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Oil & Gas sector lead the downfall
Fri, 20 Feb 11:30 am

Indian markets continued their downward movement during the previous two hours of trade after opening the day on a negative note. Sectoral indices are trading on a mixed note. IT and Oil & Gas stocks are the leading losers, while Realty and Healthcare stocks witnessed maximum buying activity.

The BSE-Sensex is down by 200 points and NSE-Nifty is down by 53 points. BSE Mid Cap index and BSE Small Cap index, however, are trading up by 0.3%. The rupee is trading at 62.24 to the US dollar.

Majority of the energy stocks are trading in the red with Reliance Ind. and Indian Oil Corp. trading the weakest. According to a leading financial daily, GAIL India Ltd has not found any bidder for its US$ 7 bn tender to hire newly-built LNG ships to ferry gas from the US after postponing tender deadline thrice. GAIL's Rs 423 bn tender to hire nine newly-built liquefied natural gas (LNG) tankers drew a blank due to the government's condition of building a third of the ships in India. GAIL had in August last year floated a global tender to charter nine newly-built ships for transportation of natural gas in its liquid form at sub-zero temperature (LNG) from the US. The tender, however, required bidders to build one-third of the ships in India, a condition that found no takers. Officials of the company said may now have to re-float the tender without the 'Make in India' condition. GAIL was marginally trading up on the BSE at the time of writing.

Power stocks are trading mixed today. Tata Power and Power Grid are the leading losers, while Jaiprakash Power and Reliance Power are the leading gainers. According to a leading financial daily, NTPC Ltd announced it would supply an additional 1,657 Megawatts (Mw) to Uttar Pradesh for another two years. At present, the Maharatna Company is supplying 4,150 Mw to the state from power generated by its thermal power plants in UP. Thus, NTPC would be ramping up power supply by almost 40% to UP. The additional allocation of power to UP would come from new NTPC units in the state totaling 3,648 Mw. Reportedly, NTPC is setting up three new power plants in Unchahar, Tanda and Bilhaur in UP, for which the company is in the process of acquiring 2,000 acres of land.

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