Over the last two hours of trade, Indian stock market indices have been trading in the negative territory. Power stocks and FMCG witnessed maximum buying interest while Oil and Metal and Gas stocks witnessed maximum selling pressure. The NSE-Nifty is down 5 points while the BSE-Sensex is down by 35 points. BSE Mid Cap index by 0.21% and the BSE Small Cap index are up by 0.26% respectively. The rupee is trading at 50.22/US dollar.

Engineering stocks are trading mixed with AIA Engineering and Jain Irrigation leading the gainers and Alstom Projects and Bharat Bijlee trading the weakest. Larsen & Toubro (L&T) expects sales growth of 10% from its electrical and automation (E&A) business in the next fiscal year (FY13) on improvement in power and infrastructure sectors and account of heavy demand as per a leading financial daily. The company expects a growth of 18% in the sector and a drop in margins by 2% for the current fiscal (FY12).

The company expects to continue the trend with the launch of seven to eight products including variants every year for which it has earmarked a capex of around Rs 1-1.5 bn per annum and has launched around 10 products within the segment.