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Indian stock markets move into red
Thu, 25 Aug 01:30 pm

The Indian stock market suddenly lost all the gains made after a weak morning session and is now trading again in the red. Stocks from the metal, software and consumer durables space are trading in the red while those from the healthcare and auto space are finding some investors' interests.

The BSE-Sensex is trading down by 60 points while NSE-Nifty is trading 25 points below yesterday's closing. The BSE Midcap and BSE Small cap indices are down by 0.6% and 0.7% respectively. The rupee is trading at 45.96 to the US dollar.

Telecom stocks have been trading mixed with ADC India Communications, Idea Cellular and Reliance Communications leading the pack of gainers. However, AGC Networks and Mahanagar Telephone Nigam (MTNL) are trading weak. As per a leading financial daily, Bharti Airtel, the largest Indian mobile services operator, has gained revenue market share of 0.6% in the Indian telecom market during the quarter ended June 2011. Now the company's revenue market share stands at 30.8%. The company was losing market share over the last two years. The gain in the market share can be attributed to the restricting of the company's operations in India and South Africa. As per the data released by telecom industry regulator Telecom Regulatory Authority of India (TRAI), other major telecom operators like Vodafone and Idea Cellular also posted gain in market shares. On the other hand, Bharat Sanchar Nigam Ltd (BSNL)/MTNL together slipped further by 1%. However, the stock of Bharti Airtel is trading in the red.

Power stocks have been trading mixed as well with Reliance Infrastructure, Tata Power and Neyveli Lignite leading the pack of gainers. However, Jaiprakash Power and GVK Power are trading weak. As per a leading financial daily, NTPC has recently faced another road block from Union environment ministry. The latter has recommended to defer the environmental clearance for the company's Talaipalli coal mine in Chhattisgarh's Raigarh district . NTPC had applied for Environmental Clearance for ensuring a production capacity of 18.7 million tonne per annum and the output was to be used for the 4,000 MW Lara super thermal power project. Of the total project cost of Rs 6.7 bn, Rs 2.1 bn was to be utilised towards rehabilitation operations.

The ministry has asked the company to furnish afresh latest details on the project which is worth Rs 7 bn. The coal ministry has already de-allocated five coal blocks given to the company prior to this development.

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