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Indian stock markets slip into the red
Fri, 10 Feb 01:30 pm

Indian stock markets has been trading below the dotted line over last two hours of trade. Amongst the sectoral indices, metal and consumer durables are leading the gains while IT stock and realty stocks have witnessed maximum selling pressure.

The BSE-Sensex is trading down by 87.7 points and NSE-Nifty is trading down by 31.6 points. BSE Mid Cap and BSE Small Cap indices are up by 0.1% and 0.2% respectively. The rupee is trading at 49.65 to the US dollar.

Energy stocks are trading mixed with Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd. (BPCL) leading the gainers and Essar Oil and Petronet LNG trading the weakest. Hindustan Petroleum Corporation Ltd. has announced results for the third quarter of financial year 2012 (3QFY12). The corporation has reported a 41% year on year (YoY) increase in the topline and a twelve fold increase in the bottomline. The company has attributed the turnaround to higher discounts on crude prices and raw materials (petro products brought from Oil and Natural Gas Corporation Ltd. (ONGC) and Gas Authority Of India Ltd. (GAIL)). The subsidy from both ONGC and GAIL to refining companies amounts to Rs 80.8 bn for the nine months of the current fiscal year (versus Rs 34.2 bn last year) and accounts for 38% of the total under recoveries.

Auto ancillaries Stocks are trading mixed with Sundram Fastners and Ucal Fuel leading the gainers and Bharat Forge and Exide Industries trading the weakest. Bharat Forge Ltd has announced its results for the third quarter of financial year 2012 (3QFY12). The company has registered 24.7% year on year (YoY) increase in its standalone net profit. At the topline level, the company registered a growth of 21% YoY, boosted on account of exports income (up 29.3% YoY) which was at par operational income from domestic sales. The exports grew due to strong market growth globally. The growth in the domestic market came at 15% YoY. Operating profits before exchange loss were up 26.4% YoY. The operating margins for the quarter increased by 1% to 25.4%.

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Mar 16, 2018 (Close)