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Indian share markets stagnate
Wed, 18 Sep 01:30 pm

Indian share markets continued to trade in a narrow range-bound manner in the post-noon trading session. Majority of the sectoral indices are trading in the green with realty, FMCG and pharma stocks being the biggest gainers. Only Metal, auto and IT are among the few stocks trading in the red.

BSE-Sensex is up 33 points and NSE-Nifty is trading marginally up. BSE Mid Cap is trading up 0.2% and BSE Small Cap index is trading up 0.1%. The rupee is trading at 63.1 to the US dollar.

Mining stocks are trading mixed, with Coal India Ltd (CIL) and Metals and Minerals Trading Corporation of India Ltd. (MMTC) being the major gainers and Gujarat NRE Coke and National Mineral Development Corporation (NMDC) being the major losers. As per a leading financial daily, CIL has identified 126 projects having an estimated capacity of 438 m tonnes to be implemented in the 12th Five-Year Plan (2012-17). As per the company, 60 of these projects will contribute around 88 m tonnes in the terminal year 2016-17 of the Five-Year Plan. Out of the 126 projects, preliminary reports for 78 have already been formulated whereas four projects having an estimated capacity of 12.5 m tonnes have been sanctioned. CIL will operate on the projects in the mine-develop-operate (MDO) mode. In FY13, CIL reported a 3.8% rise in coal production to 452.2 m tonnes. CIL stock is trading up by 1.3%.

As per a leading financial daily, the government has raised the custom duty on gold and silver jewellery by 5% to 15%. The government had earlier increased the import duty on primary gold and primary silver to 10%. This had led to diminished duty differential between bullion and jewellery hurting the domestic jewellery industry as imported jewellery is machine-made and cheaper. Also after the Reserve Bank of India's 80:20 norms, under which 20% of the imported gold has to be re-exported, traders were exploring the possibility of importing jewellery to circumvent the rule. The latest upward revision on jewellery imports is expected to plug the loophole and shield the domestic jewellery industry.

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