Indian stock markets indices recovered some losses during the last two hours of the trade but are still trading in the red. All sectoral indices are trading in the negative led by stocks from capital goods and consumer durables sectors.
The BSE-Sensex is trading down by 128 points and NSE-Nifty is trading down by 45 points. BSE Mid Cap and BSE Small Cap indices are trading weak by 1.6% and 1.9% respectively. The rupee is trading at 54.18 to the US dollar.
Power stocks are mainly trading in the red led by Power Trading Corporation India (PTC) and CESC Ltd. As per a leading financial daily, Power Grid Corporation of India Ltd. (PGCIL), the country's leading Electrical Power transmission company has signed a memorandum of understanding (MOU) with Rashtriya Ispat Nigam (RINL), a holding company of Visakhapatnam Steel Plant (VSP) to set up a joint venture company (JVC) for manufacturing of transmission line towers and their parts. The JV will undertake research and development of high end products and bring synergy between RINL and PGCIL that share the producer and user relationship. Besides, it will address the issue of import of quality tower transmission lines. The venture includes installation of a unit at Vizag with an initial capacity of 0.2 million tonnes per annum (mtpa) at a cost of around Rs 3 bn to Rs 3.5 bn. The unit is expected to enhance faster transportation that includes the sea route and will help to tap markets in South East Asia. The stock was trading in the green.
Retail stocks are mainly trading in the red led by Zodiac Cloth and Titan Industries. As per a leading financial daily, Tanishq the flagship line of jewellery from Titan is planning to expand its retail presence in India. Currently operating 131 stores in 76 cities, the company aims to open 25-30 large format retail stores every year across the country. It is likely to launch new products and invest more in marketing and designing innovation to increase its market share. The company has recently entered into partnership with World Gold Council for the new collection.