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Indian stock markets shed some gains
Fri, 20 Jan 11:30 am

Indian stock markets shed some gains but were still trading in the green over last two hours of trade. Barring healthcare and Oil and gas stocks, all sectoral indices were trading in the positive.

The BSE-Sensex is trading up by 100 points and NSE-Nifty is trading strong by 26 points. BSE Mid cap and BSE Small cap indices are trading strong by 0.9% each. The rupee is trading at 50.31 to the US dollar.

Steel stocks are trading strong led by Jindal Steel and Tata Steel. According to a leading financial daily, Tata Steel has bagged a major contract from Siemens Wind Power to supply high-quality profiled steel plate for the wind towers. Siemens will be procuring 25,000 tonnes of such steel and will go on to establish Tata Steel as a key supplier to Siemens Wind Power. It will supply this between April and September this year. In the past, Tata Steel has already supplied such steel to Siemens for its wind power units in the UK and Europe. The contract is said to be the largest so far for Tata Steel's wind tower hub in Scunthorpe, England which was established in 2010.

Banking stocks are trading strong led by Dhanlaxmi Bank, Central Bank and UCO Bank. According to a leading financial daily, the Reserve Bank Of India (RBI) is in talks with other banks to restructure the loans to power sector. Earlier, the banks had been asked to give company wise exposure to loans in four sectors namely aviation, telecom, commercial, and real estate and power utilities. The gross nonperforming assets (NPAs) of the commercial banks have risen over Rs 250 bn in the first half of the current fiscal. However, as per the SBI Chairman, power companies are still hopeful of being able to service their debts. It may be noted that State Bank Of India (SBI) has over Rs 320 bn exposure to the power sector.

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