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Indian markets trade at day's high
Thu, 28 Jun 11:30 am

Indian equity markets continued to trade strong over the last two hours of trade. Power and capital goods stocks witnessed maximum buying interest while banking and realty stocks were at the receiving end.

The Sensex today is up by 54 points, while the NSE-Nifty today is up by 16 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.53% and 0.57%. The rupee is trading at 56.97 to the US dollar.

Power stocks are trading strong led by JSW Energy and Suzlon Energy. According to a leading financial daily, Tata Power is looking to acquire coal mines overseas, particularly in Indonesia and South Africa. This is due to the shortage of coal domestically. However, the company has not given any timeline for any such deal or the quantum of funds earmarked for this, but has said that it would not be an outright purchase. It would mostly pick up stakes in already operating mines. Currently, the company sources coal from four mines in Indonesia and two in Australia. Of the four Indonesian mines, Tata Power already owns 30% stake each in two of them, with an offtake of a little over 40 million tonnes (MT) annually from them.

Auto stocks are trading in the green led by Amtek Auto and Bharat Forge. According to a leading financial daily, Bosch Limited will temporarily shut its manufacturing plants in Jaipur and Bangalore this week to prevent inventory pile up due to slowdown in the market. The company is planning to suspend the manufacturing operations at the company's Jaipur plant from June 28, 2012 to June 30, 2012 and at the company's Bangalore plant from June 29, 2012 to June 30, 2012. Bosch supplies various parts, including critical engine components, to many automobile manufacturers in India. With vehicle sales continuing to slow down due to high interest rates and petrol prices, many automobile manufacturers in India are shutting down their plants temporarily to reduce inventories.

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