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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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FMCG, auto stocks not in favour today 
(Wed, 11 Jul 01:30 pm) 
 
The Indian equity markets continued to trade in a range bound manner, albeit marginally below the dotted line during the post noon trading session. Mixed sentiments are being witnessed amongst the sectors today with stocks from the consumer durables, IT and capital goods spaces being in favour, while stocks from the FMCG and auto spaces are the top losers at the moment.

The Sensex today is trading lower by about 75 points (0.4%), while the NSE-Nifty is trading lower by about 22 points (0.4%). The BSE Mid Cap and BSE Small Cap indices are trading lower by about 0.3% and 0.2% respectively. The rupee is trading at 55.36 to the US dollar.

Oil and gas are trading firm led by Bharat Petroleum Corporation Ltd (BPCL), Aban offshore and Essar Oil. As per a leading financial daily, Gujarat State Petroleum Corporation (GSPC) group has chalked out an aggressive capital expenditure plan of Rs 250 bn. This includes two gas transmission projects valued at Rs 137 bn and development projects worth Rs 100 bn in Deen Dayal block of Krishna Godavari basin. Its group company Gujarat State Petronet LNG (GSPL) is the second largest gas transmission company in the country with operation of 2,000 km of gas grid in Gujarat. GSPL in collaboration with oil marketing companies Indian Oil Corporation, Hindustan Petroleum Corporation Ltd and BPCL is setting up 4,000 km long bidirectional gas transmission pipeline that will run through eight states and transmit 90 mmscmd of natural gas. The GSPC group wants to expand its presence on these routes through GSPL. The group is in talks with state governments of Rajasthan, Haryana, Punjab, Madhya Pradesh, Maharashtra and Andhra Pradesh for providing assistance in commissioning of gas grids in their states. Additionally GSPC's gas distribution arm will commission 50 CNG stations by the end of 2012.

Rural Electrification Corporation (REC) and Power Finance Corporation, companies involved in the business of financing infrastructure projects are trading weak today. A leading business daily has reported that REC has invited bids to raise Rs 30.9 bn through a private bond issue. It is reported that these issues will have maturity period of five and seven years and that the company would be offering interest rates of 9.4% and 9.39% respectively. It may be noted that REC raised 10-year bonds at 9.35% early June this year. But due to the lower chances of the Reserve Bank of India (RBI) cutting interest rates, bond yields have hardened over the past one month.

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