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India's Third Giant Leap

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Indian markets inch upwards
Tue, 8 Sep 01:30 pm

After trading on a flat note during the morning session of the day, the Indian equity markets have moved upwards in the post noon trading session. Gains were led by stocks from steel, banking and energy segments.

The BSE-Sensex is trading up 274 points (1.1%) and the NSE-Nifty is trading up by 85 points (1.1%). The BSE Mid Cap index and the BSE Small Cap index are trading in the green, up by 0.6% and 0.1% respectively. Gold prices, per 10 grams, are trading at Rs 26,429 levels. Silver price, per kilogram, is trading at Rs 35,261 levels. Crude oil is trading at Rs 2,996 per barrel. At the time of writing, the rupee stood at 63.53 to the US dollar.

Stocks in the telecom space are trading on a mixed note with ADC India Communications leading the gains and Reliance Communications leading the losses. As per an article in Economic Times, Telecom Regulatory Authority of India (TRAI) is considering to make it mandatory to disclose network capacities periodically for all telecom operators. This is undertaken to examine the call drop problems in entirely. Further, the companies are also required to disclose steps that are taken to optimize their networks to address the problems. The TRAI recently came out with a consultation paper on call drops after it was witnessed that the problem has become more acute in the last 3-4 months.

Steel stocks are trading mixed with SAIL and Tata Steel witnessing maximum buying interest. As per a leading financial daily, Tata Steel has resumed buying iron ore from NMDC in order to meet supply shortfall from its own mines. The continuing problem of evacuation since July with the state government from its Noamundi mines in Jharkhand over the lease renewal issue has made the company opt to purchase domestically from NMDC. Last year, Tata Steel has bought around 0.8 m tonnes iron ore from NMDC while it imported around 1.5 m tonnes to meet the shortfall for the Jamshedpur plant. Scrip of Tata Steel is trading up by 5.7% on the BSE.

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