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Indian markets trade flat
Tue, 30 Jun 01:30 pm

After opening the day on a flat note, Indian Indices indices continued to witness marginal movements in the post noon trading session. Sectoral indices are trading mixed with stocks from the mining and pharma sectors leading the gainers. However energy stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading up by 32 points (up 0.12%) and the NSE-Nifty is trading up 12 points (up 0.13%). The BSE Mid Cap index is trading up 1% and the BSE Small Cap index is trading up 0.7%. Prices in commodity markets are in a negative note. Gold, per 10 grams, is trading at Rs 26,570 levels. Silver price, per kilogram is trading at Rs 35,630 levels. Crude oil is trading at Rs 3,719 per barrel. The rupee is trading at 63.76 to the US dollar.

Stocks in the Energy space are trading mixed with MRPL and Chennai Petroleum witnessing buying interest. As per a leading financial daily, Bharat Petroleum Corporation (BPCL) has bought 19.97% stake in Petronet CCK (PCCKL) from a financial institution. Petronet CCK Ltd was jointly promoted by BPCL and Petronet India Limited and financial institutions. After this acquisition PCCKL will become a subsidiary of BPCL with BPCL holding 68.97%. At present PCCKL owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. BPCL is in the business of exploration, production and retailing of petroleum and petrol related products. Stock of BPCL is trading up by 0.6%.

Paint stocks are also trading mixed with Jenson & Nicholson and Kansai Nerolac leading the gains. As per financial times, Kansai Nerolac Paints, one of the leading paint companies in India, has received an approval for sale of company's land. This land admeasuring 15.86 acres at Perungudi, Chennai would be sold to Brigade Properties or it's another Special Purpose Vehicle (SPV) formed by Brigade Group and GIC Singapore for a sum of Rs 5.5 bn. This has been approved by the company's board of directors at its meeting held on June 29, 2015. For the purpose, the company has entered into a Term Sheet with Brigade Properties. Further, the sale and sale proceeds is subject to due diligence by the Purchaser. Stock of Kansai Nerolac Paints is currently trading up by 2%.

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