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Indian markets drift lower
Thu, 13 Feb 11:30 am

After opening in the green, the Indian indices are trading much below the dotted line in the morning session. The selling pressure is the highest in banking and power stocks.

The BSE Sensex is trading down 120 points and the NSE-Nifty is trading down 43 points. The BSE Mid Cap index is trading down 0.4% and the BSE Small Cap index is trading down 0.5%. The rupee is trading at 61.12 to the US dollar.

Mining stocks are trading mixed. While Coal India is trading lower Sesa Sterlite and Hindusthan Zinc are trading firm. Coal India has announced the consolidated results for the quarter ended December 2013. The company has posted a decline of 2.3% YoY in net sales for the quarter ended December 2013. The decline in sales was mainly due to lower sales volumes. Other income declined by 7.5% YoY. It reported 11.4% YoY decline in net profits during the quarter on account of lower realisations and higher cost. Its net profit margins declined to 23% during the quarter. It has declared interim dividend of Rs 29 per share.

Energy stocks are trading weak led by Chennai Petroleum and ONGC. Gujarat Gas has announced its results for the fourth quarter of calendar year end 2013 (4QCY13). During the quarter, the company has reported a 2.4% year on year (YoY) growth in the net sales on account of higher realizations, offset by decline in volumes. The company's net profits for the quarter were up 29.3% YoY. For full year period, its topline and bottomline registered a growth of 1.5% YoY and 28.9% YoY respectively. During CY13, the operating profits grew by 34.4% YoY with margins at 17.5%, as compared to 13.2% in CY12.

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