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Indian share markets end positive
Tue, 30 Dec Closing

After opening flat, Indian share markets turned weak in the post-noon trading session but recouped losses to end the day in green. BSE-Sensex closed 8 points up and NSE-Nifty closed 2 points up. BSE Mid Cap closed 0.5% up and BSE Small Cap index ended up by 0.2%. Majority of the sectoral indices closed in the green led by consumer durables and power stocks. However, metal and oil & gas stocks ended on a negative note today.

As regards to the global markets, the Asian pack closed majorly in the red today with Japan being the biggest loser. The rupee is trading at 63.46 to the US dollar.

Majority of the public sector banking stocks are trading firm led by Andhra Bank and Syndicate Bank. The Reserve bank of India in its Financial stability Report (FSR) has said that the gross non-performing assets (GNPA)of scheduled commercial banks (SCBs) is expected to decline from the present level of 4.5% as at end of September 2014 to 4% by March 2016 on improving macro-economic conditions. However the report has warned that the GNPA ratio of SCBs may increase to 6.3% in case of deterioration in macro-economic conditions. Public sector banks continued to witness higher proportion of stressed advances at 12.9% of total advances in September 2014 as compared to a ratio of 4.4% for private banks.

Most of the steel stocks are trading in the red with Adhunik Metaliks and JSW Steel being the biggest losers. As per a leading financial daily, the steep fall in Russian rouble has made Russian steel relatively cheaper in the world markets thereby adversely impacting domestic steel producers. According to World Steel Association, Russia produced 64.7 m tonnes of steel in January-November 2014, an increase of 2.8% YoY. On account of political turmoil in Ukraine and low demand in Europe, India has emerged as an attractive market for Russia as the domestic steel industry here has been grappling with scarcity of two critical inputs namely iron ore and coal. Reportedly finished steel consumption in the country has gone up by 1.3% in the first eight months of FY15.

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Nov 23, 2017 09:07 AM