The downward slide that started around mid day today intensified during the closing hours. As a consequence, indices in the Indian stock market closed the day as well as the week on a negative note. While the BSE Sensex lost in the region of 120 points, losses at NSE Nifty came in at around 35 points. As far as BSE Midcap and BSE Small cap indices are concerned, while the former lost around 0.3%, the latter ended only marginally lower. On the Sensex, more than three stocks declined for every one that closed the day in the positive. Index heavyweights Reliance and HDFC emerged as the counters that exerted the maximum selling pressure on the Sensex.
While Asian indices closed mixed today, Europe is trading largely in the negative currently. The rupee was trading at around 45 to the dollar at the time of writing.
As per reports, BPCL, one of India's leading petroleum sector companies is planning to bid for city gas projects in Kochi and Hyderabad. Besides, the company is also looking to launch around 600-700 new retail outlets with a special focus on rural markets in FY12. The company is of the opinion that there is a huge potential in the markets of Hyderabad and Kochi and hence it is keen to bid for city gas projects in these cities. From an investor's standpoint, city gas distribution is one of the most promising segments in the Indian oil and gas industry. Compared to the rest of the industry, it tends to be stable, generates a decent return on investment and places a lower demand for incremental capital. BPCL closed lower by 1% on the bourses today.
NCC, previously known as Nagarjuna Construction Company has announced that it expects to win order worth Rs 140 bn in FY12 out of which Rs 50 bn would be in-house orders from the power project. The company hopes to grow its revenues by 15% this fiscal and by 20%-25% in FY13. The company had a strong orderbook position to the tune of Rs 162 bn at the start of FY12 and secured more orders worth Rs 7 bn during the first two months. The stock witnessed heavy selling pressure today and ended 4% lower on the bourses.