Indian Stock Markets close flat

Thu, 26 Sep Closing

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   09:30 am   

   11:30 am   

   01:30 pm   

Post the day's momentum, Indian equity markets closed on a flat note with no sign of recovery in the last hour of trading session. Sectors such as Power, Healthcare, FMCG and capital goods' fared well today while Consumer durables, Oil and Gas and IT witnessed selling pressure. Kingfisher Airlines stock turned out to be the biggest gainer today. The Airline is in talks with couple of investors for the revival plan.

The BSE-Sensex closed higher by 38 points while the NSE-Nifty was seen up by 8 points. That said, the BSE Mid Cap and the BSE Small Cap indices closed on a positive note as well and were up by 0.13% and 0.6% each.

The global markets have fared well with most of the Asian indices closing on a mixed note and the European indices too opening on a mixed note. The rupee was trading at Rs 62.14 to the dollar at the time of writing.

Except few such as Jindal Drill, Gujarat Gas and Guj State Petronet, most of the Energy stocks today ended on a weak note. Stocks such as Oil India ltd., Indian Oil Corporation (IOC) and Chennai Petroleum faced the maximum selling pressures. The Government has decided to allow private energy firms such as Reliance Industries, Cairn India, BPL Ltd and BG to explore shale oil and gas from their existing fields. The Cabinet has already approved shale gas exploration policy for oil companies such as Oil India and Oil and Natural Gas Corporation Ltd. (ONGC). This paved way for these companies to explore non-conventional resources in blocks awarded to them without auction. The Ministry would also launch the tenth bidding round of oil and gas blocks after certain policy issues are resolved. The Government has also decided to resolve differences over interpretation of contractual provisions post concerns raised by Reliance industries. The Ministry has also clarified that that gas price hike proposed by the Rangarajan Committee would be uniformly applicable for all.

Engineering sectors closed today on a mixed note with Bharat Heavy Electricals (BHEL) and Punj Llyod closing the day on a positive note while Manugraph India and Everest Kanto Cylinder closed the day on a negative note. According to leading financial news daily, Larsen & Toubro (L&T), the engineering and construction major, has bagged new orders worth Rs 27 bn during September 2013 across various segments both in the domestic and overseas markets. The firm has bagged orders worth Rs 13.3 bn in the water and renewable energy sector. Three of the major turn-key orders received are from the Public Health Engineering Department of Rajasthan for water supply projects. Another Rs 12 bn new project has been secured by the company for its buildings and factories business. These strong orders are definitely expected to be a booster to the engineering behemoth.