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Indian stock markets volatile
Fri, 12 Jun 01:30 pm

Indian Indices are witnessing volatility in the post noon trading session. Most sectoral indices are trading mixed with stocks from the auto and power sectors leading the gains; while software and mining sectors are witnessing buying pressure.

The BSE-Sensex is trading marginally up by 8 points (up 0.02%) and the NSE-Nifty is trading marginally down 3 points (down 0.03%). The BSE Mid Cap index is trading marginally down and the BSE Small Cap index is trading down by 0.5%. Gold prices, per 10 grams, are trading at Rs 26,933 levels. Silver price, per kilogram is trading at Rs 36,730 levels. Crude oil is trading at Rs 3,860 per barrel. The rupee is trading at 64.06 to the US dollar.

As per a leading financial daily, Bajaj Electricals has bagged 3 new orders from Odisha Power Transmission Corporation worth Rs 845 m. The order for the Bolangir-Saintala line worth Rs 280 m, on turnkey basis, is for construction of 2x20 MVA substations in Bolangir district. And the order worth Rs 312 m is at Baraghar district. This is for the construction of 132KV transmission line on a turnkey basis. For the quarter ended March 2015, the company has reported a net profit of Rs 468 m while the revenues for the quarter were up by 3% at Rs 13 bn. At the time of writing, stock of Bajaj Electricals was trading up by 3%.

Stocks in the Pharma sector are trading on a negative note with Fulford India and Novartis leading the losses. Shares of Novartis plunged over 8% in the morning trade on reports suggesting that Novartis AG, parent company, is considering delisting of Indian unit, Novartis India from the BSE. As per the reports, Novartis AG is planning to purchase all the remaining shares of Novartis India that it does not own. These have a market value of about $419 m. However Novartis India in its clarification said that it has not received any notice of the same. Currently the stock of Novartis is trading down by 4%.

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