Indian equity markets continues to trade weak over the last two hours of trade. FMCG and Auto stocks witnessed maximum buying interest, while realty and metal stocks witnessed maximum selling pressure.
Energy stocks are trading in the red led by Gas Authority Of India Ltd. (GAIL) India and Oil India. According to a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) is planning to sell around 35% of its stake in four of its coal-bed methane (CBM) blocks. The company will offload its stake to the bidders for a certain financial consideration and production sharing at a later stage. The stake could be sold as a consortium or on an individual basis. UK-listed Great Eastern Energy Corporation Ltd (GEECL) and Brisbane-based Dart Energy, in addition to Essar Energy, have bid for the stake. ONGC holds four CBM blocks in Jharia, Bokaro and Karanpura, all of which are in Jharkhand and Raniganj in West Bengal. It has an incidental production of 8,000-10,000 mscmd (million standard cubic metres per day) from the Jharia block of Dhanbad district.
Automobile stocks are trading mixed. The list of gainers includes Tube Investments and Eicher Motors. However, TVS Motors and Force Motors are among the losing stocks. According to a leading financial daily, Mahindra & Mahindra's (M&M) subsidiary Mahindra South Africa (MSA) has been doing well and has become the fastest growing automobile brands in South Africa in terms of sales growth in the passenger car and light commercial vehicle (LCV) segments. As per RGT Smart, automotive market intelligence company, sales grew by 124% over first 5 months of the year. Its closest competitor Jaguar's sales grew by 94%. Passenger car sales recorded highest growth numbers of 245% with no of units up from 180 to 628. In the LCV segment which grew by 84%, Mahindra holds third position.