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A flat end to the day
Thu, 7 Aug Closing

After trading weak during post noon trading session, the Indian equity markets failed to recoup losses and ended the day in the red. While the BSE Sensex today closed lower by 76 points, the NSE-Nifty closed lower by 23 points. Even Midcaps and Smallcaps followed broader market trend and closed with marginal losses. Both the BSE Mid Cap index and the BSE Small Cap index recorded losses of 0.5% each. IT and consumer durable stocks were the biggest losers today.

As regards global markets, Asian indices closed on a mixed note today. The rupee was trading at Rs 61.3 to the dollar at the time of writing.

The RBI has tightened norms for the asset reconstruction companies (ARCs) in order to bring more transparency in purchase and sale of bad loans. Henceforth, ARCs planning to buy any bad loan will have to pay 15% upfront of the said restructured asset that is being proposed to be bought. Also, they will get more time to do due diligence before bidding for such loans. In addition to this, ARCs shall also get 6 months to plan recoveries from NPAs as against a year earlier. Such sweeping changes are likely to bring in more transparency and remove imperfections prevailing in the market.

FMCG stocks have ended the day on a mixed note with Bata India and Pidilite Industries among the list of losers. As per a leading business daily, GSK Consumer's brand 'Women's Horlicks' has now become the FMCG company's fastest growing product. It's sales topped Rs 1 bn in 2013. In fact, the sales of Women's Horlicks have been growing faster than even Sensodyne toothpaste (another popular brand under the company's portfolio of products) and the company's mainstay Horlicks. This has been despite minimal spending on advertising and a relative slowdown in demand for discretionary products. As per the management, this indicates a positive change in consumer demographics towards the product. What makes this more favorable for the company is this is a premium pricing product and thus high on margins and profitability.

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