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Markets see some recovery
Tue, 9 Aug 11:30 am

Indian stock market indices have bounced from day's lows but are still trading in the red. All sector indices are trading weak led by IT and Metal stocks.

The BSE-Sensex is down by 294 points and NSE-Nifty is down by 90 points. BSE Midcap and BSE Small cap indices are up by 1.5% and 2.0% respectively. The rupee is trading at 45.24 to the US dollar.

IT stocks are trading in the red led by Moser Baer and TCS. As per a leading daily, hiring activity in the Indian IT sector could slow down as a result of the recent downgrade of the US' credit rating. The impact could be a loss of nearly 1/4th jobs in the industry, which employs maximum number of people. US accounts for almost 60% of the revenues of the US$ 60 bn Indian IT industry. As per "myhiring.com", a leading recruitment agency, the hiring could gain momentum in 5-6 months. The country's largest software exporters Infosys and TCS are confident of surviving through the downturn. Recruitments in the other sectors are also going to be impacted.

Power stocks continue to trade weak. All stocks in the power indices are trading in the red except for PTC India which is trading in the green. World's largest coal miner Coal India is on an acquisition spree. India holds 10% of the worlds coal reserves out of which Coal India accounts for 80% of India's coal output. The company is falling short of meeting local demand for coal as the country builds more power plants. The company is already in advanced stage to buy 30% stake in assets of Indonesia's Golden Energy mines. It has now entered into talks with US miners Massey Energy and Peabody Energy to acquire coal assets in the US and Australia. The likely size for each deal will be Rs 10 bn and the company has allocated Rs 60 bn for acquisitions this fiscal. Coal India is waiting for approval from the government of India to close the deal.

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