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Power stocks lead the rally
Wed, 27 Jun 11:30 am

Indian equity markets were trading in the green during the last two hours of trade on the back of buying in index heavyweights. Barring, auto, energy and consumer durables stocks, all sectoral indices are trading firm.

The BSE-Sensex is up by 97 points and NSE-Nifty is trading higher by 33 points. However, BSE Mid Cap and BSE Small Cap indices are trading higher by 0.7% each. The rupee is trading at 57.13 to the US dollar.

Auto stocks are trading in the red led by Tata Motors and Force Motors. According to a leading financial daily, Maruti Suzuki will soon be launching a new 800 cc car. The car that is expected to be more fuel efficient will be more expensive too as compared to Maruti's Alto. The production will start at Gurgaon facility of Maruti from July or August and it will hit the roads by Diwali. As per the management, even though it will be another 800 cc car, the technology will be more advanced thereby making it more fuel efficient than the existing 800 cc models of both Alto and Maruti 800.

Hotel stocks are trading in the green led by Oriental Hotels and Hotel Leelaventure. According to a leading financial daily, ITC is aiming to become the largest hospitality company in India. The company with business interests as diversified as hotels, FMCG and paper sector has ambitious expansion plans in store for the hotels business which includes construction of a new super luxury property, ITC Grand Chola at Chennai. Work is underway for two other luxury properties at Kolkata and Classic Golf Resort near Gurgaon too. ITC gets over 57% of its revenues from the sale of cigarettes. However, as per the management things could change in the future. It now wants to build on its hospitality business in view of the positive long term outlook for the Indian hotel industry.

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