Indian stock markets continued to trade in the red on account of persistent selling among index heavyweights during the previous two trading hours. However, mid and small cap indices are trading higher by over 1%. Most sectoral indices are trading on a weak note led by pharma and metal stocks, whereas stocks from FMCG sector are trading higher.
The BSE-Sensex is trading down by 85 points and the NSE-Nifty is trading down by 22 points. However, the BSE Mid Cap index is trading up by 1% and the BSE Small Cap index is trading up 1.3% today. The rupee is trading at 60.82 to the US dollar.
Mining stocks are trading on a mixed note today with MMTC leading the pack of gainers. However, Coal India is leading the stock of losers. As per a leading business daily, Coal India has set aside Rs 8 bn as provision to guard against its coal grade slippages for supply made to state power major NTPC. There has been dispute between both the companies and ministry of finance hasworked out a formula of about Rs 8 bn for mismatch in supply of coal from total sum of about Rs 16 bn for the grade slippage. However, differences between the two companies still remain. As such, NTPC has recently appointed a third party coal sampling team which will work independent of team appointed by Coal India at various loading points near the mines. The independent team inspects and informs quality of coal delivered to NTPC. The stock of Coal India is trading lower by as much as 3% today.
Majority of the food & tobacco stocks are trading in the green led by Tata Global Beverages and Golden Tobacco. As per a leading financial daily, ITC has thrown open doors to its premium hotel under the brand of 'WelcomeHotel' in Jodhpur. The hotel with five star rating has 98 rooms and caters to both the business class and leisure travellers. The hotel is located 10 kms from the airport and is close to popular sightseeing destinations. Hotel business contributes less than 10% to ITC's overall revenues. ITC stock is currently trading up marginally.