Wednesday April 9, 01:00 PM
Dipping into the red... |
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By Equitymaster.com
Markets continued to be volatile during the previous two hours of trade. Currently selling activities are being witnessed as the broader indices have dropped below the dotted line. The overall market breadth is mixed as the midcap and smallcap indices are in the positive zone. The advance to decline ratio is poised at 1.7 to 1 on the BSE. While buying is being witnessed across sectors, selected pharma and telecom are leading the pack of losers on the NSE Nifty.
The BSE Sensex is trading at 15,581 (down 6 points) while the NSE Nifty is trading at 4,688 (down 22 points). The rupee is trading at 39.98 to the dollar.
As per a leading business daily, steel manufacturers have announced a hike in prices of hot-rolled products by almost Rs 5,000 per tonne and are supposedly calling it a 'raw material surcharge'. Companies like JSW and Ispat Industries have already implemented price hikes since yesterday while Tata Steel (TISC.BO, news) and SAIL have announced doing the same in the coming days. The stock of Tata Steel is currently in the green (up 1%) while SAIL is down 2%.
Post the excise duty cuts announced in the Union budget, FMCG major, HUL has decided to pass on the benefit to its consumers through price cuts of its popular soap brands such as Lux. The price cut was anticipated after steep price rises taken earlier this year. But the company's peer, Godrej Consumer Products has not announced any price reductions stating that their volumes have not been affected due to inflation. HUL is currently trading lower by 3% while Godrej Consumer Products is marginally up.
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