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Metal, IT stocks keep markets firm
Thu, 21 Apr 11:30 am

Indian stock markets continue to trade firm on buying interest in heavy weights over the last two hours of trade. Stocks from the metal and IT space are the biggest gainers while stocks from the pharma and power space have gained the least.

The BSE-Sensex is up by 210 points while NSE-Nifty is trading 55 points above the dotted line. BSE Midcap index is trading up by 0.6% while BSE Small cap index is trading 0.7% above yesterday's closing. The rupee is trading at 44.28 to the US dollar.

FMCG stocks are trading mixed with Pidilite Industries and Marico trading firm while Gillette India and P&G Hygiene are trading weak. As per a leading financial daily, Godrej Consumer Products Limited (GCPL) plans to employ a strategy of exchange of technology rather than brands transfer across product categories in Indonesia, Argentina and Africa. For this reason, bringing acquired brands to India is unlikely. This is because while the brands are number one in their respective markets, they have low brand equity in India. Hence, bringing in a new brand would be the same as building a brand from scratch.

However, in categories which have no overlaps, GCPL would consider the possibility of introducing international brands. For example, GCPL has exited the air care and hair care categories as a result of Sara Lee's brands like Ambi Pur, Kiwi and Brylcream being sold to P&G and Unilever. The company's spokesperson has stated that GCPL is considering re-entering these categories and would consider brand transfer in these categories. Globally, GCPL's ambition is to become the number two player in household insecticide business. It would be competing with big MNCs such as SC Johnson and Reckitt Benckiser in this business.

PSU Banking stocks are trading mixed with Allahabad Bank and SBI leading the pack of gainers. However, Oriental Bank and Indian Overseas Bank are trading weak. As per a leading financial daily, SBI has discontinued its teaser home loan scheme. The scheme that benefitted over 0.4 m home buyers in India will be withdrawn from May 1. Under the scheme home buyers could avail of loans at lower rates initially. RBI fears defaults from such borrowers once the rates go up after initial period of 3 years.

The State Bank of India has replaced the existing home loan structure by a new lending structure which will raise the interest payment of customers. It may be noted that to discourage banks, RBI had earlier increased the provisioning requirement on teaser loans by five times to 2%. SBI is in talks with RBI for a waiver.

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Stock Market Updates

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BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

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ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

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May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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