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Indian share markets remain weak
Thu, 24 Jan 01:30 pm

Backed by persistent weakness in index heavyweights, Indian share markets continued to remain in the red in the post noon trading session. Barring FMCG and IT, all sectoral indices are trading weak with auto, realty and power stocks being the biggest losers.

BSE-Sensex is down 72 points and NSE-Nifty is trading down by 24 points. BSE Mid Cap and BSE Small Cap indices are trading down by 1.7% and 1.5%, respectively. The rupee is trading at 53.8 to the US dollar.

Majority of the power stocks are trading in red with PTC India and Reliance Power being the biggest losers. According to a leading financial daily, Tata Power is actively scouting for opportunities to develop hydro projects in order to boost power generation capacity from renewable energy sources. The company has set a power generation target of 26,000 MW by 2020 out of which 20%-25% of the contribution is expected from clean energy sources including a mix of hydro, solar, wind, geo thermal and waste gas generation. Currently, the company has an installed generation capacity of 7,700 MW out of which 447 MW is the hydro power generation capacity. Tata Power is implementing an 880 MW hydro project in Nepal and 114 MW hydro project in Bhutan and has recently bagged a 240 MW hydro electric project in Himachal Pradesh. Tata Power stock is currently down 1.4%.

Most of the FMCG stocks are trading in the red with Emami Infra and Bata India being among the top underperformers. As per a financial daily, Colgate Palmolive workers have finally called off the strike at the Goa unit. Both company management and workmen have reached a cordial resolution and the workmen have resumed regular duty. The work at the toothpaste manufacturing unit resumed after almost 18 days of strike which had commenced since 6th Jan 2013. The protest was due to suspension of a workman, working in the same unit. Reportedly, the disruption caused due to the strike will have very little impact on the company's business. The stock was trading up by 0.82%.

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