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Indian markets remain weak
Mon, 21 Sep 01:30 pm

Indian Indices recouped early losses but are still trading below the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the banking and aluminum sectors leading the gainers. However, FMCG stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading down 36 points (down 0.1%) and the NSE-Nifty is trading down 9 points (down 0.1%). The S&P BSE Midcap index is trading up 0.3% and the S&P BSE Smallcap index is trading up 0.9%. Commodity prices are trading on a positive note. Gold prices, per 10 grams, are trading at Rs 26,506 levels. Silver price, per kilogram is trading at Rs 36,106 levels. Crude oil is trading at Rs 3,029 per barrel. The rupee is trading at 65.63 to the US dollar.

Energy stocks are trading on a mixed note with Gujarat Gas Ltd and Gulf Oil Lubricants witnessing maximum selling pressure. According to a financial daily, state-run oil refiner Bharat Petroleum Corporation (BPCL) is all set to start its work on the petrochemicals complex in Kochi with all green clearances in place and securing a Rs 40 bn loan from State Bank of India. This Kochi petchem project is part of the Rs 1 trillion capex planned for the next five years out of which Rs 400 bn will be spent on refining capacity addition alone. The Kochi refinery currently produces petrochemical feed stocks such as benzene, toluene and propylene. Stock of BPCL is trading flat.

Stocks in the power space are trading positively with Torrent Power Ltd and CESC Ltd leading the gainers. As per an article in Livemint, NTPC Ltd has reported that its shareholders have approved the proposal to raise Rs 50 bn through issuance of bonds or debentures on private placement basis. The company had tabled a special resolution for the same in its annual general meeting held on 18 September. Moreover, in a separate filing, the company said the shareholders have approved final dividend of Rs 1.75 per share for the financial year 2014-15. Scrip of the company is presently trading down by 0.2% on the BSE.

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