Indian equity markets continued to trade in the green over last two hours of trade. All sectoral indices are trading firm except consumer durables and FMCG stocks.
The BSE-Sensex is trading higher by 60 points and NSE-Nifty is trading up by 14 points. BSE Mid cap and BSE Small cap indices are trading higher by 0.2% and 0.4% respectively. The rupee is trading at 55.59 to the US dollar.
Mining stocks are trading strong led by Ashapura Minechem and Coal India. As per a leading financial daily, Coal India has stated that it can supply barely 65% of the power sector's coal requirements as per the terms of the Fuel Supply Agreements (FSA) decided some time back. Remaining 15% of the power generating companies' requirements will have to be met with the help of imports. As per the FSA, Coal India is supposed to meet at least 80% of the fuel requirement of power plants. Falling short of this would entail a penalty of 0.01% of the shortfall. For the year, Coal India plans to supply 347 m tonne to the power sector, up from 312 m tonne last year. However, this would not be sufficient to fulfil 80% requirement of the power sector.
Auto ancillaries stocks are trading in the red led by Amara Raja Batteries and Mahindra Forgings. As per a leading daily, Bharat Forge is set to liquidate its plant and machinery in America. This is after the company has been facing continuous losses in the region on the assets that it had acquired 7 years ago. We may recollect here that Bharat Forge had acquired the assets and business of Federal Forge for $9.1 million in mid-2005. The auto component maker had acquired these assets through a wholly owned subsidiary. The US subsidiary formed post the buyout named Bharat Forge America has not been faring well because of recession in the US automobile market.
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...
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%).
The BSE Sensex is trading down by 1,464 points, while the NSE Nifty is trading down by 423 points.
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.
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 "Consumer durable stocks buck the trend". 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!