After a weak opening, Indian stock markets continued to remain well below the dotted line in the last two trading hours. Barring pharma, all the sectoral indices are trading in the negative. Metal, capital goods and power stocks are the biggest losers.
The BSE-Sensex is trading down 219 points and NSE-Nifty is trading down 72 points. Both BSE Mid cap index and BSE Small cap indices are down 1% and 0.5% respectively. The rupee is trading at 51.3 to the US dollar.
Most of the mining stocks are trading in the negative with Sesa Goa and National Mineral Development Corporation (NMDC) being the biggest losers. As per a leading financial daily, coal india is likely to enter into fuel supply agreements (FSAs) for a total capacity of 28,000 MW. The number of firms could be as many as 50 including National Thermal Power Corporation (NTPC), Reliance Power and DVC. The proposed move is an outcome of a Presidential directive to the company to supply a minimum assured quantity (at least 80% of the committed coal delivery) of fuel to power producers. As per industry sources, some of the leading power firms that have major capacity addition plans are likely to benefit from the FSAs. Coal India stock is currently down 0.63%.
Majority of the energy stocks are trading negative with Indraprastha Gas Ltd. (IGL) and Essar Oil being the biggest losers. The absence of new gas finds and steep fall in production from KG-D6 fields has led to a huge jump in natural gas imports in India. As per a leading financial daily, Reliance Industries Limited (RIL) is planning to commence marketing of imported natural gas in the country. Its joint venture company, India Gas Solutions, formed with British Petroleum (BP) will be utilized for the purpose. Reportedly, the company is in talks with Shell Hazira and Petronet LNG to utilize their terminals for bringing in liquefied natural gas. RIL faced with a drastic slump in natural gas production from KG-D6 entered into a technical tie-up with BP in February 2011. BP currently owns 30% stake in 23 oil and gas blocks, including KG-D6. The stock is down 1.07%.
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Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).
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