Markets continue in red

Tue, 26 Apr 01:30 pm

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The benchmark indices in the Indian stock market continued in the red in the last two hours of trade. Stocks from the FMCG and Capital Goods space are the biggest losers while stocks from the Technology and Realty space have lost the least.

The BSE-Sensex is down by 208 points while NSE-Nifty is trading 61 points below the dotted line. BSE Midcap and BSE Small cap indices are trading 0.5% each below yesterday's closing. The rupee is trading at 44.55 to the US dollar.

Energy stocks are trading mixed with BPCL and Indian Oil Corporation leading the pack of gainers. The stocks of Indraprastha Gas, ONGC and ESSAR Oil are trading in the red. As per a leading financial daily, Reliance Industries (RIL) plans to build a Rs 50 bn-60 bn port project at Rewas, Maharashtra and a liquefied natural gas (LNG) import facility have been currently put on hold. The Rewas project is on hold since it has not yet received the regulatory clearances for land acquisition. It is a part of Maha Mumbai SEZ project. Reliance Logistics and Ports, a unit of RIL holds a 55% stake in Rewas ports and the Maharashtra Maritime Board owns 11%. The Maharashtra Government had ended its land acquisition process for the proposed Maha Mumbai Special Economic Zone in February this year, blocking the development of one of India's biggest SEZ plans. All land acquired by the government in the past for the SEZ was to be returned as well. Also, the company is yet to take a final decision on its plans to build a US$ 1.2 bn LNG import terminal. The terminal was planned on either the East or West Coast to meet the demands of its refineries and petrochemical plant. The stock of RIL is trading in the red.

Aluminium stocks are trading mixed as well with Hindalco leading the pack of gainers. However, NALCO is trading weak. As per a leading financial daily, National Aluminium Company Limited (NALCO) may set up its refinery in Visakhapatnam district. The investment for 1.4 m metric tonne refinery is estimated to be more than Rs 40 bn. It is expected to be commissioned in next three years. The authorities are expected to finalise the site for the refinery very soon. The company had got approval from Central Government to mine bauxite for its proposed alumina refinery in Visakhapatnam 20 months ago. With the approval, Nalco would be able to mine estimated deposits of 85 m tonnes of bauxite reserves in Visakha Agency and in East Godavari district. The stock of NALCO is trading in the red.