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Metal stocks weigh on markets
Fri, 23 Sep 01:30 pm

The Indian stock market continued to trade in the red due to selling pressure in the heavyweights. Stocks from the metal , capital goods, consumer durables and banking space are leading the pack of losers while those from software sector are finding investor interest.

The BSE-Sensex is trading down by 134 points while NSE-Nifty is trading 36 points below yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading down by 1.0% and 1.4% respectively. The rupee is trading at 49.32 to the US dollar.

Power stocks have been trading mixed with Reliance Power, Tata Power and National Thermal Power Ltd (NTPC) leading the pack of gainers. However, Calcutta electric supply corporation (CESC Ltd), Torrent Power and Coal India are trading in the red. As per a leading financial daily, NTPC has set an ambitious target of becoming a 128,000 MW capacity firm by the year 2032. It already has a total installed capacity of 34,854 MW and will add 4,980 MW, including Sipat 660 MW unit, during financial year 2011-2012.It currently has 14,088 MW capacity under construction and projects worth 18,471 MW in the bidding process. Besides this, it has approved feasibility reports for another 14,666 MW of capacity. The company is also preparing feasibility reports for an additional basket of 16,272 MW capacity. As per the company management, the Corporate Plan target of 1,28,000 MW capacity by the end of the 15th Five Year Plan seem within reach. The projection is based on the demand growth and project plans.

Energy stocks have been trading mixed as well with Indian Oil Corporation Ltd (IOCL), Oil and Natural Gas Corporation (ONGC) and Bharat Petroleum Corporation Ltd (BPCL) leading the pack of gainers. However, Indraprastha Gas, Cairn India and Petronet LNG are trading weak. As per a leading financial daily, the Gujarat government's dream to become state gas capital has hit a road block. The state officials have blamed Petroleum and Natural Gas Regulatory Board (PNGRB) for not giving the required permissions for laying gas pipelines across the state. The plans were to lay down 3,000 km of transmission pipelines in five years to benefit 10 lakh consumers. These were over and above the plans to set up 500 compressed natural gas (CNG) stations needed to meet domestic vehicle demands (versus current 284 CNG stations now).It is important to note that the gas demand has already reached 100 million metric standard cubic metres per day (mmscmd) while the supply is just 57 mmscmd.

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