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Indian markets slip into the red
Fri, 4 Jul 01:30 pm

The Indian stock markets have slipped in to the negative territory in the last two hours of trade as it pared gains witnessed in the morning session. The fall is led by index heavyweights. However, mid and small caps stocks are trading in the green. Among sectoral indices, stocks from metals and capital goods are facing the maximum selling pressure, whereas realty stocks are trading firm.

The BSE-Sensex is trading down by 80 points and the NSE-Nifty is trading up by 25 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.3% today. The rupee is trading at 59.79 to the US dollar.

Telecom stocks are trading mixed. MTNL and Bharti Airtel are leading the gainers, while AGC Networks is trading weak. The Reserve Bank of India (RBI) has increased the limit of investments by FIIs and registered foreign portfolio investors in Bharti Airtel. The stock has witnessed gains on the back of this news. The limit of investments by FIIs and registered foreign portfolio investors has now been increased to 74 % of the company's paid-up capital. The company's Board of Directors had passed a resolution in this regard and a special resolution by the shareholders had also been passed, supporting the hike in the limit for the purchase of its equity shares and convertible debentures by FIIs. These purchases could be made through primary market and through stock exchanges and would be subject to regulations and other terms and conditions stipulated by the Reserve Bank.

Energy stocks are trading mixed. Gainers is being led by Gujarat State Petronet, while Oil India and ONGC are leading the losers. As per a leading business daily, ONGC Petro Additions Ltd (OPAL) which is ONGC's special purpose vehicle for construction of Dahej complex is scheduled to complete the complex by first quarter of 2015. ONGC had established OPAL in 2006 for the project which is estimated to cost about US$ 4 bn. It is an integrated petrochemical complex located in Dahej Special Economic Zone (SEZ) and will have an annual production capacity of 1.1 m tonnes of ethylene and 40,000 tonnes of propylene. This project will boost entire petrochemical sector in general. And it will export about 50% of its produce to neighboring countries as well as Africa

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