britannia's Actimind Choco Plus. The milk beverage market is currently small, valued at Rs. 2 bn but growing fast. Danone India has plans of investing Rs 3.3 bn in India over the next few years. We see Danone's entry in the Indian markets as the start of tough times for companies in the dairy space.

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