Indian stock markets maintained its steady upward momentum in the last two trading hours on the back of sustained buying seen in index heavyweights. All the sectoral indices, barring auto, are trading in the positive. Power, consumer durables and capital goods stocks are the biggest gainers.
Energy stocks are trading mixed with Essar Oil and Petronet LNG leading the gainers and Bharat Petroleum Corporation Ltd. (BPCL) and Indraprastha Gas Ltd. (IGL) trading the weakest. As per a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) is planning to speed up work on major oil and gas project in the Krishna Godavari (KG) basin. The company is seeking approvals from the Government for the same and will be undertaking exploration and production work simultaneously. Earlier in August last year, the corporation had started production of around two thousand barrels per day and 0.18 cubic metres of gas from an offshore project that is spread over a huge area and includes deeper blocks. The development of this requires a time period of around 9-10 years.
Majority of the mining stocks are trading in the green with Gujarat NRE Coke and Coal India trading the strongest. As per a leading financial daily, NMDC has scaled down its iron ore production target from 30 million tonnes to 27 million tonnes in FY12. The company has attributed the lower production to disruption in power supplies and bottlenecks on movement for e-auctions in Karnataka. The company has forecasted 30 million tonnes of iron ore production in FY13. The stock is up 1.8%.