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Indian stock markets trade firm
Wed, 18 Apr 11:30 am

Indian stock market indices traded strong over the last two hours of trade. Barring FMCG, all sectors have witnessed buying interest led by Consumer Durables and Auto.

The BSE-Sensex is up by 101 points, while the NSE-Nifty is up by 35 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.94% and 0.95% respectively. The rupee is trading at 51.50 to the US dollar.

Barring Mangalore Refineries and Petrochemicals Ltd. (MRPL), all energy stocks have been trading in the green led by Cairn India and Chennai Petroleum Corporation Ltd. (CPCL). As per a leading financial daily, Gas Authority of India Ltd. (GAIL) will set up the country's first 4 million tonne (MT) capacity floating liquefied natural gas (LNG) terminal off the Andhra coast. As per the oil ministry and company sources, the project is estimated to cost around Rs 20 bn.

The project will be implemented by Andhra Pradesh Gas Distribution Corp (APGDC), a company jointly promoted by Gail Gas and Andhra Pradesh Gas Infrastructure, which has recently signed an agreement with GDF Suez LNG UK for jointly setting up a floating storage and regasification unit (FSRU). The project is estimated to be commissioned by the end of 2013.

Barring Infosys, all software stocks have been trading in the green led by HCL Technologies Ltd. and CMC Ltd. HCL Technologies has reported its results for third quarter of FY12 (3QFY12). The company has reported a 26% year on year (YoY) increase in the topline. The sales for the quarter stood at Rs 52 bn. The consolidated net profit for the quarter came at Rs 6 bn, up 28% YoY. This was on account of strong order flow from the customers that helped to cut the operational costs.

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