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Indian markets remain buoyant
Fri, 3 Jul 01:30 pm

Indian Markets are trading in the positive territory in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the engineering and financial institution sectors leading the gains. However mining stocks are witnessing selling pressure.

The BSE-Sensex is trading up 135 points (up 0.5%) and the NSE-Nifty is trading up 32 points (up 0.4%). The S&P BSE Midcap index is trading down 0.2% while the S&P BSE Smallcap index is trading up 0.1%. On the commodity front, gold price, per 10 grams, is trading at Rs 26,278 levels. Silver price, per kilogram is trading at Rs 36,015 levels. Per barrel crude oil is available at Rs 3,595. The rupee is trading at 63.41 to the US dollar.

Telecom stocks are trading mixed with ADC India Communication and MTNL witnessing maximum buying interest. As per a leading financial daily, the country's largest service provider Bharti Airtel has announced the sale of telecom towers in five African countries for a consideration of about $1.3 bn. The company said that it will utilize the proceeds from this for reducing its net debt which currently stands at $11 bn. The sale proceeds would bring down debt by 12% and help save interest costs. The company is further expecting to complete the sale of tower assets in another six countries over the next seven months. The entire portfolio of 18,000 towers is expected to fetch about $3 bn, excluding two countries where agreements have lapsed. Stock of Bharti Airtel is trading up by 0.4%.

Stocks in the steel space are also trading mixed with Jindal Steel and SAIL leading the losses. As per financial times, Indian steel companies in an attempt to pare debt are resorting to asset sales, refinancing of local loans with dollar loans and recast of loans under the Reserve Bank of India's (RBI) 5/25 scheme. Bank loans to the steel sector stand at over Rs 3 trillion. RBI in its report has raised concerns over the inability of steel companies to service their debt. As stated by RBI, five out the ten private steel producing companies are under severe stress. Steel companies have initiated steps to reduce their debt and are planning to sell more assets in the fiscal year 2016.

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