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Indian markets pare early gains
Fri, 28 Mar 11:30 am

The Indian stock markets pared their early morning gains during the previous two hours of trade on account of gradual selling among the index heavy weights. Realty and power stocks are leading the pack of gainers, while FMCG stocks are trading weak.

The BSE-Sensex is trading higher 26 points and the NSE-Nifty is trading higher 18 points. The BSE Mid Cap index is trading up by 1% and the BSE Small Cap index is trading up 0.8%. The rupee is trading at 60.13 to the US dollar.

Mining stocks are trading mixed today. Sesa Sterlite and Hindustan Zinc are trading higher whereas, the stock of Gujarat NRE Coke is trading weak.

As per a leading business daily, Coal India is expected to exit the joint venture for fertilizer plant in Odisha. The move would debar the government's ambitious plan to revive Rs 80 bn Talcher unit of Fertiliser Corporation of India. Government wants to revive the fertilizer units from investment into cash rich PSUs. For this, Coal India is expected to hold 35% and 40% in the two ventures. But, it has expressed its inability to participate investment in the business as that goes against the company's memorandum of association (MoA). Despite the government's majority holdings in the company, we believe it would be better off for the company to focus on its core business especially when it needs capital to pump up its coal production. Such kind of directives would undermine the interest of minority holders. However, complying with the government's choice is normal course of action for PSU players. Notably, investors may be reminded of Coal India's declaration special dividend recently, as government falls short of its FY14 fund raising from divestment.

Aluminium stocks are trading mixed. Hindalco is trading firm, while NALCO is trading on a weak note. In fact, Hindalco is one of the leading packs of gainers in S&P BSE Sensex today. As per a leading business daily, it is trading higher on the hopes of higher global aluminum prices. In general, the global aluminium premiums would be supported now as the London Metal Exchange (LME) suffered a legal setback in order to free up metal faster from its warehouses. Though, the metal's future price premium has not been increased on this hearing, but the fall in highly unlikely now. Given the freeing up of metal set back there would lead to shortage in supply of the metal. This would boost the demand as well as the metal price.

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