Backed by overall buying Indian share markets continued to trade well above the dotted line in the post noon trading session. Barring capital goods, FMCG and power stocks, all the sectoral indices are trading positive. Auto, metal & oil and gas stocks are leading the gains.
Majority of the real estate stocks are trading in the green with Supreme Infrastructure and Madhucon Projects among the leading gainers. As per a leading financial daily, DLF has signed an agreement to sell luxury hotel chain Amanresorts to the latter's founder and chairman Adrain Zecha for over Rs 16 bn. Amanresorts has 25 properties across the world. The sale is part of the company's efforts to pare its debt from Rs 212 bn to Rs 180 bn by the end of FY13 through sale of non-core assets such as hotel plots and wind energy business. The company recently sold its 17 acre plot in Mumbai to Lodha Developers for Rs 27 bn. DLF stock is up by 0.6%.
Most of the mining stocks are trading strong with Coal India and Sesa Goa being the biggest gainers. According to a report by International Energy Association (IEA), India will become the largest seaborne importer of coal and second largest consumer of coal surpassing the United States (US) over the next five years. Coal demand is expected to rise in every part of the world barring the US where natural gas is slowly replacing coal. As per the report, the share of coal in the global energy mix continues to grow each year and if policy changes are not effected then coal prices will firm up to reach oil prices within a decade. With domestic coal major Coal India Ltd (CIL) facing production shortfall owing to shortcomings in policy reforms, India's growing reliance on imported coal to meet energy needs is expected to further make power costly in the country.