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Indian stock markets sustain early gains
Mon, 22 Dec 01:30 pm

Indian stock markets continued to hold on to the early morning gains in the post-noon trading session. power & Realty stocks are trading are the biggest gainers today while IT stocks are trading in the red.

BSE-Sensex is up 52 points and NSE-Nifty is trading 16 points up. BSE Mid Cap is trading 0.44% up and BSE Small Cap index is trading up by 0.26%. The rupee is trading at 63.17 to the US dollar.

Engineering stocks are trading mixed today with Suzlon Energy and Elecon Engineering leading the gains. However, Jyoti Structure and AIA Engineering were trading weak. Crompton Greaves opened with healthy gains today after it bagged an order from one Belgian company called Northwind. The company will provide operation & maintenance (O&M) services for the 216 MW wind farm offshore substation of Northwind. It may be noted that this contract complements another contract that Crompton had bagged earlier from Belwind, a sister company of Northwind. Post this new contract, Crompton has garnered a 60% share in offshore substation O&M contracts in Belgium.

Real Estate & Construction stocks are trading mixed with Supreme Infrastructure and IVRCL leading the gains. DLF is planning to monetize commercial assets worth Rs 30 bn to overcome liquidity concerns. Big investors like GIC of Singapore, Blackstone etc are being approached by DLF to off load some part of its commercial inventory which stands at 30 m square feet spread across cities in India. Considering that the company is facing SEBI ban on raising funds from capital markets if it is able to get a good deal on its rent yielding portfolio concerns over liquidity may get allayed to an extent.

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