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Midcaps trade in the red
Thu, 28 Aug 01:30 pm

Indian stock markets continued to trade on a positive note during the previous two hours of trade led by sustained buying activity among the index heavyweights. Mid cap stocks are the only losers among the major stock market indices. Among the sectoral indices, energy is leading the pack of gainers, while realty is leading the losers.

The BSE-Sensex is trading up by 65 points and the NSE-Nifty is trading up by 18 points. The BSE Mid Cap index is trading down by 0.2% and the BSE Small Cap index is trading higher 0.3% today. The rupee is trading at 60.47 to the US dollar.

Almost all energy stocks are trading on a firm note today. Bharat Petroleum Corporation Ltd. (BPCL) and Indian Oil Corporation (IOC) are leading the pack of gainers, whereas Chennai Petroleum is among the few stocks trading in the red. As per a leading business daily, Gas Authority of India (GAIL) is planning to establish city gas distribution line in Patna and Gaya which is the first phase of its Rs 100 bn Haldia - Jagdishpur gas pipeline project. The project will entail 2,050 KM gas pipeline which will run through the states of West Bengal, Bihar, Jharkhand and the UP and will provide clean (environment friendly) and cheap energy to these states. Besides the 1st phase, the gas pipeline between Bhagalpur and Muzaffarpur will also be given priority for construction. Apart from serving the household and transportation facilities, the CNG and PNG gas will also be supplied to fertilizer, power, steel and other industries. GAIL is trading higher by 1.8% today.

Auto manufacturers are trading on a mixed note today. While Hero MotoCorp and Maruti Suzuki are leading the pack of gainers, Force Motors is trading weak. As per a leading business daily, India's largest car maker Maruti Suzuki is expected to challenge the penalty imposed by Competition Commission of India (CCI) on it for the alleged violation of trade norm in the spare parts and after services market segment. As per the company, CCI has misunderstood the issue of car spare parts due to lack of understanding. And it believes the CCI allegation applies to other industries but not to auto. As such, the company will challenge the order, wherein the fine imposed on the company is Rs 4.7 bn. CCI had slapped a total fine of Rs 25.5 bn on 14 auto manufacturers.

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