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Indian markets trade flat
Tue, 17 Jun 11:30 am

After opening on a positive note; the Indian indices are trading flat in the morning session. Among the sectoral indices IT and Energy stocks are leading the gains while Realty stocks are leading the losers.

The BSE-Sensex is trading down 10 points and the NSE-Nifty is trading down 4 points. The BSE Mid Cap index is trading up 0.6%, while the BSE Small Cap index is trading up 1% today. The rupee is trading at 60.17 to the US dollar.

Most Engineering stocks are trading higher today. Welspun Corp and Opto Circuits are leading the gainers. As per a leading financial daily, Prime Minister Narendra Modi has asked Bharat Heavy Electricals Ltd (BHEL) to take the lead in developing solar energy in India. As per India's National Solar Mission (NSM), the country will develop 20 GW of solar power generating capacity by the end of the 13th five year plan. The PM inaugurated two units of the company in Tamil Nadu which will take BHEL's total installed capacity to 20 GW. Noting BHEL's dominant position in its sector, the Prime Minister has asked the company to not only take the lead in terms of solar power generation but also in the development of solar power technology in India. Currently India imports most of the technical knowhow with regards to solar Power technology and the PM has asked BHEL to take the lead in changing the situation. BHEL is trading down 0.4% today.

Most of the Energy stocks are trading firm today. Chennai Petroleum and Indraprastha Gas are leading the gainers. As per a leading business daily, HPCL is planning to sign a fresh memorandum of understanding (MoU) with Rajasthan government in an effort to revive its Rs 372 bn refinery-cum-petrochemical complex in the Barmer district of Rajasthan. Earlier, the new government which took office in the state in December 2013 had raised concern with respect to fiscal concessions like the grant of interest free loan for 15 years. However, the state has shown interest in the project and it has agreed to the offer of the interest free loan. The government will hold about 26% stake in the project and will extend support on the issue of purchase of crude oil. About half of the crude oil for the refinery is expected to come from Cairn India while the balance is expected to be imported from South America. HPCL is trading higher by 1.3% today.

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