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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Midcaps close on a strong footing 
(Tue, 11 Nov Closing) 
 
After trading in the negative territory during the post noon trading session, the Indian equity markets gathered some momentum and closed the day in the green. While the BSE-Sensex closed higher by 35 points, the NSE-Nifty closed higher by 18 points. Even midcaps and smallcaps closed in the green today. While the BSE Mid Cap index closed higher by 0.7%, the BSE Small Cap index ended higher by 0.2%. Realty stocks were the biggest gainers today.

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

Real estate/construction stocks ended the day on a mixed note. Patel Engineering and HCC were the biggest gainers. Shares of HCC closed on a strong note today after SEBI approved the IPO of Lavasa Corporation, a realty arm of the company. Lavasa is planning to raise Rs 7.5 bn through the IPO. It may be noted that this was the second attempt by the company to raise money from the markets. In Nov 2010, it got the permission to raise Rs 20 bn. However, bad market conditions forced the company to shelve the plans. And subsequent to that its second attempt to get the clearance from SEBI was plagued with various issues. However, with Lavasa finally getting the nod to raise the money now it would be interesting to see if it is able to attract the same kind of investor interest as was the case during the phase of the infrastructure and real estate boom period.

Energy stocks closed the day on a weak note. Cairn India and MRPL were the biggest losers. HPCL is planning to buy 8% stake in Petronet LNG's Rs 50 bn Gangavaram LNG terminal located in Andhra Pradesh. The company is planning to expand its capacity at Viskhapatnam refinery which is located close by. And the expansion will result in additional gas requirement of 2.5-3 million standard cubic meters per day. Thus, if it is able to secure gas supply by buying stake in Gangavaram terminal it may help HPCL in meeting its gas needs. Apart from HPCL even GAIL has evinced interest in getting some supply from the Gangavarm terminal.

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S&P BSE OIL & GAS


Aug 17, 2017 12:20 PM

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