Indian equity markets continued to trade strong over the previous two hours of trade. IT and Auto stocks witnessed maximum buying interest while FMCG and Power stocks witnessed maximum selling pressure.
Auto stocks are trading in the green led by Mahindra and Mahindra and Bajaj Auto. According to a leading financial daily, Jaguar Land Rover which is owned by Tata Motors has signed a letter of intent to explore the possibility of setting up automotive facility in Saudi Arabia. The move comes on the back of a plan to speed up the global expansion programme of Jaguar Land Rover. Discussions between Jaguar Land Rover and the Saudi Government are at a preliminary stage, although opportunities have already been identified in aluminium component production - an area where Jaguar Land Rover has established a leadership position. Jaguar Land Rover has rapidly advanced towards increased usage of aluminium in vehicle body development. The Jaguar XJ and the all-new Range Rover sport an all-aluminium body structure.
Energy stocks are trading weak led by Oil India and Gas Authority of India Limited (GAIL). According to a leading financial daily, a natural gas leak at Oil and Natural Gas Corporation Ltd (ONGC's) Krishna Godavari (KG) basin well has stopped and the well has been brought under control. An uncontrolled flow of gas started from the Well G-1-9 in the Krishna Godavari basin was noticed on September 1 and the gas leakage stopped on November 7. Since only gas, mainly methane which evaporates rapidly, was leaking there was no resultant contamination in the area. The well is located in the G-1 field in Krishna Godavari basin. G-1-9 well was drilled about a decade back and had not been put in production till now. ONGC had hired the expert services of Boots & Coots as per agreement with them to handle such emergencies to stop the leakage.