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Oil & Gas stocks lead the gains
Fri, 28 Dec 11:30 am

Indian equity markets continued to trade strong over the previous two hours of trade. oil and gas and power stocks witnessed maximum buying interest while banking stocks witnessed maximum selling pressure.

The Sensex today is up by 103 points, while the NSE-Nifty today is up by 35 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.68% and 0.49% respectively. The rupee is trading at 54.86 to the US dollar.

Mining stocks are trading in the red led by Guj NRE Coke and Coal India. According to a leading financial daily, Coal India may miss its entire supply growth target planned over the next decade due to the absence of critical railway links. The miner was likely to fall short of its target for the 12th Five Year Plan by at least 120-130 m tonnes and by at least another 100 m tonnes in the 13th Five Year Plan. Coal India's expansion plans are ready but in the absence of railway links, the coal produced cannot be sold. Three major railway projects, which were to add about 300 m tonnes of additional supply capacity from new mining projects, are running way behind schedule. The railways have said that the projects were delayed because environmental clearances were yet to be received and will start work once clearances are received.

Steel stocks are trading strong led by Steel Authority of India Limited (SAIL) and JSW Steel. According to Tata Steel, steel demand is likely to grow by 5.5% to around 75 m tonnes in FY13. This is as against a demand of 71 m tonnes 2011-12. However, the demand is expected to pick up in the next fiscal on back of reforms announced by the government which will lead to growth in the economy. Also, expected lowering of interest rates by the Reserve Bank of India (RBI) will likely push the growth in manufacturing sector and interest rate sensitive sectors. The growth in demand may thus accelerate to 7% in 2013-14. Demand in Europe is expected to fall this year and grow by 2.5% in the next fiscal.

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