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Indian markets trade in the green
Tue, 10 Jun 11:30 am

After opening the day on a muted note the Indian indices have moved above the dotted line in the last two hours of the trading session. The sectoral indices are trading mixed. IT stocks are trading in the green while Banking stocks leading the losers.

The BSE-Sensex is trading up 80 points and the NSE-Nifty is trading up 35 points. The BSE Mid Cap index is trading down 0.6%, while the BSE Small Cap index is trading down 0.5% today. The rupee is trading at 59.2 to the US dollar.

Most of the Energy stocks are trading lower today. Gujarat Gas and Jindal Drill are leading the losers. According to a leading business daily; Oil marketing firms are in bound to see an improved performance in FY15. This is due to the appreciation of the rupee as well as the stability in international crude prices. In addition to this, the partial but steady deregulation of diesel prices on a monthly basis has reduced the under recoveries to a large extent. The bottomlines of the downstream companies is expected to increase by Rs 33-36 bn in FY 15. The under recoveries had increased the short term working capital needs of these firms and had resulted in huge interest payments. This can now be expected to reduce going forward.

Engineering stocks are trading mixed today. Sanghvi Movers and Suzlon Energy are leading the gainers; while BHEL and Punj Lloyd are leading the losers. As per a leading business daily; Larsen and Toubro (L&T) plans to raise Rs 36 bn (US$600 m), by selling equity shares to financial institutions. The company is seeking approvals to authorize its board to raise funds through issue of equity shares through QIP, convertible bonds, equity shares through depository receipts of an amount not exceeding Rs 36 bn (US$600 m), whichever is higher.After the formation of a stable government; the business scenario is expected to improve for Engineering, Infrastructure and Financial sectors. As a result, many companies from these sectors are likely to tap the markets to raise funds to finance their working capital requirements as well as expand their businesses. L&T is trading 1% down today.

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Mar 21, 2018 12:41 PM