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Live: Market treads water; consumer stocks back in vogue

13:00

The News International Team

1:30 pm: In other asset classes:

– The rupee was down against the US dollar to 61.85, some distance short of a nine-month low of 61.90.
– Crude oil traded at USD 78.5 a barrel, continuing their recent softness amid reports of a rising gap between supply and demand.
– The 10-year Gsec yield fell 67 points to 8.16 percent.

1:00 pm: The flat trend continues with benchmark indexes wandering close to the dotted line.

At the time of this writing, the BSE Sensex is up 0.02 percent, or 7 points to 28,170 while the NSE Nifty is down 0.04 percent, or 4 points, to 8,422.

Action in the consumer space has heated up, though, with both durable and non-durable stocks outperforming the benchmarks, amid hopes falling input prices and quicker implementation of the goods and services tax would boost profit margins for such companies.

Consumer stocks have lagged the more high-beta stocks in the recent rally.

HUL and Dabur India are up 1.5 percent higher, while Blue Star and Whirlpool have gained 0.7 percent each. ITC has gained 0.9 percent.

Among frontliners, Hindalco and Dabur are up 2.3 percent apiece while Sun Pharma, Cairn and Cipla are leading the losers’ list with a 1.9 percent loss for each.

Sugar stocks have given back some of their gains, with Balrampur Chini slipping into the red. They were up this morning amid hopes the government was going to announce sugar export sops today but no announcement has been forthcoming so far.

UB Engineering is up 4.8 percent, ahead of its results declaration.

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