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Indian markets build on gains
Thu, 17 Jan 11:30 am

Indian equity markets continued to trade in the positive during the previous two hours of trade. Sectoral indices traded mixed with IT and energy stocks emerging as top gainers while metal and capital goods stocks witnessed selling pressure.

The BSE-Sensex is trading higher by 60 points and NSE-Nifty is trading up by 17 points. Both the BSE Mid Cap and BSE Small Cap indices are trading flat at the moment. The rupee is trading at 54.61 to the US dollar.

Private banking stocks are trading mixed with Karnataka Bank and Federal Bank leading the gains while Lakshmi Vilas Bank and City Union Bank are among the top losers. According to a leading daily, Axis Bank has appointed Citigroup and JP Morgan Chase as investment bankers to raise funds of about Rs 60 bn. Further, Axis Capital has been appointed advisor for the same. This follows the board's approval received by the private sector bank to raise funds of Rs 62.2 bn by offering shares. The shares could be offered through qualified institutional placement or global depository receipts. In the meanwhile, Axis Bank recently declared results for quarter ended December 2012 and reported 19% YoY growth in net interest income and 22% YoY growth in net profits for the 9 month period.

Mining stocks are trading strong led by Gujarat NRE Coke and Coal India. According to a leading financial daily, Coal India will supply coal under the MoU route till January end. We may note here that the deadline of December 31, 2012 has been extended by a month for supply of coal to power firms. Earlier, in May the government had directed coal companies to supply fuel to power plants commissioned till 2012 through the MoU route till the fuel supply agreements (FSA) get resolved. 35 power companies have already signed the FSA with Coal India. However, National Thermal Power Corporation (NTPC) has not yet signed the FSA.

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