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Late buying fuels indices
Wed, 18 Sep Closing

Indian equity markets started the day on a choppy note and remained volatile for most of the trading session before closing in the green on back of heavy buying activity in late afternoon. Sentiments remained jittery ahead of the central bank's key policy meeting this week. Investors are awaiting on the sidelines the outcome of today's Federal Reserve Open Market Commitee (FOMC) meet that will help determine the pace and quantum of stimulus tapering by the US central bank. Realty, Banking and FMCG sectors led the pack of gainers. While the BSE Sensex closed higher by 158 points, the NSE-Nifty closed higher by 49 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have opened in the green. The rupee was trading at Rs 63.1 to the dollar at the time of writing.

According to a leading financial daily, Dabur India has forayed into specialized male-grooming segment by launching OxyLife Men Creme Bleach. The company has also entered into the professional male grooming market with the launch of a salon and parlour pack of OxyLife Men Creme Bleach. OxyLife Men Creme Bleach will be available in a 15 gm pack priced at Rs 40, and the 150 gm parlour pack will be priced at Rs 125. Male-grooming market in India is estimated at about Rs 38 bn, and the segment is expected to witness a 21% annual growth over next three years. While Dabur is the latest fast moving consumer goods company in India to enter the segment, companies like Nivea, Garnier, HUL, Godrej and apparel maker Raymond have been selling male grooming products for quite a few years now.

According to a leading financial daily, OVL, the overseas arm of state-owned ONGC in collaboration with Royal Dutch Shell will buy the 35% stake in block BC-10, known as Parque das Conchas, that Brazil's Petrobras had planned to sell to Sinochem. While the Indian firm will pick up 12.08% stake, the remaining 23% will go to Shell. In a first by an Indian firm, OVL has exercised its pre-emption rights to block China's Sinochem Group from buying 35% interest in a Brazilian oilfield for US $1.54 bn.

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