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Sensex Trades Flat in Noon Session; Energy Stocks Gain
Tue, 4 Jul 01:30 pm

Indian share markets continue to trade near the dotted line during the noon session amid mixed international indices. Energy stocks and software stocks witnessed majority of the buying momentum. Pharma stocks and FMCG stocks traded in red.

The BSE Sensex is trading higher by 35 points and the NSE Nifty is trading higher by 11 points. Meanwhile, the BSE Mid Cap index is down by 0.2% & the BSE Small Cap index is up by 0.1%. The rupee is trading at 64.75 to the US$.

In news from steel sector, Tata Steel posted a 28% growth in sales volume in the first quarter of the current fiscal to 2.75 million tonne (mt), driven largely by a 16% jump in hi-end products in its automotive segment and a ramp up in capacity at its new plant at Kalinganagar, Odisha.

Compared to this, Tata Steel had sold 2.15 mt of steel in the same period of last year. The company also saw a 46% growth in sales volume in small and medium enterprises segment in Q1FY18 YoY, primarily on account of spurt in sales of hot rolled products.

In another development, German industrial group Thyssenkrupp aims to hold less than half of a steel joint venture it wants to set up with Tata Steel so it can deconsolidate the business from its balance sheet.

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Thyssenkrupp and Tata have been in discussions since last year to combine their European operations in a joint venture to remove overcapacity from the market and cut costs, and had so far said to be planning a 50-50 venture.

Negotiations for a deal have been hampered by Britain's vote to leave the European Union and concern over Tata's pension deficit in Britain.

Tata Steel share price is presently trading down by 0.3% on the BSE.

No Takers For Domestic Steel

The government's proposal to give domestic steel makers a preference in government projects should protect them from cheaper imports. But in the meanwhile, the steel makers are chasing imports out by ramping up production.

But the bigger concern is weak consumption growth. The consumption data over the past few months clearly show that there are no takers for domestic steel. So steel makers have been forced to export more.

Meanwhile, as per an article in The Economic Times, petrol prices per litre have decreased by Rs 2.35, and of diesel by Rs 1.02, ever since the daily revision in rates was implemented throughout the country from June 16.

Following the success of a pilot project in five cities, India switched to the daily pricing mode for transport fuels in line with global rates.

Earlier, the state-run oil marketing companies (OMCs) used to review and revise retail fuel prices every fortnight based on global crude oil prices, while the revision took effect from midnight.

Dynamic fuel pricing is followed in many developed countries and India opted for it as a response to the recent volatility in global crude oil prices.

According to the government, this move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users.

Crude prices have continued their downward spiral following the 13-nation Organisation of Petroleum Exporting Countries (OPEC) cartel's decision in May to extend output cuts in response to a supply glut that has been pushing down prices over a prolonged period.

Oil & gas stocks are currently trading on a firm note with BPCL share price and Oil India Ltd share price leading the gains.

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Jul 26, 2017 (Close)

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