Both the BSE-Sensex and NSE-Nifty have opened on a negative note. The Sensex was trading lower by 200 points (0.7%) while Nifty was trading lower by 54 points (0.7%). Both mid and small cap indices have opened on a negative note. BSE Mid Cap index is down by around 0.4% and BSE Small Cap index is down by around 0.1%. The rupee is currently trading at Rs 60.99 to the US dollar.
Steel stocks have opened the day on a mixed note with Bhushan Steel and Tata Steel leading the losses. However, Tayo Rolls Ltd and Adhunik Metaliks Ltd were trading firm. As per a leading financial daily, Tata Steel Ltd expects to commence operations at the first phase of its 55,000 tonne per annum ferrochrome plant in Odisha by March 2015. Mr. Arun Misra, the vice president of the project has said that the plant would be part of an industrial park it is setting up in the eastern state. The company is likely to invest around Rs 8 bn in the same. It has already got in -principle approvals from the designated authorities to set up the industrial park which includes a multi-product special economic zone over 2,570 acres and the ferrochrome plant over 400 acres.
Energy stocks have opened the day on a mixed note with MRPL Ltd and Hindustan Petroleum Corporation Ltd (HPCL) leading the gains. However, GAIL (India) Ltd and Indraprastha Gas Ltd were trading weak. As per a leading financial daily, state-run Oil and Natural Gas Corporation Ltd's (ONGC) foray into coal bed methane (CBM) exploration could get delayed as Brisbane-listed Dart Energy has surrendered its stake in the former's CBM blocks. It is important to note here that ONGC had offered a 10% to 25% stake in four of its CBM blocks to Dart Energy in June 2013. This was done in order to speed up the production which was delayed due to land acquisition and rig availability issues. Dart has now stated that because of tough conditions of doing business in India, it has decided to exit the country and will surrender its interests in the block.