The Indian stock markets continued to trade weak on account of selling pressure in heavyweights during the last two hours of trade. Except for FMCG, all sectoral indices are trading in the red. Stocks from the realty, capital goods and power are leading the pack of losers.
The BSE-Sensex is trading down by 288 points while NSE-Nifty is trading 95 points below the Friday's closing. The BSE Mid cap and BSE Small cap indices are trading down by 2.2% and 2.3% respectively. The rupee is trading at 49.05 to the US dollar.
Majority of the energy stocks are trading negative with Essar Oil and Indraprastha Gas the biggest losers. Only Bharat Petroleum Corporation Ltd. (BPCL) (up 2%) and Cairn India (up 0.43%) are the gainers. As per a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) is spending Rs 260 bn to develop ten oil and gas clusters including 34 marginal oil fields in eastern and western offshore. The development process will be complete by 2013-14 and will contribute 3.5-4 m tonnes to the company's overall oil production. In the 12th Plan, ONGC has set a target of 277 m tonnes of oil and oil equivalent gas, around 40 m tonnes higher than its target in the 11th Plan. ONGC, which hold 12.5% stake in Petronet LNG, has presently no plans to set up LNG terminals on its own. The stock is trading weak.
Most of the auto stocks have been trading in the red with Hero MotoCorp, TVS Motors and Escorts leading the pack of losers. However, Tube Investments is trading firm. As per a leading financial daily, Jaguar Land Rover (JLR) is going to unveil the convertible concept for Range Rover Evoque, its premium sports utility vehile (SUV). Jaguar Land Rover is a British company, owned by Tata Motors. This is first time, a SUV is going to be tested for the convertible concept. The company has a plan to launch this concept during the 2012 Geneva Motor Show to take the reactions from the public. That would help the company judge the true potential of this concept. The stock of Tata Motors was trading in the red.