Indian share markets open flat

Mon, 17 Dec 09:30 am

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   11:30 am   

   01:30 pm   

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Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 1.5%) and China (up 0.5%) leading the gains. However, markets in Taiwan (down 1.1%) and South Korea (down 0.5%) are facing selling pressure. The Indian share market indices have opened the day on a flat note. Stocks in the metal and healthcare space are leading the gains. However, capital goods and FMCG stocks are trading weak.

The Sensex today is marginally up by around 7 points (0.04%), while the NSE-Nifty is up by around 1 point (0.01%). Mid and small cap stocks are trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.5% respectively. The rupee is trading at Rs 54.54 to the US dollar.

Mining stocks have opened the day on a positive note with Gujarat NRE Coke, National Mineral Development Corporation (NMDC) and Metals and Minerals Trading Corporation of India Ltd. (MMTC) leading the gains. As per a leading financial daily, state-run mining giant Coal India Ltd (CIL) has reported a 2% year-on-year (YoY) decline in its coal output during the month of November 2012. The coal mining firm produced 37.6 million tonnes (mt) in November 2012, as against production of 38.4 mt in November 2011. The production was affected by cyclone Neelam and holidays due to the festival season. It is worth noting that work was affected for almost 10 days during the earlier part of the month on account of the cyclone. Coal off-take, on the other hand, reported an increase of 4.3% month-on-month (MoM) increase to 38.6 mt. The company's production during the April-November 2012 period stood at 265 mt, higher by 6.8% YoY. During the same period, coal off-take was higher by 8.2% YoY at 292.62 mt. In the first eight months of the financial year 2012-13, CIL has achieved about 63% of its production target of 464.1 mt and 56% of its off-take target of 470 mt.

Power stocks have opened the day on a firm note with JSW Energy, Torrent Power and Tata Power trading firm. As per a leading financial daily, private sector power firm Tata Power is expecting to complete modernisation work of one of the 500 megawatts (MW) units at its long-running Trombay thermal plant by early 2015. This 500 MW unit can currently run only on oil and gas. Shortage of gas and higher oil prices have resulted in under utilisation of this power unit. As such, the company has decided to modernise the unit so that it would allow use of coal as a fuel for power generation. It must be noted that this 500 MW unit is part of the total 1,580 MW installed capacity the Trombay thermal power plant.