Indian indices have continued their sideway move while keeping marginally above the dotted line. Stocks from the realty and metals space continue to trade firm. However, stocks from the capital goods and consumer durables space are witnessing marginal losses.
Currently, the BSE-Sensex is trading up by around 33 points, while the NSE-Nifty is up by about 9 points. There has been some buying interest amongst the mid and small cap stocks with the BSE-Midcap and BSE-Smallcap indices trading higher by 0.4% and 0.6% respectively. The rupee is trading at 45.98 to the US dollar.
Stocks of fertiliser companies are currently trading firm led by Tata Chemicals, Deepak Fertilisers and Nagarjuna Fertilisers. The stock of Tata Chemicals is trading firm on the back of news of the company foraying into the branded pulses segment. A leading business daily has reported that the company will be launching its products under the 'i-Shakti' brand, which will be able in retail shops. The company will also be making these products which include - toor, moond, chana and urad - at modern retail shops, traditional stores, its Tata Kisan Sanchar outlets as well as through its existing salt distribution network across the country. As per the company's management, this brand will be available across the country by next year. The company is confident about this initiative considering that there is a significant demand-sup-ply gap in India. It is believed that India's total pulses production stands at about 13 to 14 m tonnes, which has been stagnant for about a decade now. On the other hand, demand for pulses stands at about 18 m tonnes. As per official data, this demand-supply gap is fulfilled through imports.
Steel stocks are trading mixed with Ispat Inds, Jindal Steel & Power and Mah. Seamless trading firm. However, JSW Steel and Adhunik Metaliks are trading weak. SAIL is in talks with a state-run South African company to set up a steel plant there. The company, India's second largest steel producer, is considering building a 3-5 m tonne plant. The South African government has proposed a joint venture plant with SAIL and has promised iron ore and coking coal mines for it.