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Indian stock markets move into red
Wed, 5 Oct 01:30 pm

The Indian stock market lost all the morning session gains during the last hour of trade and is now trading in the red. Stocks from the banking, oil & gas and public sector units space are leading the pack of losers while those from healthcare, FMCG and realty are finding investor favour.

The BSE-Sensex is trading down by 65 points while NSE-Nifty is trading 16 points below yesterday's closing. The BSE Mid Cap and BSE Small Cap indices are trading down by 0.5% and 0.6% respectively. The rupee is trading at 49.29 to the US dollar.

Telecom stocks have been trading mixed with Reliance Communications and ADC India Communications leading the pack of gainers. However, AGC Networks, Industry Training Institute Ltd (ITI) and Mahanagar Telephone Nigam Ltd (MTNL) are trading weak. As per a leading financial daily, Tata Group and Aditya Birla Group have reached an out-of-court settlement to resolve a five-year-old dispute over mobile operator Idea Cellular Ltd. As per industry sources, Tata Group has withdrawn its plea for arbitration. Earlier, before selling its 48% stake in Idea Cellular to Birla, Tata had served two notices on Birla seeking termination of the joint venture that accused the latter of violating the shareholders' agreement. The resolution of the dispute frees a lien on Idea Cellular for a possible share sale in the future. However, the stock of Idea Cellular is trading weak.

Energy stocks have been trading mixed with Essar Oil, Cairn India and Indraprastha Gas leading the pack of gainers. However, Gujarat Gas and Gas Authority of India Ltd (GAIL) are trading weak. As per a leading financial daily, GAIL might have over paid for acquiring shale gas assets in US last week. The company plans to make an investment worth US$ 300 m in shale gas assets over the next five years. As compared to US$ 11,144 an acre paid by Reliance Industries Ltd, it has paid US$ 23,515. However, as per some industry analysts, the comparison may not be fair on a per acre basis due to heterogeneity in shale gas plays and different production profiles. In a separate news, GAIL India Ltd along with its joint venture company Indraprastha Gas limited is planning a city gas distribution project in Qatar.

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