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Indian markets continue in the red
Wed, 4 Jan 01:30 pm

Indian stock markets continued to trade weak during last two hours of the trade. Among the sectoral indices, capital goods and power stocks were trading strong, while Auto and Realty were the biggest losers.

The BSE-Sensex is trading down by 60 points and NSE-Nifty is trading down by 24 points. However, BSE Mid cap and BSE Small cap indices are trading up by 0.3% and 0.1% respectively. The rupee is trading at 53.11 to the US dollar.

Consumer goods stocks have been trading mixed with Marico leading the pack of gainers and HUL trading the weakest. As per a leading financial daily, Proctor and Gamble Hygiene and Healthcare will go for price hikes across the product categories such as laundry, female hygiene and healthcare by 5% to 10% next month. In doing so, the company will be following into the footsteps of its rival Hindustan Unilever (HUL). The company is planning to increase prices in response to higher raw material prices and protect its market share in terms of value. The company has also expanded its product portfolio in the detergent category (Ariel) by launching a product at a pricing premium in the tier 1 laundry segment.

Energy stocks are trading mixed with Indraprastha Gas and Chennai Petroleum leading the gainers and BPCL and Hindustan Petroleum Corporation Ltd (HPCL) leading the pack of losers. As per a leading financial daily, Indraprastha Gas Ltd. (IGL) has approached major oil and gas industry players for a long term natural gas supply. The companies it has approached are BG, Shell, Gas Authority Of India Ltd. (GAIL), and Bharat Petroleum Corporation Ltd. (BPCL) with the intention of ensuring gas supply at affordable prices to its end consumers. The company has been struggling with higher gas costs of imported gas (regasified liquefied natural gas) as gas allotted to it from Oil and Natural Gas Corporation Ltd. (ONGC) fields (at administered price already) remains fully utilized and Reliance Industries Limited (RIL) supplies have declined significantly. The gas prices in the country are now ranging between US$ 4.2 per unit to US$ 18 per unit. Of the total gas that the company sells, around 78% is at administered prices and 20% from imported gas. The rest is taken care by spot market gas that comes at even higher prices.

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Mar 19, 2018 (Close)