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Metal and Oil & Gas lead the rally
Mon, 10 Oct 11:30 am

Indian stock market indices continued to trade firm over the last two hours of trade. All stocks in the sectoral indices are trading in the green. Metal and Oil and Gas stocks are witnessing maximum buying interest.

The BSE-Sensex is up by 184 points, while the NSE-Nifty is up by 49 points. BSE Mid Cap and BSE Small Cap indices are up by 0.99% and 0.74% respectively. The rupee is trading at 49.05 to the US dollar.

Engineering stocks are trading mixed. Opto Circuit and Bharat Bijlee are leading the gains while Elecon Engineering and Voltas are the top losers. As per a leading financial daily, Larsen and Toubro (L&T) is in talks for stake sale in L&T Infotech. The engineering company is in discussions with Hitachi, Mitsubishi, Fujitsu for this. Hitachi seems to be in the lead so far. The sale of this business would amount to US$ 700 m to 1 bn. It may be noted that all the interested parties are Japanese. In fact, Japanese companies have been on the lookout for software businesses to acquire in India.

Steel stocks are trading strong. JSW Ispat and JSW Steel are the biggest gainers while Jindal Saw and Sesa Goa are the biggest losers. According to a leading financial daily, the Steel ministry, on behalf of Steel Authority of India (SAIL), has approached the Jammu and Kashmir (J&K) state government, seeking concessions and benefits for the company's steel processing unit to be set up in the state. The company has planned an investment of Rs 1.5 bn for the project. The foundation stone for the 1 lakh tonne per annum unit at Lassipora Industrial Estate in Pulwama district in the state was laid in September 2008. But since then, the project has been delayed due to prevailing unrest/social environment in the region. Because of the delay, SAIL is not in a position to go ahead with the project unless the state government provides it with some rebates and concessions.

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