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Indian share markets open weak
Fri, 7 Jun 09:30 am

Barring Malaysia (up 0.3%) and Taiwan (up 0.1%), the major Asian equity markets have opened the day in the red with Japan (down 1.8%) and Indonesia (down 1.7%) leading the losses. The Indian share market indices have also opened the day on a weak note. The sectoral indices have opened mixed with stocks in the banking and FMCG sectors leading the losses. However, the stocks in consumer durables and software sectors are witnessing gains.

The Sensex today is down by around 30 points (0.2%), while the NSE-Nifty is down by around 15 points (0.3%). Mid and small cap stocks are however trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.4% and 0.3% respectively. The rupee is trading at Rs 56.77 to the US dollar.

Energy stocks have opened on a mixed note with Bharat Petroleum Corporation Ltd (BPCL) and Reliance Industries Ltd (RIL) leading the gains. However, Mangalore Refineries and Petrochemicals Ltd (MRPL) and Oil and Natural Gas Corporation Ltd (ONGC) have opened in the red. As per a leading financial daily, Gas Authority of India Ltd has signed an agreement with Shipping Corp of India (SCI) for transporting liquid gas (LNG) from US. As per the agreement, SCI will let GAIL charter ships to move 5.8 million tons a year of liquefied natural gas (LNG) that GAIL has contracted from Sabine Pass and Cove Point terminals in US. It is important to note here that GAIL has signed a 20-year contract to buy 3.5 million tons a year of LNG from Cheniere Energy Partners' Sabine Pass Terminal in Louisiana, USA. Further, the company has booked 2.3 million tons capacity at Dominion's Cove Point LNG liquefaction terminal project located at Lusby in the state of Maryland. The transportation of LNG is likely to begin from mid 2017.

Power stocks have opened the day on a mixed note with CESC Ltd and Reliance Infrastructure Ltd leading the gains. However, KSK Energy and Gujarat Industrial Power Company Ltd are leading the losses. As per a leading financial daily, National Thermal Power Corporation's (NTPC) 800 MW Kol Dam project on the Satluj river in Himachal Pradesh has been given clearance by the environment ministry. The hydropower project is worth Rs 45.3 bn and seeks diversion of 124 hectares of forest land from the Majathal Wildlife Sanctuary. Earlier, the project was rejected by National Wildlife Board as it endangered the sanctuary. The Standing Committee on the Board has now cleared the project with several stringent conditions that company would have to meet. The company will now have to approach the Supreme Court for final approval. Once operations commence, the project will supply power to Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu and Kashmir and Chandigarh.

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