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Steel and Mining stocks in favor
Wed, 5 Aug 11:30 am

After opening on a firm note, the Indian Markets continued to trade in the positive territory. Sectoral indices are trading on a firm note with stocks from the mining, steel and auto sectors leading the gains.

The BSE-Sensex is trading higher by 206 points (up 0.7%) and the NSE-Nifty is trading up 58 points (up 0.7%). The BSE Mid Cap index is trading up by 1.2% while the BSE Small Cap index is trading up 1.4%. The rupee is trading at 63.80 to the US dollar.

Finance stocks are trading on a mixed note with SREI Infra Finance and Indiabulls Financial Services witnessing maximum buying interest. As per a leading financial daily, non-banking finance company Capital First has declared its numbers for the quarter ended June 2015. The company has posted 59% rise in its profit after tax on a YoY basis. This was helped by steady growth in assets under management (AUM) and control on operating costs. The retail loan assets grew by 24% YoY. As stated, the growth in income was primarily driven by higher net interest income which grew 39% YoY. Presently the stock of company is trading lower by 1%.

Stocks in the energy sector are also trading mixed with Gujarat State Petronet leading the gains and Chennai Petroleum leading the losses. As per an article in Business Standard, Bharat Petroleum Corp (BPCL) is planning to shut a 90,000 barrels per day (bpd) crude unit at its 1,90,000 bpd Kochi refinery for about 10 days from September 26. This is undertaken in order to link new units with the crude unit. Through this the company is planning to expand the refinery to 3,10,000 bpd by May 2016. Further, BPCL is also planning to shut a 1.5 million tonnes a year fluidised catalytic cracker for about 8-10 days along with the crude unit. Scrip of BPCL is currently trading up nearly by 1.1%.

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Jan 24, 2018 03:33 PM