Indian stock marketcontinued to trade in the green over the last two hours. Stocks from the realty, auto, and banking are the main gainers while those from the capital goods and metal space are trading weak.
The BSE-Sensex is trading up by 48 points while NSE-Nifty is trading 19 points above the dotted line. However, the BSE Midcap and BSE Small cap indices are up by 0.8% and 1.0% respectively. The rupee is trading at 44.41 to the US dollar.
Steel stocks are currently trading mixed with Toyo Rolls, Tata Sponge and Bhushan Steel leading the pack of gainers. However, Tata Steel and Jindal Steel & Power are trading weak. As per a leading financial daily, Tata Steel's group director of procurement has stated that in the next few years, steel prices would be supported by scarce supply of good quality coking coal. It is important to note that prices of hard coking coal, a key ingredient for making steel, have surged to about US$ 300 a tonne from about US$ 200 a tonne a year ago because of logistical bottlenecks and restricted supply due to flooding which hit top producer Australia earlier this year.
He said while coking coal in the long term will go up, the level is hard to predict. However, he believes that the situation will be better in the next five years. He said that while lower grade of coking coal can be used where assets are not fully utilized, it affects the production process adversely.
Power stocks are trading mixed as well led by Reliance Infrastructure, Coal India and Neyveli Lignite. NTPC and Torrent Power are trading in the red. As per a leading financial daily, NTPC will submit a detailed mining plan to win back five mines recently de-allocated by the ministry. The Government had earlier deallocated mines in Kerandari (with 228 million tonnes of reserves), Chatti Bariatu (243 mt), Brahmini and Chichro and Patsimal. The company's Chairman has apprised coal minister of the difficulties faced in developing the coal blocks. The coal minister has shown consideration towards the huge investments made to develop coal mines. He has asked the company to provide detailed mining plans. If these are found workable and without any loophole, the ministry could review the decision to de-allocate. The company will come up with specific mine development targets for the next two years.
With 15,000 MW of capacities coming up, the company is heavily dependent on de allocated mines. It has plans to invest about Rs 100 bn to produce 50 million tonnes of coal every year from 2013.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
What else is happening in the markets today? Dig in...
Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).
View More Indian Share Market NewsLast time the smallcap index crossed 19k a big correction followed. Here's what makes it different this time.
In this video, I'll cover your queries on intraday trading and also share my view on how to decide stop losses and target prices.
A look at what India's top equity mutual funds bought and sold in January 2021.
Do you enjoy reading Tesla and Bitcoin stories? Here's a not so famous small-cap stock to profit from the rise of EVs.
More
Equitymaster requests your view! Post a comment on "Mid, smallcap stocks are in limelight". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!