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Indian Equity markets remain firm
Fri, 10 May 11:30 am

Indian equity markets have remained firm during the previous two hours of trade. consumer durables and auto are leading the pack of winners while IT and metal are facing the maximum selling pressures.

The BSE-Sensex is up by 20 points and NSE-Nifty is up by 7 points. BSE Mid Cap index is trading up by 0.2% while BSE Small Cap index is trading up by 0.4%. The rupee is trading at 54.52 to the US dollar.

FMCG shares are trading on a mixed note with Archies Ltd and Kokuyo Camlin leading the gains while Gillette India and Lakshmi Energy are leading the losses. According to a leading financial daily, Hindustan Unilever (HUL) will soon launch the country's first liquid laundry detergent, with a hope that affluent consumers will pay a premium for a product that promises to remove stains two times better than any detergent powder in the market. At Rs 230 for a litre, Surf Excel Liquid will be the most expensive daily use detergent product. Interestingly in the US, more than two-thirds of the detergent market is catered to by liquid products and HUL now hopes to get Indian consumers switch to liquid detergent the same way its parent Unilever did more than two decades ago in the US. With 90% penetration in the core detergent space, HUL is trying to create newer consumption opportunities in the over Rs 150 bn laundry market with niche and premium products including Comfort Fabric Conditioner and Rin Liquid Blues in the post-wash segment. HUL's share is trading down by 0.1%.

Steel shares are trading on a mixed note with Adhunik Metaliks and Tata Steel leading the gains while JSW Ispat and Jindal Steel are leading the losses. According to a leading financial daily, a key environment panel has recommended that Tata Steel should be allowed to expand its production from the Sukhinda chromite mines in Odisha, paving the way for the Company to resume operations that were suspended in January. The expert appraisal committee for mining has decided to recommend the clearance for enhancing production from the chromite mine and to allow for change in the technology used (from open cast to underground mining) at its meeting on April 16.The recommendation now awaits a final nod from the environment minister. Operations at the mine were suspended in January after the mining lease expired and fresh environmental clearance for the continued work at the mine was not granted. Tata Steel's share is trading up by 0.43%.

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