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Indian equity markets build on gains
Fri, 21 Sep 11:30 am

Indian equity markets built on initial gains and traded firmly during the last two hours of trade. All sectoral indices traded positively led by capital goods and power stocks.

The BSE-Sensex is trading higher by 271 points and NSE-Nifty is trading higher by 90 points. BSE Mid Cap and BSE Small Cap indices are currently up by 1.3% each. The rupee is trading at 53.97 to the US dollar.

Hotel stocks are trading strong led by Hotel Leela Venture and EIH Limited. According to a leading financial daily, The Indian Hotels company Limited is planning to set up its maiden premium five star hotel in Bhubaneswar. The company has sought an area of seven acres for developing the new project in the city that would entail a minimum investment of Rs 750 m. Guwahati based developer Unique Properties Private Limited (UPPL) will develop the project at Bhubaneswar for IHCL. UPPL will show the sites and take the approval of the company so that it fulfills the standards of Taj brand. IHCL and UPPL will enter into an operating agreement for managing the property in Bhubaneswar. The proposal of IHCL will be placed before the state task force soon before taking it forward for approval of the state level single window clearance authority.

Steel stocks are trading strong led by Steel Authority of India Limited (SAIL) and JSW Steel. According to a leading financial daily, India's steel output has risen in August despite the fall witnessed globally. According to the World Steel Association, global crude steel production fell by 1% to 124 m tonnes. In China, the world's top steel producer and consumer, production fell 1.7% to 58.7 m tonnes. However, India's production was up 2.6% to 6.4 million tonnes. According to a UK steel consultancy firm, the environment in steel industry is still very depressed. In China, there is an oversupply whereas in other places, the buyers are not placing orders as the end user market is difficult.

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