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Indian share markets open firm
Thu, 11 Apr 09:30 am

The Asian equity markets have opened the day on a positive note with stock markets in Hong Kong (up 0.8%) and Japan (up 1.2%) leading the gains. The Indian share market indices have opened the day on a firm note. Barring oil and gas, all sectoral indices have opened in the green led by stocks in the auto and realty space.

The Sensex today is up by around 95 points (0.5%), while the NSE-Nifty is up by around 23 points (0.4%). Mid and small cap stocks have also opened in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.5% each. The rupee is trading at Rs 54.53 to the US dollar.

The stocks in the Oil & gas sector have opened the day on a mixed note with Jindal Drill Ltd and Oil & Natural Gas Corporation Ltd (ONGC) leading the losses. However, Essar Oil and Indian Oil Corporation Ltd (IOCL) are trading firm. As per a leading financial daily, state-run Oil and Natural Gas Corporation Ltd (ONGC) will enter into fertilizer segment by tying up with Chambal Fertilizers and Chemicals (CFCL) for setting up a urea fertilizer plant at Khubal in Tripura. Both the companies have agreed to form a joint venture (JV) company in this regard. The Tripura government will have a 10% stake in the JV. A memorandum of understanding (MoU) has already been signed between the three parties. ONGC and CFCL have also agreed to take forward the tie up to other states also. The investment in the plan is expected to be around Rs 50 bn. It is expected to produce 1.3 million tonnes of fertilizer per annum. The diversification is in line with company's plan to grow in non Exploration & Production business.

The stocks in the Power sector have opened the day on a mixed note with Torrent Power Ltd and JSW Energy leading the gains. However, Reliance Infrastructure Ltd and Neyveli Lignite Ltd are leading the losses. As per a leading financial daily, state run National Thermal Power Corporation Ltd's (NTPC) second project in Odisha is suffering delays in getting mandatory approvals from the State Government for land clearance. Hence, the company is likely to move out its proposed 1,600 MW project from Darlipalli, Odisha. It had recently shifted its coal-based power project from Gajmara, in the State, to Gadarwara in Madhya Pradesh. The company had placed an equipment order for two 800 MW units with Bharat Heavy Electricals Ltd (BHEL) and BGR Energy. But BGR Energy Systems has backed out on account of delay in the project's progress.

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