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A listless end to the day
Fri, 7 Nov Closing

After trading weak during post noon trading session, the Indian equity markets failed to gather momentum and closed the day on a flat note. While the BSE Sensex today closed lower by 47 points, the NSE-Nifty closed lower by 1 point. On the other hand, while the BSE Mid Cap index closed higher by 0.35%, the BSE Small Cap index closed lower by 0.39%. Healthcare stocks were the biggest gainers today.

As regards global markets, Asian pack closed mixed today. The rupee was trading at Rs 61.6 to the dollar at the time of writing.

Mining stocks ended the day on a weak note. MMTC Ltd and Ashapura Minechem were the biggest losers today. The demand for coal imports has seen a critical jump in the last few days. The fact that many power plants have inadequate coal supplies and global coal prices have softened a bit, the demand for imports has suddenly increased. As a result, many power utilities are in the process of finalizing their import contracts. For instance, NTPC is on the verge of finalizing contract to the tune of 5 MT of coal. It is interesting to note that despite having fifth largest coal reserves in the world, India has to rely on imports to meet the ever increasing demand of power. Environmental bottlenecks impacted Coal India's ability to meet the rising coal demand. However, with government planning to allow commercial mining post de-allocation of coal blocks acquired unethically it would be interesting to see how things change in the coal sector.

FMCG stocks ended the day on a mixed note. While P&G Hygiene and Colgate were the biggest gainers, Archies Ltd and Lakshmi Energy were the biggest losers. Marico announced its results for the quarter ended September 2014 today. Net sales grew by 28.1% YoY during the quarter to Rs 14.2 bn. The net profits of the company increased 11.7% YoY to Rs 1.1 bn. This was below the consensus estimates of Rs 1.2 bn. The EPS for the quarter stood at Rs 1.83. The Board of Directors approved an interim dividend of Rs 1 per share. The stock of Marico closed marginally by over 1.5% today.

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Jan 24, 2018 03:21 PM