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Indian markets consolidate
Tue, 10 Mar 01:30 pm

Indian benchmarks BSE-Sensex and NSE-Nifty are trading sideways in the post noon session. BSE Sensex is trading with a loss of 10 points while NSE Nifty is trading with a loss of 5 points. Today, all the sectors are trading marginally in the green, with automobile sector witnessing maximum buying interest. The sector has outperformed the market and is trading with gains of over 1%. Oil & Gas sector is trading with maximum losses.

S&P BSE Midcap and S&P BSE Smallcap has outperformed the market. The indices are trading with gains of 0.4% and 0.5%, respectively. Commodities are trading with moderate losses. Gold price, per 10 grams, has lost 0.70% or Rs 180 and is trading at Rs 25,850 levels while silver has lost 0.6% and per kilogram and is trading at Rs 35,680 levels. The value of Indian rupee has eroded and is trading while a slight gain of 0.15% or 0.10 at Rs 62.65 against the U.S. Dollar.

Asian stocks closed today's trading session in the red amidst the speculation that U.S. might increase interest rates earlier than thought. Japanese, Chinese, Hong Kong, Taiwanese and Korean markets closed in red with 0.7%, 0.5%, 0.9%, 0.3% and 0.4%, respectively.

Banks are trading with moderate gains this trading session. ICICI bank has said that it is going to create a separate department that will take care of the Non-Performing Assets. This decision follows the similar decision taken by the State Bank of India last year and encouraging results were reflected in its result of December quarter. NPA of ICICI Bank stood at 3.40% during the December quarter. The department was reportedly shut in 2005 but the bank is planning to re-introduce it again to curtail the NPA problem. Shares of ICICI bank grew over 1% after such developments.

Oil & Gas sector has lost the most in today's thin trading session. The losses have been led by Reliance Industries Limited and ONGC. Shares of ONGC fell over 1% after investors demanded clarity over its subsidy sharing mechanism as it holds a lot of relevance during an Offer For Sale (OFS). The Department of Divestment has outlined few points according to which the Offer For Sale (OFS) stake sale should proceed. This outline is a remedy of investors' concerns which have been created in order to avoid the confusion that arose in Coal India.

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