Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian stock markets open in the red
Fri, 26 Dec 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in China (up 1.3%) and Malaysia (up 0.6%) leading the gains. However, stock markets in Japan (down 0.03%) and Singapore (down 0.03%) have opened in the red. The Indian stock markets have opened on a negative note. The sectoral indices have opened mixed with the stocks in the metal and realty segment leading the losses. However, the stocks in the power and engineering sector were trading firm.

The Sensex today is down by around 53 points (0.2%), while the NSE-Nifty is down by about 7 points (0.1%). The mid cap and small cap stocks have however opened in the green with BSE Mid Cap index and BSE Small Cap index up by 0.2% each. The rupee is currently trading at Rs 63.56 to the US dollar.

Energy stocks have opened mixed with Essar Oil Ltd and MRPL Ltd leading the gains. However, Gujarat Gas Ltd and Hindustan Petroleum Corporation Ltd (HPCL) were facing selling pressure. As per a leading financial daily, Bharat Petrochemical Corporation Ltd (BPCL) is planning to raise Rs 40 bn for the expansion of its Kochi refinery and to fund its petrochemicals venture. The State Bank of India (SBI) has received the mandate to raise funds. Through the venture, the oil marketing company aims to diversify into downstream petrochemicals with an investment of Rs 46 bn and to produce some niche petrochemicals that are mainly being imported into the country. The total investment in the refinery and petchem project is about Rs 200 bn.

Power stocks have opened the day mainly in the green with JSWEnergy Ltd and Power Grid Ltd leading the gains. However, Gujarat Industries Power Company Ltd and Reliance Infrastructure Ltd were facing selling pressure. As per a leading financial daily, the country's top private sector power players have decided not to bid for upcoming ultra mega power projects (UMPPs) of 32,000 MW after the government decided to accept the sole bid of National Thermal Power Corporation Ltd (NTPC) for Rs 500 bn Tamil Nadu & Orissa UMPP. The private power producers have opposed the standard bidding documents process and have informed the government about slack and one sided clauses in the document that have made it impossible for the corporate to participate. As per the management of a leading Mumbai based power firm, if the government does not agree to change the objectionable clause relating to effective pass through of fuel price risk, the private sector will not be able to participate in upcoming UMPPs bids.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian stock markets open in the red". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.