Indian share markets slip in red

Tue, 28 May 11:30 am

   Previous Close   

   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

Indian share markets have slipped in red during the previous two hours of trade. While oil and gas and power are leading the pack of winners, auto and capital goods are facing the maximum selling pressures.

The BSE-Sensex is down by 12 points and NSE-Nifty is down by 10 points. BSE Mid Cap and BSE Small Cap indices are up by 0.4% and 0.3% respectively. The rupee is trading at 55.75 to the US dollar.

Private Banks shares are trading on a mixed note with ING Vyasa Bank and Dhanalaxmi Bank leading the gains while IndusInd Bank and Kotak Mahindra Bank are facing the maximum selling pressures. According to a leading financial news medium, Yes Bank, the country's fourth largest private sector bank, has entered into a strategic agreement with The International Finance Corporation (IFC), a member of the World Bank Group, for participating in its flagship Global Trade Finance Program (GTFP). Through this programme, Yes Bank will be extended credit guarantees by IFC to cover its payment risks under trade instruments issued by the bank in favour of participating correspondent banks. Moreover with a wider access to a global network, the program will enable Yes Bank to facilitate transactions in challenging markets, promoting competitive financing and building correspondent bank relationships with new institutions. Yes Bank, the private sector lender offers a full-range of client-focused corporate banking services, including working capital finance, specialized corporate finance, trade and transactional services, treasury risk management services, investment banking solutions and liquidity management solutions among others to a highly focused client base. Yes Bank's share is trading down by 0.5%.

Energy shares are trading on a mixed note with Gas Authority Of India Ltd. (GAIL) and Gujarat State Petronet leading the gains while Cairn India and Gujarat Gas are leading the losses. According to a leading financial news daily, State-owned oil and gas firm, Hindustan Petroleum (HPCL) has teamed up with gas company GAIL to revive an ambitious Rs 320 bn petrochemicals project in Andhra Pradesh. The Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) project in AP could not take off for over six years as the anchor clients, HPCL and private infrastructure conglomerate, GMR group were plagued by troubles. Both HPCL and GMR were to set up a 15 m tonne a year refinery project each in Visakhapatnam and Kakinada. In addition to refinery, HPCL proposed a petrochemicals complex. While HPCL was looking for a consortium partner to take the project forward, GMR was held back by unfavourable macro-economic conditions. HPCL has now found GAIL as a partner to revive the project. Both HPCL and GAIL would now be looking for a foreign petrochemicals partner for crude supplies. HPCL's share is trading up by 0.9%