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Indian stock markets inch higher
Mon, 15 Jun 11:30 am

After opening the day in the green the Indian stock market indices have surged higher. Buying interest is seen in Sun Pharma, Larsen & Toubro and Wipro.

The BSE-Sensex is trading up by 145 points (0.55%) and the NSE-Nifty is trading up by 34 points (0.43%). The BSE Mid Cap index is trading up by 0.50%, while the BSE Small Cap index is trading up by 0.73% today. The rupee is trading at 64.11 to the US dollar. Gold and Silver are trading at Rs 26,904 per 10 grams & Rs 36,646 per kilogram respectively.

Stocks in the FMCG sector are trading on a mixed note with ITC trading up by 0.37% and Nestle trading down by 1.76%. With Maggi off the shelves, competitors are eyeing to capture the space of instant noodles market. Maggi had 65% market share in India's instant noodles market, followed by ITC's Yippee, which holds 18% market share. ITC, which sells Yipee noodles under its Sunfeast brand, has taken the route of direct communication to push the sales. Leaflets are being distributed to the consumers stating Yippee's quality and safety standard assurance. The leaflets state that stringent tests are conducted on their food products at ITC'S NABL (National Accreditation Board for Testing and Calibration Laboratory) and by Food Safety and Standards Authority of India (FSSAI).

Stocks in the automobile sector are trading on a mixed note with Mahindra & Mahindra (M&M) trading up by 1.98% and Tata Motors trading down by 0.11%. M&M is expected to launch a new light commercial vehicle named Jeeto by the end of this month to compete with India's largest automobile company Tata Motors' popular mini-truck Ace Zip. It is noteworthy that Tata Ace has 78% market share even after seven years of its launch. Tata Ace Zip has a payload capacity of 600 kgs and a turning radius of 3.5 meters. M&M has witnessed a decine in sales in the light commercial vehicle segment during the last two years and is hoping that it will see a turnaround with the new model coming in and cashing in on an expected rebound in the market.

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