Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian stock markets shed gains
Thu, 28 Jun 01:30 pm

Backed by persistent selling across heavy-weights, Indian stock markets shed its gains in the last two trading hours and are now trading near the dotted line. The sectoral indices are trading mixed with FMCG, power and IT stocks being the biggest gainers. Auto, Oil and gas and banking stocks are trading weak.

The BSE-Sensex and NSE-Nifty are trading flat. However, BSE Mid Cap index and BSE Small Cap index are trading up by 0.1% and 0.3% respectively. The rupee is trading at 57.0 to the US dollar.

The steel stocks are trading mixed with Tayo Rolls and Gujarat Mineral Development Corporation (GMDC) being the biggest gainers. As per a leading financial daily, Steel Authority of India Ltd (SAIL) has reduced the price of galvanized corrugated (GC) sheets by Rs 600-3,000 per tonne in June. The downward revision comes on the back of weak demand. Plain sheets are coated with zinc through the galvanizing process and then corrugated in machines to give GC sheets. GC sheets find usage in roofing, industrial sheds, paneling, automobile hoods and household boxes. The GC sheets manufactured by SAIL at its Bokaro Steel Plant are sold under the brand name 'SAIL Jyoti'. The stock of the company was trading in the red.

The energy stocks are trading mixed as well while most of the oil marketing companies such as Hindustan Petroleum Corporation Ltd (HPCL), Oil India Ltd and Indian Oil Corporation being the biggest losers. Petronet LNG Ltd and Gujarat State Petronet are trading strong. As per a leading financial daily, state owned oil companies are planning to further cut the petrol price from 1st July, 2012. The reduction may be as high as Rs 4 per litre. This is being done in the light of softening international oil prices. The crude oil is trading at its level Since December 2010. Also, petrol prices witnessed a massive hike of Rs 7.5 per litre last month with a partial roll back of Rs 2 per litre. Hence, with the reduction of crude oil prices, there created a scope for further price cut. However, with the continuous slide in the rupee, the cost of imports is still under pressure. Hence, with the small upward movement of crude oil or further rupee depreciation may compel the companies again resort to petrol price hike.

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

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian stock markets shed gains". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.