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Indian Indices Trade on a Flattish Note
Mon, 30 May 11:30 am

After opening the day on a positive note, the Indian stock markets registered some losses and are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks from the IT and metal sectors leading the gains. Power and oil & gas stocks are trading in the red.

The BSE Sensex is trading up by 32 points (up 0.1%) and the NSE Nifty is trading up by 10 points (up 0.1%). The BSE Mid Cap index and the BSE Small Cap index are also trading in the green, up by 0.1% and 0.3%, respectively. The rupee is trading at 67.32 to the US$.

Engineering stocks are trading on a mixed note with Crompton Greaves and Elgi Equipments leading the gains. Bharat Heavy Electricals Ltd (BHEL) reported its results for the quarter ended March, 2016.

The company's net profit declined 59% YoY to Rs 3.6 billion during the quarter. Revenue declined 21% YoY to Rs 97 billion. Further, EBITDA (earnings before interest, taxes, depreciation and amortization) margin came in at 3.6%. This was much lower than estimates of 7% and was impacted by provisions of Rs 9.5 billion, which includes Rs 3.5 billion towards doubtful debts.

The company received orders worth Rs 156 billion in the fourth quarter. As such, the outstanding order book stood at Rs 1,100 billion as of March 31, 2016. However, the company has stated that projects worth about Rs 500 billion are relatively stressed and hence are likely to move at a slower pace.

BHEL is an integrated power plant equipment manufacturer and one of the largest engineering and manufacturing company of its kind in India. It produces a wide variety of industrial goods. The company recently commissioned 250 megawatt (MW) thermal power plant in Maharashtra. The company has been a major partner in the power development programme of the state and has contributed to more than 16,000 MW of power generation capacity in Maharashtra. This is recorded as its highest power generation capacity in any single state. Presently the stock of the company is trading down by 3.6%.

Moving on to the news from commodity space. Crude oil is witnessing buying interest today. At the time of writing, crude oil was trading at Rs 3,315 a barrel, up by 0.15%.

These gains are seen as recent reports stated that US crude stocks dropped by 5.1 million barrels to 536.8 million during the last week. The commodity witnessed buying interest after the announcement and touched US$50 per barrel mark last week.

Marketmen are now eyeing upcoming meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna where a deal on capping production is to be discussed.

One of the articles from Vivek Kaul's Diary has discussed what the Modi government will do if oil prices continue to go up.

To keep a regular tab on the movements in crude oil prices, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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