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Consumer durable stocks lead the rally
Tue, 3 Jul 11:30 am

Indian equity markets have been trading in the green during the last two hours of trade on the back of buying in index heavyweights. Barring, FMCG and IT stocks, all sectoral indices are trading firm.

The BSE-Sensex is up by 87 points and NSE-Nifty is trading higher by 17 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.7% each. The rupee is trading at 55.10 to the US dollar.

Auto stocks are trading in the green led by Escorts and Maruti Suzuki. According to a leading financial daily, Society of Indian Automobile Manufacturers (SIAM) has announced a recall policy for automobiles. As per this, all companies will have to follow standard procedures when any manufacturing defect is detected in their products. The new policy states that all automobile companies from two wheeler makers to commercial vehicles need to voluntarily rectify any technical problem causing safety issues, free of cost. In case, the auto company fails to announce a recall, then government or its concerned ministry may take action for violation of the directive. We may note here that, the US follows a mandatory recall policy. However, in Europe, Japan and Australia the manufacturer may voluntarily decide to recall based on internal findings or consumer complaints or may not.

Mining stocks are trading in the green led by MOIL India and Coal India. According to a leading financial daily, Coal India is open to price pooling of imported coal. The idea of price pooling has been proposed by the Prime Minister's Office (PMO) recently. We may note here that Coal India is unable to meet the demand from power producers who then import coal at higher (more than double) prices. Also, the situation is not expected to get better any time soon. This implies higher cost of generation of power. Under the pooling method, average price of coal sold by Coal India will be increased to accommodate use of imported coal. The decision regarding this will be taken in a meeting to be held during the second week of this month.

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