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Indian equity markets trade weak
Thu, 21 Jun 11:30 am

Indian equity markets continues to trade weak over the last two hours of trade. Pharma and Realty stocks witnessed maximum selling pressure while Consumer Durable and Power stocks witnessed maximum buying interest.

The Sensex today is down by 35 points, while the NSE-Nifty today is down by 10 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.01% and 0.01%. The rupee is trading at 56.36 to the US dollar.

Mining stocks are trading in the red led by Coal India and Gujarat NRE Coke. According to a leading financial daily, just 2 days after Coal India entered into fuel supply agreements (FSAs) with 27 power companies, some power producers, including Maharashtra State Power Generation Company Limited (Mahagenco), have raised objections against some terms of the pacts. Mahagenco, one of the largest power producers in the country, is of the view that some provisions in the FSA, mainly the penalty clause needs to be revisited. The company further believes that the draft FSA, in its present format, took care of only Coal India's interests. More companies including National Thermal Power Corporation (NTPC) have raised the same objection.

Retail stocks are trading strong led by Koutons Retail and Zodiac Clothing. According to a leading financial daily, Titan Industries is planning to extend the 'Titan' brand into leather accessories such as clutches, belts and trifolds for women. The company has not come out with price points yet, but is likely to cater to the mid-premium and premium segments. Titan plans to venture into the leather accessories segment with smaller stock-keeping units (SKUs), and later explore stepping into larger SKUs such as regular handbags for women, laptop cases. This move to extend the brand to lifestyle accessories for women comes barely a few months after it launched leather accessories such as wallets and belts for men in select cities across south India. The company is planning to extend these products in Mumbai and Delhi also.

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