Indian stock market indices traded strong over the last two hours of trade. IT and FMCG stocks witnessed maximum buying interest while Metal and Auto stocks witnessed maximum selling pressure.
The BSE-Sensex is up by 98 points, while the NSE-Nifty is up by 25 points. BSE Mid Cap index is down by 0.02% while the BSE Small Cap index is up by 0.26% respectively. The rupee is trading at 51.17 to the US dollar.
Steel stocks are trading in the red led by Bhushan steel and Jindal Steel. According to a leading financial daily, Steel Authority of India ltd (SAIL) is planning to acquire Brahmani Steel in Andhra Pradesh. Brahmani Steel has 14,700 acres of land and iron ore mines to build a 2.5 m tonnes steel plant at Kadapa in Andhra Pradesh. SAIL had registered its interest with Government of Andhra Pradesh in September 2011 for the acquisition and is still waiting for their response. The plant, which was proposed to be the first steel plant of such scale in the state, is estimated to get an investment of Rs 44 bn. However, it is yet to take off due to several issues, including company promoter and former Karnataka Minister G Janardhan Reddy being in jail.
PSU Banking stocks are trading in the green led by Allahabad Bank and Corporation Bank. According to a leading financial daily, Bank of Baroda has rolled out 1,001 ultra small branches (USBs) that would offer banking services to the people in un-banked villages. This is PSU bank's initiative towards financial inclusion. These were formally launched by Mr K C Chakraborty, deputy governor of Reserve Bank Of India (RBI) at Varanasi. Also, the bank has introduced 551 USBs across Uttar Pradesh and Uttarakhand. In future, it plans to open 1,700 such USBs across Indian villages.