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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian markets volatile 
(Thu, 21 May 01:30 pm) 
 
After opening the day on a positive note, the Indian share markets gave up most of the early gains and fell below the dotted line in the post-noon trading session. The sectoral indices are trading mixed with steel and FMCG being the major losers; while auto and mining are witnessing maximum buying activity.

The BSE-Sensex is trading lower by 53 points (down 0.2%) and NSE-Nifty is down by 16 points (down 0.2%). BSE Mid Cap index is trading down by 0.5% and the BSE Small Cap index is trading down by 0.1%. Gold prices are trading at Rs 27,270 per 10 gms and Silver prices are at Rs 39,337 per kg levels. Crude oil is trading at Rs 3,793 price levels. The rupee was trading at 63.69 to the US dollar at the time of writing.

Majority of steel stocks are trading on a negative note with Tata Steel and Tayo Rolls bearing the maximum burnt. Stock of Tata Steel slumped nearly 5% today after the company reported a consolidated loss of Rs 56.7 bn for the March 2015 quarter. The loss was mainly due to a sharp fall in revenue and also because of a non-cash impairment of Rs 49.5 bn it booked, mostly in Europe's long products division. Domestic steel realizations of the company also fell sharply during the second half of 2014-15 because of cheap imports and sluggish demand which led to a nearly 60% YoY (year-on-year) drop in domestic gross profit. Consolidated sales for the quarter was 21% lower over the year ago period and stood at 333.3 bn. The stock of Tata Steel is currently trading down by 5%.

Majority of energy stocks are trading in the red with Oil India and Gujarat Gas being the major losers. As per a leading financial daily, Gail has signed a preliminary deal with Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio from its U.S. production. The company has purchased 3.5 mtpa (million tons per annum) of LNG over 20 years from US- based Cheniere Energy from 2017 onwards. It has also booked capacity to export another 2.3 mtpa at U.S.-based Dominion Energy's Cove Point liquefaction plant from 2017. On a separate filing the company has informed BSE that a meeting of the Board of Directors of the Company will be held on May 27, 2015, to consider the audited financial results for the year ended on March 31, 2015, subject to approval of shareholders in the ensuing Annual General Meeting. GAIL stock is trading down by 1.1%.

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Jul 26, 2017 03:36 PM

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