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Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

PSU, auto stocks propel markets
Fri, 16 Sep 01:30 pm

The Indian indices continue to trade firm on account of sustained buying interest in heavyweights. Except for FMCG space, all other sectoral indices are trading in the green. Stocks from the Public Sector Units (PSU), auto, oil & gas and metal space are leading the pack of gainers.

The BSE-Sensex is trading up by 152 points while NSE-Nifty is trading 41 points above yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading up by 0.3% and 0.1% respectively. The rupee is trading at 47.49 to the US dollar.

Energy stocks have been trading mixed with Oil and Natural Gas Corporation (ONGC), Indraprastha Gas and Gujarat Gas leading the pack of gainers. However, Chennai Petroleum Corporation, Castrol India and Hindustan Petroleum Corporation (HPCL) are trading in the red. As per a leading financial daily, gas output of Reliance Industries (RIL) has dropped to 44 million cubic meters per day (mcmd), down 10% from the 1QFY11. The decline is attributed to persisting technical issues. It has restricted supplies to several customers and forced consumers to shift to imported liquefied natural gas (LNG), which costs three times as much as Reliance's gas. The news will have negative impact on companies like Gas Authority of India Ltd (GAIL), that are working on pipeline expansion. This is because shortage in supplies will imply capacity under utilization.

Engineering stocks have been trading mixed as well with Elgi Equipments, Areva T&D and Larsen and Toubro (L&T) leading the pack of gainers. However, Finolex Cable, Opto Circuit and KSB Pumps are trading weak. Elecon Engineering has bagged order worth Rs 297 m from Bharat Heavy Electricals Ltd (BHEL). The order is for design, supply and erection and commissioning of machinery items for CHP machine package for 2x250 MW expansion project at Barauni TPS Unit -3 & 4 at Begusarai in Bihar. Earlier, in the month of May, the company had bagged order worth Rs 394 m from BHEL. The company is engaged in delivering power transmission solutions and material handling equipment and has emerged as the largest gear manufacturing company in Asia. The stock of the company is trading in the green.

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