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Indian equity markets off day's highs
Wed, 17 Oct 11:30 am

Indian equity markets shed some initial gains but continued to trade in the green during the last two hours of trade. Sectoral indices traded mostly in the positive, except metal, realty and energy stocks.

The BSE-Sensex is trading higher by 20 points and NSE-Nifty is trading higher by 6 points. BSE Mid Cap is trading flat and BSE Small Cap is trading higher by 0.4%. The rupee is trading at 52.75 to the US dollar.

Auto stocks are trading in the green led by Eicher Motors and Force Motors. As per a leading daily, Maruti Suzuki is expecting its Manesar plant production to reach full capacity in next 2-3 days. This is after the company commenced production of its second shift operations from yesterday. Maruti is presently manufacturing 1,350 cars per day at Manesar and intends to gradually increase it to the full capacity of 1600-1700 cars in the next couple of days. At Manesar, Maruti produces popular premium hatchback Swift and sedan DZiRE. It also assembles A-Star and mid-sized sedan SX4 here. The number of employees will also be increased by 700 to 4500 employees by December. We may recollect here that Maruti had to temporarily cease operations at its Manesar plant in July following a scuffle between a worker and a supervisor.

Energy stocks are trading in the red led by Reliance Industries and Petronet LNG. According to a leading financial daily, Reliance Industries is planning to expand its refining capacity at Jamnagar in Gujarat. At its annual general meeting (AGM) in June this year, the company had said that it aims to invest Rs 1 trillion in its petrochemical, oil and gas business along with new sectors of telecom and retail business to double profit. However, it did not mention anything on refinery expansion. Reliance is setting up a USD $4 bn petroleum coke gasification project that will replace the expensive LNG as fuel at its refineries. Reliance owns and operates a 33 m tonne domestic tariff area refinery that sells the bulk of its produce in the domestic market. It also operates a 29 m tonne refinery in a special economic zone (SEZ) in Gujarat.

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