Indian equity markets continued their southward journey during the previous two hours of trade. Sectoral indices are mostly trading in the red except for IT and FMCG stocks.
The BSE-Sensex is trading lower by 115 points and NSE-Nifty is trading down by 40 points. BSE Mid Cap and BSE Small Cap indices are trading down by 1.8% and 1.6% respectively. The rupee is trading at 53.81 to the US dollar.
Most of the FMCG stocks are trading weak led by Henkel India and Paper Products. According to a leading daily, Hindustan Unilever (HUL) has launched a new UV technology based water purifier under its Pureit brand. The new water purifier - Pureit Marvella UV combines aesthetics with convenience at a great price. Its features include superior water purification technology, in-built storage and greater convenience due to its compact form. It also has an advanced alert system. With this launch, HUL has ventured into the premium UV water purifier segment for the first time. HUL's Pureit is world's largest selling range of water purifiers. Pureit Marvella UV is priced at Rs 7,990 a unit.
Automobile stocks are trading weak with Tata Motors and Force Motors being the top losers. Tata Motors has recently stated that the third quarter revenue at its luxury Jaguar Land Rover unit will be higher than in previous quarters. However, the margins may be impacted due to unfavourabe forex rates and the ongoing effect of a higher mix of Evoque sales. The company expects negative free cash flows too as a result of higher capital spending. JLR plans to invest US$ 2 bn in the current financial year and increase it to US$ 2.75 bn in FY14. Half of this will be towards research and development and the remaining will be expenditure on tangible fixed assets. JLR is looking at raising US$ 400 m towards operational costs and expansion. The Tata Motors stock is presently trading down by 8%.