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Indian Stock Market News July 17, 2012

Indian equity markets extend gains
Tue, 17 Jul 11:30 am

   Previous Close

   Pre-Open

   09:30 am

   01:30 pm

   Closing

Indian equity markets continued to trade in the positive during the last two hours of trade. Barring IT stocks, all sectoral indices were trading firm led by healthcare and realty stocks.

The BSE-Sensex is up by 114 points and NSE-Nifty is up by 32 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.5% each. The rupee is trading at 54.92 to the US dollar.

Engineering stocks are trading on a mixed note with Welspun Corp and Kalpataru Power leading the pack of gainers. However, Alstom Projects and Thermax Limited are on the losing end. As per a leading financial daily, sales of consumer durables have bounced back after falling constantly for nearly three quarters. This spells good news for all makers of electronics and appliances including Voltas. Consumer sentiments seem to have improved over the past couple of months. Buyers who were unwilling to buy due to recurrent price hikes are now back to purchasing washing machines, refrigerators and air conditioners.

Steel stocks are trading strong led by JSW Ispat and JSW Steel. According to a leading financial daily, Tata Steel will sell its 50% stake in the Netherlands-based metals recycler HKS Scrap Metals to Euro Scrap Alliance (ESA). ESA already holds the remaining 50% stake in HKS and as a result of the deal ESA will become the 100% owner of HKS. The deal, which is subject to approval from the European Commission, will mean Tata Steel's exit from HKS, engaged in recycling both ferrous and non-ferrous metals. The transaction is in line with Tata Steel's strategy of focusing on its core activities. Although the company has maintained that the business connections between Tata Steel in the Netherlands and HKS will remain active.

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