Indian share markets recovered but continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with banking, IT and pharma stocks being the biggest losers. Realty, power and metal are among the stocks trading in the green.
Majority of the energy stocks are trading in the green with Jindal Drill and Essar Oil being the biggest gainers. However, Bharat Petroleum Corporation Ltd (BPCL) and Gujarat State Petronet are among the few stocks trading in the red. As per a leading financial daily, the Petroleum Minister M Veerappa Moily has said that diesel prices would be de-regulated in six months. The minister has denied a one-time hike in diesel price and said that the present norm of raising prices by 45-50 paise every month would continue. The complete deregulation will take place after appreciation in rupee and drop in international crude oil price. Presently, public sector oil marketing companies are selling diesel at a discount of Rs 9 to the market cost.
Most of the food stocks are trading in green with Godfrey Philips and Tata Coffee being among the leading gainers. However, Golden Tobacco and Ruchi Soya are among the few stocks trading in the red. As per Department of Industrial Policy and Program, the food processing industry in India has attracted foreign direct investment (FDI) of US$1970 m during the last 13 years from April 2000 to July 2013. According to Associated Chamber of Commerce & Industry (ASSOCHAM), the food processing industry is on assured track of growth and profitability and is likely to attract huge investments in capital, human, technological and financial areas. ASSOCHAM expects food production in the country to double in the next 10 years providing scope for large investments in food and food processing technologies.