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Indian stock markets trade in the red
Thu, 26 Apr 11:30 am

Indian stock markets have been trading flat with a negative bias over last two hours of trade. Among sectoral indices, consumer durables and IT stocks are leading the gains while capital goods and realty stocks are among the top losers.

The BSE-Sensex is trading lower by 26 points (0.2%) and NSE-Nifty is trading weak by 17 points (0.3%). BSE Mid Cap and BSE Small Cap indices are trading lower by 0.2% each. The rupee is trading at 52.56 to the US dollar.

Private banking stocks are trading in the red led by Yes Bank and Dhanlaxmi Bank. According to a leading financial daily, Yes Bank is planning to raise Rs 20 bn to Rs 25 bn of equity capital. The Indian private bank is expected to utilize this money for growing its business. The said amount could be raised through Global Depository Receipts (GDR) or Qualified Institutional Placement (QIP) route. Yes Bank will decide upon the instrument based on the overall economic environment in India and abroad. We may note here that the bank had earlier raised around Rs 8.3 bn of hybrid capital through a mix of debt instruments last year.

Steel stocks are trading strong led by Tayo Rolls and Adhunik Metaliks. According to a leading financial daily, a consortium of four-state run companies- Steel Authority of India Limited (SAIL), National Aluminium Company Limited (NALCO), Hindustan Copper and Mineral Exploration Corp. has been shortlisted to invest in new gold and copper deposits in Afghanistan. Private players Monnet Ispat & Energy and Jindal Steel and Power have also been granted permission. This opens doors for a public-private partnership. In all, 25 companies have been chosen which includes these 6 Indian companies too. Apart from India, there were firms from the US, UK, Australia, Canada, UAE, Turkey and Afghanistan.

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