After a negative opening, Indian stock markets continued to linger in the negative territory in the last two trading hours. Majority of the sectoral indices are trading negative with Auto, realty and metal stocks being the biggest losers. Only IT and pharma stocks are trading positive.
The BSE-Sensex is trading down 84 points and NSE-Nifty is trading down 27 points. Both BSE Mid cap index and BSE Small cap indices are trading down by 0.8% and 0.7%, respectively. The rupee is trading at 53.2 to the US dollar.
Majority of the energy stocks are trading negative with Essar Oil and Petronet LNG being the biggest losers. As per a leading financial daily, Gujarat State Petronet Ltd (GSPL) has formed a consortium with three other public sector unit refiners to build three cross-country natural gas transmission pipelines totaling 4,000 km in length. The joint venture agreement signed has GSPL holding the majority stake of 52%, Indian Oil Corporation is the second largest stakeholder with 26% stake whereas Bharat Petroleum Corporation and Hindustan Petroleum Corporation hold stakes of 11% each. The budgeted cost for the project is Rs 120 bn of which the majority partner, GSPL will invest close to Rs 65 bn. The projects include Mallavaram-Bhilwara pipeline (1,585 km), Mehsana-Bhatinda pipeline (1,670 km) and Bhatinda-Jammu-Srinagar pipeline (740 km) and have been approved by the Petroleum and Natural Gas Regulatory Board in 2011 itself. GSPL stock is up 0.7%.
Cement stocks are trading mixed with Birla Corp and ACC being the biggest gainers and Madras Cement and Shree Cement being the biggest losers. According to a leading financial daily, cement manufacturers ACC and Ambuja Cement have reported an increase in the production of cement for the month of April. The production growth for ACC and Ambuja Cement stood at 5.3% and 5.5% respectively on a year-on-year (YoY) basis. In comparison, the dispatches for ACC and Ambuja in April were up by 1% YoY and 1.6% YoY respectively. The cement sales growth was muted due to slower demand.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
What else is happening in the markets today? Dig in...
Indian share markets witnessed huge buying interest during the extended closing hours today and ended their day on a strong note.
The BSE Sensex is trading up by 477 points, while the NSE Nifty is trading up by 135 points.
SIEMENS share price has hit an all time high at Rs 1,922 (up 1.7%). The BSE CAPITAL GOODS Index is up by 0.5%. Among the top gainers in the BSE CAPITAL GOODS Index today are SIEMENS (up 1.7%) and HONEYWELL AUTOMATION (up 1.9%). The top losers include HAVELLS INDIA (down 0.2%) and GRAPHITE INDIA (down 0.2%).
MUTHOOT FINANCE share price is trading down by 6% and its current market price is Rs 1,315. The BSE 500 is up by 0.5%. The top gainers in the BSE 500 Index are INDIAN OVERSEAS BANK (up 10.0%) and BANK OF MAHARASHTRA (up 10.0%). The top losers are MUTHOOT FINANCE (down 5.8%) and HIMADRI SPECIALITY CHEMICAL (down 5.4%).
ZENSAR TECHNOLOGIES share price has hit a 52-week high. It is presently trading at Rs 282. BSE 500 Index is up by 0.5% at 19,684. Within the BSE 500, ZENSAR TECHNOLOGIES (up 5.3%) and NAVA BHARAT VENTURES (up 11.2%) are among the top gainers, while top losers are MAGMA FINCORP and RELIANCE POWER.
BSE Sensex is trading up by 226 points, while the NSE Nifty is trading up by 113 points.
View More Indian Share Market NewsIn this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.
This is first of the three part master series. In these editorials, I'll show you how to earn 10X returns from a penny stock portfolio over 10 years.
A look at what India's top equity mutual funds bought and sold in January 2021.
Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.
More
Equitymaster requests your view! Post a comment on "Indian markets remain in doldrums". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!